Need Help with the Tax Credit

I mentioned the new First-Time Home Buyer Tax Credit  in a February Post.  The credit for $8000 is a great incentive to buy now!  You can recieve free money, get a great deal on a home, and get an amazingly low interest rate in today’s real estate market.  However, with the changes to the tax credit in February and the tax deadline fast approaching, many buyers are unsure how they can recieve the money this year. 

Well, the IRS recently released an article which might answer some of those questions.  You do have options!

  • You can File an Extension – Up to Six Months
  • You can File Now and Amend it Later – Or if you have filed early you can amend now
  • You can wait to claim the credit in 2009 – If you may have less income in 2009 then this could make more financial sense

Always check with your CPA or tax consultant for tax advice; but this article to the IRS may help answer a few of your questions!

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