Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 04-12-2009, 09:26 PM
Junior Member
 
Join Date: Apr 2009
Posts: 2
First time Home Buyer Credit

I would appreciate it if anyone has the answer for this: I owe about $ 2,800 in taxes. I will be buying a home in May-June time frame and am eligible for the $ 8,000 tax credit which will actually give me a refund of about $5,200. I want to file an extension until October 15, 2009. Am I still to pay for the $2,800 obligation on April 15th? Can an extension be filed with the full anticipation that there will be actually be a refund when the home purchase is completed in may-June.?

Thanks very much



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 04-23-2009, 08:46 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,399
Blog Entries: 3
Yes, as a matter of fact, you can file an extension and not make a tax payment in anticipation of the First Time Home Owners Tax credit, which in fact would be used to offset your tax liability and result in a tax refund for you. So, you can safely file an extension with a Zero payment due on the Federal Form 4868 Automatic Extension, assuming of course that you qualify for the First Time Home Buyers Tax Credit.

__________________
Find a CPA near you!

Ask TaxGuru Please refer to the legal disclaimer.


Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Do I qualify for 1st time home buyer tax credit? mch02 Tax Credit 0 02-19-2009 02:03 PM
First Time Home Buyer Judy Homeowner Tax 3 02-11-2009 12:42 PM
What is the purpose of this First Time Home Buyer Tax Credit? TaxGuru Homeowner Tax 0 01-29-2009 03:13 AM
Are there any income limitations to qualify for this First Time Home Buyer Credit? TaxGuru Homeowner Tax 0 01-29-2009 02:09 AM
Can taxpayers claim both the DC 1st time Home Buyer Credit & First-Time Home Buyer? TaxGuru District of Columbia 0 01-25-2009 11:32 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning