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Refundable 1st Time Home Purchase Tax Credit of $8,000 Available Now!

With the deadline quickly approaching, the Internal Revenue Service today reminded potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which has provided a tax benefit to more than 1.4 million taxpayers so far.  The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.

Those who need the money quickly to meet bridge loan or other requirements need not wait until next year to file for their government money for qualifying 2009 purchases. The refundable credit (which means that it is yours regardless of whether or not you paid income tax for the year) equal to 10% of the purchase price up to $8,000 for primary home purchases can be claimed by filing an amended 2008 income tax return.

Be certain to attach the appropriate documentation to the amended tax return as the IRS is aware of numerous fraudulent claims and is closely scrutinizing claims. To avoid delays attach a copy of the HUD-1 form to the Form 1040X.

 

 

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