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IR-2009-27, March 18, 2009
WASHINGTON — As part of the
Treasury Department’s consumer outreach effort and with the April 15
individual tax filing deadline approaching, the Internal Revenue Service
today began a concerted effort to educate taxpayers about additional
options at their disposal to claim the new $8,000 first-time homebuyer
credit for 2009 home purchases. For people who recently purchased a home or
are considering buying in the next few months, there are several different
ways that they can get this tax credit even if they’ve already filed their
tax return.
The Treasury Department
encourages taxpayers to explore these options to maximize their credit and
get their money back as fast as possible.
“The new credit can get money in
the pockets of first-time homebuyers quickly,” said IRS Commissioner Doug
Shulman. “For people who recently purchased a home or are considering
buying in the next few months, there are several different ways that they
can get this tax credit even if they’ve already filed their tax return.”
First-time homebuyers represent a
significant portion of existing single-family home sales. The expansion in
the first-time homebuyer credit will make it easier for first-time
homebuyers to enter the housing market this year.
Under the American Recovery and
Reinvestment Act of 2009, qualifying taxpayers who purchase a home before
Dec. 1 receive up to $8,000, or $4,000 for married individuals filing
separately. People can claim the credit either on their 2008 tax
returns due April 15 or on their 2009 tax returns next year.
The filing options to consider
are:
- File an extension. Taxpayers who haven’t yet filed their 2008
returns but are buying a home soon can request a six-month extension
to October 15. This step would be faster than waiting until next
year to claim it on the 2009 tax return. Even with an extension,
taxpayers could still file electronically, receiving their refund in
as few as 10 days with direct deposit.
- File now, amend later. Taxpayers due a sizable refund for
their 2008 tax return but who also are considering buying a house in
the next few months can file their return now and claim the credit
later. Taxpayers would file their 2008 tax forms as usual, then
follow up with an amended return later this year to claim the
homebuyer credit.
- Amend the 2008 tax return. Taxpayers buying a
home in the near future who have already filed their 2008 tax return
can consider filing an amended tax return. The amended tax return will
allow them to claim the homebuyer credit on the 2008 return without
waiting until next year to claim it on the 2009 return.
- Claim the credit in 2009 rather than 2008. For some taxpayers,
it may make more financial sense to wait and claim the homebuyer
credit next year when they file the 2009 tax return rather than
claiming it now on the 2008 tax return. This could benefit taxpayers
who might qualify for a higher credit on the 2009 tax return. This
could include people who have less income in 2009 than 2008 because of
factors such as a job loss or drop in investment income.
The IRS reminds taxpayers the
amount of the credit begins to phase out for taxpayers whose modified
adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers
can claim 10 percent of the purchase price up to $8,000, or $4,000 for
married individuals filing separately.
IRS.gov provides more
information, including guidance for people who bought their first homes in
2008. To learn more about the overall implementation of the Recovery
Act, visit www.Recovery.gov.
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