The Federal Tax Credits Blog

Question: Is it good to extend my tax filing status until Oct 2009 and take the first time home buyer credit 8K ?

I am planning to buy my first home and will be closing it at the end of May 2009. I haven’t filed my 2008 taxes yet.

1)Does it make sense to ask for tax file extension and then file after I close my home in May and claim the 8K credit as well ?

2) Or am I better of filing next year and claim the 8k credit ?

Answer: You have the following options:
file 2008 returns now and amend later.
file for an extension for 2008 return
or
claim it when you file 2009 return next year.

You choose which option suits you best based on the income in 2008 and 2009. This credit is phased out for high income people, and if you fall in that category, choose the year which favors you most.

Dozens of groups in Champaign-Urbana risk IRS status

About 100 nonprofit organizations in Champaign and about 50 in Urbana are at risk of losing their tax-exempt status if they don’t file returns by Oct. 15, the Internal Revenue Service said. read more

Homebuyers Tax Credit Extension Likely

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