First Time Buyers – Don’t File Your 2008 Tax Return Yet!

The IRS announced today that you may include your first time buyer’s tax credit to your 2008 tax return!  That means you can get $8000 back this year, even if you didn’t buy your house until 2009!

Rebate Money

I am not a tax expert, so please check with one to verify this, but the instructions at the IRS website says “for first-time homebuyers who purchase in 2009, the maximum credit is $8,000 and can be claimed on a buyer’s 2008 federal tax return.”

I was really surprised, because I always thought that tax returns could only include the financial activity for the year you are reporting.  If you file before buying a house, maybe you can file an ammended return to get that money sooner.  I’ll contact a couple of tax pros and get some opinions on that in the next couple of days!

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