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.
