Topic: First-Time Homebuyer Credit

Taxpayers Have Until Oct. 15 to File Extended 2008 Tax Returns

October 3, 2009 |

Offshore Voluntary Disclosures Also Due

Nashville – The Oct. 15 deadline is fast approaching for millions of taxpayers who requested a six-month extension to file their 2008 tax returns. That includes about 156,000 Tennesseans.

It’s also the deadline for special voluntary disclosures by taxpayers with assets in previously undisclosed offshore financial accounts.

In most cases, Oct. 15, 2009, is the last day taxpayers may timely file their 2008 federal tax returns. The IRS expects to receive as many as 10 million tax returns from taxpayers who used Form 4868 to request a six-month extension to file their returns. Some taxpayers, for example, may have requested a filing extension to claim the first-time homebuyer credit for a home purchase that closed after the April 15 deadline.

Some taxpayers can wait until after Oct. 15 to file. This includes those serving in Iraq, Afghanistan or other combat zone localities and people affected by recent natural disasters. «Read the rest of this article»

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Tennesseans file nearly 36,000 claims for first-time homebuyer credit

September 18, 2009 |

Taxpayers Must Close Before Dec. 1 to Qualify

Nashville — With the deadline quickly approaching, the Internal Revenue Service today reminded potential homebuyers they must complete their first-time home purchases before Dec. 1 to qualify for the special first-time homebuyer credit. The American Recovery and Reinvestment Act extended the tax credit, which so far has provided a tax benefit to more than 1.4 million taxpayers nationwide, including 35,892 in Tennessee.

The number of claims filed by Tennesseans is the 13th highest in the nation. “IRS is glad to see that many Tennesseans have taken advantage of the homebuyer credit,” said IRS spokesman Dan Boone, “but the clock is ticking for those who hope to and have not.”

The credit of up to $8,000 is generally available to homebuyers with qualifying income levels who have never owned a home or have not owned one in the past three years.  The IRS has a new YouTube video and other resources that explain the credit in detail.

A house for sale in Clarksville, TN by Crye-Leike reality

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IRS warns of fraud with Homebuyer Credit

July 30, 2009 |

Washington — The Internal Revenue Service today announced its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.

On Thursday July 23, 2009, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three years in jail, a fine of as much as $250,000, or both.

To date, the IRS has executed seven search warrants and currently has 24 open criminal investigations in pursuit of potential instances of fraud involving the credit. The agency has a number of sophisticated computer screening tools to quickly identify returns that may contain fraudulent claims for the first-time homebuyer credit. «Read the rest of this article»

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Buy home or new vehicle, get tax break

July 19, 2009 |

Purchase of Home or New Vehicle Could Generate Tax Break

NASHVILLE – If you’re considering buying a main home or a new vehicle, the Internal Revenue Service wants you to know you may qualify for a tax credit or a deduction after the purchase.

“Qualifying homebuyers generally can file for the First-Time Homebuyer Credit immediately after they purchase a home,” said IRS spokesman Dan Boone. “However, the deduction for buying a new vehicle is taken when you file your 2009 tax return next year.”

Homebuyers can get a tax credit, while new vehicle buyers can get a tax deduction. A tax credit comes directly off the taxes you owe, while a deduction lowers your taxable income, indirectly reducing your taxes. «Read the rest of this article»

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