$8,000 First-time Home Buyer Tax Credit Now Available

FOR IMMEDIATE RELEASE
(Free-Press-Release.com) July 23, 2009 -- If you are a first -time home buyer and purchased your home in 2009, unlike the previous $7,500 credit, the credit outlined in the American Recovery and Reinvestment Act of 2009 does not have to be paid back -- if the home remains the buyer's "main home" for at least 36 months after the purchase date, according to the Internal Revenue Service's Web site. First-time buyers, for the purpose of this credit, are those who have not owned a home in three years.

Buyers have to purchase a home before December 1, 2009 to be eligible, and the credit can be claimed on a home buyer's 2008 or 2009 tax return. Thus, if you purchased your home in 2009 after your 2008 Income Tax return was filed, you do not have to wait almost a year to get your money. MPCPA can help you get your credit right now. For more information, please visit us at www.mpcpany.com

"For first-time home buyers 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, in a news release. "This important change gives qualifying home buyers cash they do not have to pay back."

Buyers can claim 10% of the purchase price, up to $8,000, or $4,000 for married individuals filing separately, according to the IRS' Web site. The credit starts to phase out for those whose adjusted gross income exceeds $75,000, or $150,000 for joint filers.

The IRS has posted a revised version of the form required to claim the credit, Form 5405, on IRS.gov. Visit IRS.gov's first-time home buyer page.

"The expansion of the first-time home buyer tax break as part of the president's recovery agenda gives money to taxpayers when they need it most, while also targeting an important group of buyers," said Treasury Secretary Tim Geithner. "We view our economic recovery plan, our financial stability plan and now this homeowner affordability plan as three legs of the same stool -- an integrated whole that represents our immediate response to the current crisis.

8000     first time buyer     irs     refund     tax credit