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First-Time Homebuyers Have Several Options to Maximize New Tax Credit
IR-2009-27, March 18, 2009

WASHINGTON — As part of the Treasury Department’s consumer outreach effort and with the April 15 individual tax filing deadline approaching, the Internal Revenue Service today began a concerted effort to educate taxpayers about additional options at their disposal to claim the new $8,000 first-time homebuyer credit for 2009 home purchases. For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they’ve already filed their tax return.

The Treasury Department encourages taxpayers to explore these options to maximize their credit and get their money back as fast as possible.

“The new credit can get money in the pockets of first-time homebuyers quickly,” said IRS Commissioner Doug Shulman. “For people who recently purchased a home or are considering buying in the next few months, there are several different ways that they can get this tax credit even if they’ve already filed their tax return.”

First-time homebuyers represent a significant portion of existing single-family home sales. The expansion in the first-time homebuyer credit will make it easier for first-time homebuyers to enter the housing market this year.

Under the American Recovery and Reinvestment Act of 2009, qualifying taxpayers who purchase a home before Dec. 1 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.

IRS.gov provides more information, including guidance for people who bought their first homes in 2008.

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Colorado - The Centennial State

Capital City: Finding Your Colorado Home

Nickname: Centennial State

Motto: Nil Sine Numine (Nothing without Providence)

Gained Statehood: August 1, 1876 (38th)

Origin of State's Name: From the Spanish for the color red, which was applied to the Colorado River.

Border States: Arizona, Kansas, Nebraska, New Mexico, Oklahoma, Utah, Wyoming

Land Area: 103,730 sq. mi.; 8th largest

State Bird: Lark Bunting

State Flower: Rocky Mountain Columbine (aquilegia caerules)

State Tree: Colorado Blue Spruce (picea pungens)

State Song: Where the Columbines Grow

Called the "Centennial State," because it became the 38th state when the U.S. turned 100 in 1876. Colorado is most closely associated with the Rocky Mountains and has numerous peaks over 14,000 feet. The state's name comes from a Spanish word meaning "red" or "ruddy," the color of much of the state's terrain. Today, Colorado is known for its vast cattle ranges, agricultural acreage, and snow-covered mountains that are ideal for winter sports. Its capital is Denver and state flower is the Rocky Mountain columbine. Colorado's Rocky Mountains

Neighborhood Information for Colorado's Capital city
Denver's the Capital of Colorado and has a vibrant metropolitan area full of cultural wonder and entertainment, as well as great outdoor activities and recreation.

Denver is an energetic city that offers urban adventure and abundant outdoor activities. With numerous distinctive neighborhoods, including a vibrant downtown and historic district, Denver offers an array of exciting and unique experiences. Located near the foot of the Rocky Mountains the city provides breathtaking views and basks in 300+ days of sunshine annually.

It's no surprise at all, Colorado Real Estate is something that everybody wants to own. Well-Known across the world as the "Mile High City," Denver has been consistently rated as one of the top places to live and work in the country. Originally built around the convergence of the Platte River and the Cherry Creek River, Denver's outstanding lifestyle and great climate mixed with a wide array of growing employment opportunities, have begun to characterize our city in the sky. Nothing beats our spectacular Rocky Mountain views combined with the typical 150-mile visibility days. Home Owners in the Denver Real Estate market feel fortunate to live in the beautiful "Mile High City".

Denver is also a city of neighborhoods, each with its own unique charm. Be sure to leave time in your visit to explore the independent boutiques, galleries, and restaurants nestled in areas outside the vibrant downtown. With a diverse population, there is something for everyone. Boasting more public parks than any other city its size in the nation, easy travel times to many great attractions and an endless list of activities available, Denver has been attracting outdoor enthusiasts as well as large corporations for decades. Six popular professional sports teams make the "Mile High City" home as well as an award-winning Performing Arts Center complete with a theater and a symphony orchestra. Outdoor recreational opportunities include world-renown skiing, mountain biking, hiking, fly-fishing, kayaking and white water rafting, to name just a few. Denver also offers a diverse live music scene with multiple entertainment venues from the Historic Red Rocks Amphitheater to the classic Fillmore Auditorium on Colfax Street.

Finally, Denver has one of the fastest growing populations in North America, due, in no small part, to the frequency that visitors fall in love with the city. The diversity of real estate options and locations in Metro Denver makes finding the right place to call home easy as well. From the center of the city throughout each of the suburbs, Denver housing features include single family and luxury homes to upscale lofts and condominiums.

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