My purpose in today's blog is just to get the information out, the source of the information is:
Internal Revenue Service; Issue Number IR-2009-027 March 18, 2009
Today the Internal Revenue Service began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first time homebuyer credit for 2009 home purchases. For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get the tax credit even if they've already filed their tax return.
The Treasure Department encourages taxpayers to explore these options to maximize their credit and get their money back as soon as possible even if they've already filed their tax return.
The filing options to consider are:
1. File an extension; Taxpayers who haven't yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15th. Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
2. File now, amend later; Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later. Taxpayers would file their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit.
3. Amend the 2008 tax return; Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return without waiting until next year to claim it on the 2009 return.
4. Claim the credit in 2009 rather than 2008; For some taxpayers, it may make more financial sense to wait and claim the credit next year. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of things like job loss or drop in investment income.
IRS.gov provides more information, including guidance for people who purchased their first homes in 2008. To learn more about the Recovery Act, visit www.Recovery.gov
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