Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 01-29-2009, 03:02 AM
TaxGuru's Avatar
Tax Guru
 
Join Date: Jan 2007
Location: New Jersey, USA
Posts: 2,417
Blog Entries: 3
Can taxpayers claim the tax credit in 2008 for a home bought in 2009?

The IRS allows "taxpayers to elect to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008."

This means that the 2008 income limit (MAGI) applies and the election effectively accelerates when the credit can be claimed. That is, it enables taxpayers to be able to claim this tax credit on their 2008 tax returns instead of for 2009 returns.

Clearly, taxpayers will benefit from this election as a home buyer in 2009 will definitely know their 2008 MAGI assuming they has filed their tax returns with certainty, thereby helping the buyer know whether or not the income limitation will reduce their 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



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
Will the First Time Home Buyers Credit differ based on taxpayers filing status? TaxGuru Homeowner Tax 1 02-16-2009 04:44 PM
Which taxpayers are eligible to claim the $7,500 tax credit? TaxGuru Homeowner Tax 0 01-29-2009 01:49 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
IRS offers New Tax Credit for First Time Home Buyers for Tax Year 2008! TaxGuru For 2008 0 08-08-2008 11:49 AM
Who is eligible to claim the Lifetime Learning Credit? katlee Tax Credit 1 01-02-2008 06:41 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
 
 
 

» Recent Tax Q&A
No Threads to Display.