When will the IRS recognize the $8000 tax credit for 2009 first time home buyers?
I was told by two tax consultants that the IRS does not recoginize it at this time and that is why tax softwares are not recognizing the credit, but that they will recognize it at some point in the future. Thanks for that first answer, but I've been told by a couple tax consultants that that is not true. It does apply to the 2008 taxes if you choose.
Public Comments
- next year as it is just now signed into law and will only be given out with the 2009 tax filings
- Per the IRS announcement http://www.irs.gov/newsroom/article/0,,id=204672,00.html --------------------------------------------- The Internal Revenue Service announced today that taxpayers who qualify for the first-time homebuyer credit and purchase a home this year before Dec. 1 have a special option available for claiming the tax credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year. This year, qualifying taxpayers who buy a home before Dec. 1, 2009, can claim the credit on either their 2008 or 2009 tax returns. They do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date. They can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately. ---------------------------------------------
- The IRS has already updated Form 5405 for the new credit. Unfortunately, the software has not been updated yet. Hopefully, it will be fixed in March sometime. In the meantime, you can file, take the $7500 credit now and then amend your return at a later date and get the additional $500.
