Monday, March 16, 2009

First Time Buyers $8000.00 Tax Credit Tax Information


I have heard that here in Kansas City there have been a couple of instances where accountants have been telling their first time home buyers that they cannot apply for the $8000.00 tax credit until 2009.

THAT is NOT TRUE!

I have a copy of the blank 1040. Go to page 2, under line #69 where it says attach form 5405. I also have also a copy of form 5405 that you will need. You can look at "C" at the top. You can claim it now if purchased in 2009. If they purchase in July, 2009, they can file an amended return and get their $8000 immediately.

However, the drawback is that the EZ form which most of them would file does not accommodate this so they will have to file the regular 1040.

I would be willing to share these forms with whomever wants them.......... just email me at franwhite@kc.rr.com........... in the subject line put TAX FORMS and I'll send them to you as PDF file you can print out.

And if you know someone who is wanting to buy, NOW is the time to do it.....if they are looking in the Kansas City North area, have them give me a call 816-682-3897

Until next time.......

1 comment:

David Lorti said...

The $8,000 first time homebuyer tax credit is playing a significant role in our local Phoenix real estate market. Buyers are definitely incentivized to buy here with this tax credit, low home prices, and low interest rates. By itself, the tax credit wouldn't be enough. But together with the other elements, there is no wonder why we are seeing such high buyer demand right now and I am one of the hardest hit real estate markets in the country in Phoenix.

David Lorti

 
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