Jose Cohen, C.P.A.
CPAPractico.COM | 643-645 Mt Prospect Ave. Newark, NJ 07104 | 973-350-5555   
Home FAQ RSS Links Site Map Contact
 
..:: Hot News:    
All News
Jose Cohen,CPA
Taxation
Impuestos
Internal Revenue Service
Servicio Rentas Internas (IRS)

Newsletter
Your Name:
Your Email:
Submit

 
Taxation 
Buying a House? Get an Extension!
Monday, 03.23.2009, 02:12pm (GMT)

Have you bought a new home in 2009 (for the first time or after not having owned a home as your principal residence for 3 years), or know someone who did, or are planning to buy a home before December 2009?

If the home has already been purchased, a refundable IRS tax credit of $8,000 can be taken on your 2008 income tax return if your return has not yet been filed, OR an AMENDED 2008 return can be filed to get the cash back now.

If you plan to buy a home later in the year, you should consider filing an extension to file your tax return until after the home is purchased. Our firm can file an amended return for you now so you can get your cash as soon as possible and do not have to wait until filing your 2009 return next year.

Note: There are income limits for claiming the credit:

  • for single taxpayers is $75,000 (The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000);
  • the limit is $150,000 for married taxpayers filing a joint return (The tax credit amount is reduced for buyers with a combined modified adjusted gross income (MAGI) of more than $150,000);
  • The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

Please contact us for additional information. You can also check this information from the IRS website clicking here, or visiting http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Jose Cohen (by way of my friend Joseph)

Comments (0)        Print        Tell friend        Top


Related Articles:
+ Things you may not know about the Federal Gift Tax
+ Now available the New Jersey Tax Calendar
+ What is new for New Jersey and New York taxes for 2008
+ Our new website CPApractico.COM has been launched!
+ Last Minute Tax Suggestions


Other Articles:
. Things you may not know about the Federal Gift Tax (03.05.2009)
. Now available the New Jersey Tax Calendar (03.05.2009)
. What is new for New Jersey and New York taxes for 2008 (03.05.2009)
. Last Minute Tax Suggestions (12.01.2008)



 
Events
Su Mo Tu We Th Fr Sa
        1 2 3
4 5 6 7 8 9 10
11 12 13 14 15 16 17
18 19 20 21 22 23 24
25 26 27 28 29 30  
November 2018

Advertisement

Hot News
Buying a House? Get an Extension!

Search
 
Copyright © 2009. Jose Cohen, C.P.A. All Rights Reserved.