Looking for a Home in Southwest Michigan? 

Feel free to click on the links at the top of this page to begin your search. 

Have you owned a home in the last 3 years?  If not and purchase a home between January 1 - December 1, 2009, you may qualify for an $8,000 tax credit that does not have to be paid back.  Read the information below and click on the '1x Buyer Tax Credit' button to the left to read the specifics of qualifying for this credit.

Under the American Recovery and Reinvestment Act of 2009, qualifying first time home buyers who purchase a home Between January 1, 2009 and Dec. 1, 2009 receive up to $8,000, or $4,000 for married individuals filing separately. People can claim the credit either on their 2008 tax returns due April 15 or on their 2009 tax returns next year.

The filing options to consider are:

• File an extension. Taxpayers who haven’t yet filed their 2008 returns but are buying a home soon can request a six-month extension to October 15.  This step would be faster than waiting until next year to claim it on the 2009 tax return.  Even with an extension, taxpayers could still file electronically, receiving their refund in as few as 10 days with direct deposit.
  
  
• File now, amend later. Taxpayers due a sizable refund for their 2008 tax return but who also are considering buying a house in the next few months can file their return now and claim the credit later.  Taxpayers would file 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 return. Taxpayers buying a home in the near future who have already filed their 2008 tax return can consider filing an amended tax return. The amended tax return will allow them to claim the homebuyer credit on the 2008 return 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 tax return rather than claiming it now on the 2008 tax return. This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return. This could include people who have less income in 2009 than 2008 because of factors such as a job loss or drop in investment income.

The IRS reminds taxpayers the amount of the credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately.

Thinking of Buying or Selling? 

Please feel free to surf my website which contains valuable information or give me a call at (269)983-8000 or (269)930-7355 or E-Mail me at Brenda@BrendaRegan.com.  I will be glad to assist you in anyway I can.