OPTIONS TO MAXIMIZE NEW TAX CREDIT FOR FIRST-TIME HOME BUYERS
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 this tax credit even if they've already filed their tax return. Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15th or on their 2009 tax returns next year.
The filing options to consider are:
* 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.
* 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.
* 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.
* Claim the credit in 2009 rather than 2008.
The amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers.
To learn more about the overall implementation of the Recovery Act, visit www.Recovery.gov or call us today at 954-438-0345!