Correction to My Last Post – “There is still Time to Get the $8,000 Tax Credit This Year!”

I surely do apologize folks, but I made an error on my blog post last week.  My information source was from a local Builder’s Salesperson.  When I was asked my source, I went to find the Salesperson’s source for the claim.  He had heard it somewhere.  That’s how it goes.

Google was next.  I’ve searched high and low, but I could not find a deadline for amending 2008 returns to gain the credit.

Finally,  I checked with my CPA.  According to her, there is no specific deadline for amending your 2008 taxes to claim the tax credit.  Tax returns can be amended for up to 3 years.

That’s good news for all you first-time homebuyers out there.  If you close in August, you can still get your tax credit now.  However, my CPA always recommends you look closely at your expected income for 2010.  If your income has the possibility of dropping off, it might make more sense to wait to get the $8,000 tax credit next year to supplement your income.

Another error that has been reported our there is a deadline of June 30th to file the amended return.  That date is getting confused with the deadline that was imposed last year, for the $7,500 tax credit. It does not apply in this case.

The one current deadline to remember is November 30th of this year.  You must close on your home prior to that date.  If you close on December 1st, you will not receive the tax credit as the current law is written.

Article by Chad Underwood, Owner/Broker, chad@northtexashomefinders.com, www.NorthTexasHomeFinders.com