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We are totally focused on
our client's needs, and we
work hard to realize their
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our own.
GOLD FORTUNE REALTY
our client's needs, and we
work hard to realize their
dreams as if they were
our own.
GOLD FORTUNE REALTY
AVAIL OF FEDERAL AND STATE TAX CREDITS
Avail of the $8,000 federal tax credit for first-time home buyers. Below is the full text of
the announcement from the IRS :
IR-2009-14, Feb. 25, 2009
WASHINGTON — 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.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or
$4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their
pockets right now rather than waiting another year to claim the tax credit," said IRS
Commissioner Doug Shulman. “This important change gives qualifying homebuyers
cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on
IRS.gov. The revised form incorporates provisions from the American Recovery and
Reinvestment Act of 2009. The instructions to the revised Form 5405 provide
additional information on who can and cannot claim the credit, income limitations and
repayment of the credit.
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 amount of the credit begins to phase out for taxpayers whose adjusted gross
income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and
your spouse if you are married, did not own any other main home during the three-
year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased
a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who
are claiming the credit on their 2008 tax returns, the maximum credit remains 10
percent of the purchase price, up to $7,500, or $3,750 for married individuals filing
separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal
installments over 15 years, beginning with the 2010 tax year. Please check periodically
with the IRS on recent updates and changes to the program.
ALERT: You must close on a new home by Nov. 30, 2009, to qualify for this tax
credit. With the deadline approaching, potential home buyers should consult
with their real estate professionals to ensure they have enough time left to
close on a home. Click on link to redirect you to IRS' website for recent
announcement on the program.
California's Tax Credit Program
As of July 3, 2009, California has stopped accepting new home credit applications.
(click on link to redirect you to the California Franchise Tax Board)
Avail of the $8,000 federal tax credit for first-time home buyers. Below is the full text of
the announcement from the IRS :
IR-2009-14, Feb. 25, 2009
WASHINGTON — 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.
Qualifying taxpayers who buy a home this year before Dec. 1 can get up to $8,000, or
$4,000 for married filing separately.
“For first-time homebuyers this year, this special feature can put money in their
pockets right now rather than waiting another year to claim the tax credit," said IRS
Commissioner Doug Shulman. “This important change gives qualifying homebuyers
cash they do not have to pay back.”
The IRS has posted a revised version of Form 5405, First-Time Homebuyer Credit, on
IRS.gov. The revised form incorporates provisions from the American Recovery and
Reinvestment Act of 2009. The instructions to the revised Form 5405 provide
additional information on who can and cannot claim the credit, income limitations and
repayment of the credit.
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 amount of the credit begins to phase out for taxpayers whose adjusted gross
income is more than $75,000, or $150,000 for joint filers.
For purposes of the credit, you are considered to be a first-time homebuyer if you, and
your spouse if you are married, did not own any other main home during the three-
year period ending on the date of purchase.
The IRS also alerted taxpayers that the new law does not affect people who purchased
a home after April 8, 2008, and on or before Dec. 31, 2008. For these taxpayers who
are claiming the credit on their 2008 tax returns, the maximum credit remains 10
percent of the purchase price, up to $7,500, or $3,750 for married individuals filing
separately. In addition, the credit for these 2008 purchases must be repaid in 15 equal
installments over 15 years, beginning with the 2010 tax year. Please check periodically
with the IRS on recent updates and changes to the program.
ALERT: You must close on a new home by Nov. 30, 2009, to qualify for this tax
credit. With the deadline approaching, potential home buyers should consult
with their real estate professionals to ensure they have enough time left to
close on a home. Click on link to redirect you to IRS' website for recent
announcement on the program.
California's Tax Credit Program
As of July 3, 2009, California has stopped accepting new home credit applications.
(click on link to redirect you to the California Franchise Tax Board)
