(Getting)Back Tax Part 1 of 2

home buyer tax refund

Instant Equity on a New Home Purchase

I’ve been a Premier Realty Exclusive employee for the last 1+ year and this influenced me to consider buying my own home.  But, the government’s offer of up to $8000 if I closed on a house by November 30, 2009 (since extended to 6/30/10) motivated me to take action.  

The whole process of looking at homes for sale, setting up appointments, going through 15+ homes in a day, can be intimidating & time consuming.  As I set up appointments, met sellers, viewed houses and  went through negotiations, I received first-hand experience of how having a buyer’s agent makes a buyer’s life so much easier.  Once I closed on my house, I mailed off my forms to get my tax credit.   

The home buyer tax credit has taken on a new form since I closed on my house back in early October with the extended & revised home buyer tax credit (Tax Credit Comparison Form).  The gov’t is offering up to $8000 for the first-time homebuyer, and the revision includes $6500 for repeat buyers who have owned their home for 5 or more years.  How does an individual get the tax credit from the government into her/his hands? 

I chose to amend my 2008 tax returns so I could get the tax credit sooner, rather than the alternative of waiting until 2009’s tax returns to show up.  The process was simple. I had to fill out 2 forms, both of which are accessed through the IRS website.  These can also be found through Turbo Tax website.  Be sure to discuss this process with your tax professional for more details.  You just have to be under contract by April 30, 2010 to take advantage of this extended tax credit.  This date will be here before you know it & finding a house can take some searching, so don’t wait until the last minute to take advantage of this great incentive!

by Susie Van de Riet

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