Earlier today, the IRS officially began accepting 2008 electronic tax returns for individuals claiming the $8,000 tax credit for qualifying first time home buyers who purchased a house in 2009. If you qualify and have purchased your home this year, you can now file your taxes using TurboTax, TaxAct, H&R Block, or any other software vendor. Previously, if you attempted to claim the $8,000 tax credit on-line, the IRS would have rejected your return.
Note that if you plan on buying a house later this year before December 1, you still qualify for the tax credit, but you cannot claim it yet. Either file for an extension or claim the $8,000 credit when you file your 2009 taxes. If you’re expecting a big refund this year and you don’t want to delay that refund by filing for an extension, you can file now and file an amended return later.
The maximum credit of $8,000 ($4,000 for those who are married filing separately) is limited at 10% of the purchase price of the house, and the total credit you qualify for begins to phase out for taxpayers with a modified adjusted gross income of $75,000 or $150,000 for joint filers.
Here are the full details about claiming the $8,000 first time home buyer tax credit this year.
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Great timing. Closing on a house later today.
Who knows where the future of housing is headed, but I think it’s a great time to buy a house. You have low interest rates, plenty of options, housing prices are down, and this credit.