Tax Tips: 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.
Claim the 2009 homebuyer credit now or later
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.
Share your Comments
In this Issue
|An Invitation To Poets - Harvard Poetry Reading|
The Annual India Poetry Reading event will be held on May 9, 2009 at Harvard University. [more]
Former Indian President APJ Abdul Kalam speaking at Columbia University: "When I see the height and beauty of this hall, I am reminded of a couplet written 2,200 years ago. If you think high and your aim is high and you work for it, you are assured you will achieve whatever you want. The message for young students: I can reach the stars no matter who I am". [more]
A decent album with a few numbers worth listening to. [more]
|Taruna Garg Named 2009 Heroine|
Massachusetts Commission on the Status of Women announces Taruna Garg of Murtha Cullina LLP as an unsung heroine of 2009.
|For The Mathematically Inclined|
Congratulations to Suhas Joglekar and Muneeba Syed, who were the winner of the last set of puzzles. Here is one easy puzzle for students and one for adults. [more]
You may also access this article through our web-site http://www.lokvani.com/