About Us Contact Us Help


Archives

Contribute

 

Tax Tips: Claim The 2009 Homebuyer Credit Now Or Later

Nila Rankit
04/29/2009


===============================
Claim the 2009 homebuyer credit now or later
================================
The IRS announced recently that taxpayers who qualify for the first-time homebuyer tax credit on a home purchased from January 1, 2009, through November 30, 2009, may claim the credit on either their 2008 income tax return due April 15, 2009, or on their 2009 tax return due April 15, 2010.

This option makes it possible for qualifying taxpayers to put money in their pockets in 2009, rather than waiting until next year to benefit from this tax break. Note that you can amend an already-filed 2008 return to claim the credit. Since the credit is "refundable," you may be eligible for a refund.

The first-time homebuyer tax credit provides a refundable credit of 10% of the home's purchase price, up to a maximum credit of $8,000 for couples filing joint returns ($4,000 if you're single or married filing separately). If you live in the home for at least three years, the credit does not have to be repaid. Income limits apply, with phase-out of the credit starting at $75,000 for single taxpayers and $150,000 for married couples filing jointly.

For first homes purchased from April 9, 2008, through December 31, 2008, a credit of up to $7,500 is available to qualifying taxpayers. This credit can only be taken on a 2008 tax return, and it must be repaid in 15 equal installments beginning with the 2010 tax year. 

If you would not like to receive tax tips from my office, please call 617.678.4021.



Bookmark and Share | Share your Comments

Comments :
Post a new message

In this Issue
In Conversation With Lija Joseph Of Saheli


Lija Joseph is a hematopathologist at Boston University School of Medicine in the Department of Pathology and Laboratory Medicine. She volunteers for Saheli, the support group for South Asian Women.
[more]

In Conversation With Lija Joseph Of Saheli
Music Review: Sikandar


A decent album with a few numbers worth listening to.
[more]

Music Review: Sikandar
Ghazal King In Boston


Jagjit Singh , the Ghazal king regaled Boston audience with his classic and recent creations. He mesmerized the audience with his melodious voice.
[more]

Ghazal King In Boston
Book Review: Sukhamayu - Cooking At Home With Ayurvedic Insights


This book has been researched by the authors (Jigyasa & Pratibha) at KARE (Kerala Ayurvedic Research and Rejuvenation Establishment) which is an Ayurvedic establishment at Mulshi, Pune, started by Dr. Prakash Kalmadi with the blessings and guidance of Yogacharya Guruji Shri BKS Iyengar.
[more]

Book Review: Sukhamayu - Cooking At Home With Ayurvedic Insights
Cartoon: King And Elephant


King and Elephant!
[more]

Cartoon: King And Elephant

You may also access this article through our web-site http://www.lokvani.com/




Home | About Us | Contact Us | Copyrights Help