Income Tax Service

October 22, 2009

see later information Revised Homebuyer Information

Time is getting short if you plan on taking advantage of the First-time-homebuyer credit.  Locating a home, negotiating the purchase, arranging a loan and closing in 6 weeks is pushing it. 

If you are eleigible and wish to grab this free $8,000.00 from the government, now is the time to act!  See Tax Tisp #1 printed below to see if you are eligible.

If you have any questions, don't hesitate to contact your preparer here at ElectroFile Income Tax Service.

Terry Hough, President
ElectroFile Income Tax Service

1. First-time-homebuyer tax credit

Applies to: purchase of a primary residence before December 1, 2009.

Details: This fully refundable credit of up to $8,000 is available to those who purchase a home in 2009 and who have not owned a home in the previous three years. Unlike a $7,500 credit that was available in 2008, this year's credit does not have to be paid back. You can claim the new credit on your 2009 return, to be filed by April 15, 2010, or -- if you want the cash sooner -- on the 2008 return that was due this year.

If you've already filed last year's return, you can file an amended return to get the money.

To learn more: Read the Internal Revenue Service's First-Time Homebuyer Credit Questions and Answers: Homes Purchased in 2009