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 WASHINGTON — As part of the
Treasury Department’s consumer outreach
effort and with the April 15 individual tax
filing deadline approaching, the Internal
Revenue Service today 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 this tax
credit even if they’ve already filed their
tax return.
The Treasury Department
encourages taxpayers to explore these
options to maximize their credit and get
their money back as fast as possible.
“The new credit can get money
in the pockets of first-time homebuyers
quickly,” said IRS Commissioner Doug Shulman.
“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.”
First-time homebuyers
represent a significant portion of existing
single-family home sales. The expansion in
the first-time homebuyer credit will make it
easier for first-time homebuyers to enter
the housing market this year.
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 15 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 15. This
step would be faster than waiting until
next year to claim it on the 2009 tax
return. Even with an extension,
taxpayers could still file
electronically, receiving their refund
in as few as 10 days with direct
deposit.
-
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.
-
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.
-
Claim the credit in 2009
rather than 2008. For
some taxpayers, it may make more
financial sense to wait and claim the
homebuyer credit next year when they
file the 2009 tax return rather than
claiming it now on the 2008 tax return.
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 factors such as a job loss or
drop in investment income.
The IRS reminds taxpayers 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. Taxpayers can claim 10 percent
of the purchase price up to $8,000, or
$4,000 for married individuals filing
separately.
www.IRS.gov
provides more information, including
guidance for people who bought their first
homes in 2008. To learn more about the
overall implementation of the Recovery Act,
visit
www.Recovery.gov. |
