Matthews NC First Time Home Buyers--The IRS Wants to Help You Get Your $8000 Tax Credit
Matthews NC first time home buyers should take note of a recent IRS press release designed to educate consumers about ways to claim the first time home buyer tax credit available for home purchases in 2008. According to the press release, the Treasury Department wants taxpayers to maximize their credit and get their money back as soon as possible. I'm sure that every eligible first time home buyer would agree with Treasury's goals.
What are the basic provisions of the First Time Home Buyer Tax Credit?
- Matthews NC first time home buyers can claim up to ten percent of the purchase price up to $8000.
- The credit amount will be phased out if your adjusted gross income is more than $75,000 for single filers or $150,000 for joint filers.
- The First Time Home Buyers credit does not have to be repaid provided the home is your principal residence for three years after the purchase date.
What are the filing options for a Matthews NC first time home buyer according to the IRS?
- File an extension. If you haven't filed your returns yet but are buying a home soon, you can request a six-month extension to October 15th.
- File now, amend later. You can file your return now, buy a house and file an amended return later to claim the tax credit.
- Amend your 2008 tax return. If you've already filed your 2008 tax return, you can file an amended tax return to claim the tax credit on the 2008 return.
- Claim your credit in 2009. You can wait until 2009 to claim the credit if it makes more financial sense to do so.
Get more details at IRS.gov on the revised Form 5405 First-Time Homebuyer Credit.
Read more about programs for first time home buyers in North Carolina.
Matthews NC First Time Homebuyers--Claim Your $8000 Tax Credit in 2008 First Time Home Buyers in North Carolina--Get Help with Your Down Payment
Click here to learn more about buying your first home.
About the author: Carol Fox of Allen Tate Realtors at 704-814-6242 has helped first time home buyers find the right home and neighborhood for over twenty years.
Copyright 2009. Carol Fox. *Matthews NC First Time Home Buyers--The IRS Wants to Help You Get Your $8000 Tax Credit*