Mar 21 09 09:32p = Ryan Gossett 773-340-8820 pt IR-2009-027: First-Time Homebuyers Have Several Options to Maximize New Page 1 of 2 Christine Kurek From: intemal Revenue Service (IRS) [irs @service. govdelivery.com] Sent: Wednesday, March 18, 2009 1:18 PM Te Subject: IR-2009-02; PA Internal Revenue Service eek peo Aristine@ptsgi.com ‘irst-Time Homebuyers Have Several Options to Maximize New IRS Newswire March 18, 2009 News Essentials What's Hot News Releases | 18S-"The Basics IRS Guidance | Mecia Contacts Facts & Figures Probiem Alerts ‘Around The Nation e-News Subscriptions The Newsroom Topics Electronic IRS Press Kit Tax Tips 2009 Fact Sheets ‘Aimed Forces Disaster Reliet 3/18/2009 Issue Number: 1R-2009-027 Inside This Issue First-Time Homebuyers Have Several Options to Maximize New Tax Credit | WASHINGTON — As part of tie Treasury Departments consumer outroach eftort and with the Apri 15 indivicual tax fling deadine approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additonal options al their leposal to ciaim the new $8,000 irst-tie homebuyer credit for 2009 home purchases. For peoate who recently purchased a home or are considering buying in Ihe next few months, there are several dffecont ways that they ean get this tax credit leven if they've alresty ied thelr tax caturn. ‘Tho Treasury Department encourages taxpayers to explore these options to maximize their cred and get their money dack as fast as possible. “The new credit can get money in the pockets of fst-time homebuyers quickly," said IAS Commissioner Doug Stu man. "For people who recently purchased a home or are considering buying in the next fow months, thero are several different ways thet they can get this tax credit even if they've already fled thei tax return * First-time homebuyers represent a sicniicant portion of existing single-family home sales. The expansion in the fist-ime homebuyer creak will make it easier fot fret-time homebuyers to enter the housing market this yoar. Under the American Recovery and Reinvestmont Act of 2009, qualtying taxpayers sho purchase @ home before Dec, 1 receive up to $8,000, 7 $4,000 for maried individuals fing separately. People can claim the ered elther on their 2008 tax retuins due April 18 er on thelr 2009 tax returns next year, “The fling eptions to consider ace: ‘+ File an extension — Taxpayers who haven't yet filed thelr 2008 retums but are buying a home soon can request a six-month exiension to October 15 ‘This step would be faster than walting until next year to claim it on the 2009 {ax return. Even with an extension, taxpayers could sil file electronically, receiving thei refund in as fow as 10 days with direct deposit * File now, amend later —- Taxpayers due a sizable relund for thelr 2008 taxMar 21 09 09:32p = Ryan Gossett 773-340-8820 pe IR-2009-027: First-Time Homebuyers Have Several Options to Maximize New Page 2 of 2 ‘Scams /Consumer Alors Tax Shelters Mose Topics, IRS Resources Compliance & Enforcement Contact My Local O: erfile Forms & Pubs Frequently Asked Questions News: Taxpayer Advocacy where to File return but who also are considering buying a house in the next fow months can fil their return now and claim the credit later, Taxpayers would fle their 2008 tax forms as usual, then follow up with an amended return later this year to claim the homebuyer credit, ‘+ Amend the 2008 tax roturn — Taxpayors buying ahome in the near future Who have already fled their 2008 tax retum can consider fling an amended tax retuin. The amended tax return wil allow them to claim the homebuyer crecit on the 2008 retum without waiting until next year to claim it on the 2009 return, ‘© Claim the credit in 2009 rather than 2008 — For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year ‘when they file the 2009 tex return rather than claiming itnow en the 2008 tax relurn. This could beneft texpayers who might qualy for a higher ered on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as 2 job loss or drop in investment income, The IS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $79,000, er $150,000 for joint fiers. Taxpayers can claim 10 percent of the purchase price Up t0 $8,000, of $4,000 or married individuals fling soparat 9S.g0v provides more information, including guidance for people who bought their first homes in 208. To lean more about the overall implamentation of the Fecovery Act, vsit www: Recovery dov. : Back to Top ‘Thank you for subscribing to the IRS Newswire, an IRS e-mail service. If you know someone who might want to subscribe to this mail forward this message to them so they can subscribe. ig list, please ‘Tnis meesage was distributed automatically from the mailing list IRS Newswire, Please Do Not Reply To This Message. Update your subscriptions, modify your password or e-mail acdrose, or stop subscriptions at any time on your Subscriber Preferences Page, You will need to use your e-mail address to Iog in. IT you have questions Gr problems with the subseplion Sorvico, please contact support © govdel'very.com. ‘This service is provided to you at no charge by intemal Revenue Service (IAS), Inert Revenue Service 1111 Corstisien Ave NW. Washington OC: 3/18/2009 525 ao-t30.0420