First Time Buyer Tax Credit

If you have never owned a home, or haven't owned a home in the past 3 years, 2009 is the time to take advantage of a tax credit that is simply amazing! 

A provision in the economic stimulus bill enacted this year provides a tax credit of up to $8,000 for first-time home buyers. Unlike the $7,500 tax credit enacted last year, this credit doesn't have to be repaid. And you don't have to wait until you file your 2009 tax return to get your money!

The tax credit is available for first-time home buyers who purchase a home before December 1, 2009. You can claim the credit on your 2008 or 2009 tax return, according to the IRS. However, you can't claim the credit until after you've purchased your home. Home buyers who want to claim the credit on their 2008 tax return have these options:

File for an extension

To request an extension, file Form 4868 by April 15. Most tax software programs will help you file an extension. If your 2008 adjusted gross income is $56,000 or less, you can file an extension using Free File, a partnership between the IRS and tax software companies. You can find more information at www.irs.gov.

File now and amend later

Suppose you're due a large refund and don't want to wait to get your money. You can file your 2008 tax return, pocket your refund and file an amended return after you close on your home.  Likewise, taxpayers who have already filed can amend their returns to claim the home buyer's credit after they close on a home. Use Form 1040X to file an amended return.

Don't delay - ACT TODAY! 

This tax credit doesn't last forever - You must buy your new home before December 1, 2009 to be eligible for the credit.  The Wayne Calvert Team knows how the tax credit works and is ready to help you take advantage of this once in a lifetime chance to own your dream home, so don't delay - complete the form below and we'll help you take advantage of this amazing opportunity.