Gregg S. Bossen, CPA
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That’s right, it’s tax season again, and you know what that means; no, not just headaches and paperwork. Tax season can be a happy time if you get with the right accountant. A great accountant is one who can find you the most credits and deductions. Did you know that the $8,000 First Time Home Buyer Credit¹ has been extended and expanded? That’s right, there’s still time to purchase your new primary residence and claim it on you 2009 tax return. All you need to do is make sure you are under a legitimate binding real estate contract for your primary residence before May 1st, 2010 and close on the property prior to July 1, 2010.
It’s Tax Season!
Not a First time home buyer? That’s ok, too. The 2009 Assistance Act², expands the reach of the home buyer credit. If you have not owned real estate property for at least three years before your closing date, then you now qualify as a first time home buyer. Additionally, if you still do not qualify as a first time home buyer under the new regulation, you may still qualify for a $6,500 tax credit if you purchase a new primary residence³.
There are income limitations to your eligibility for either of the three scenarios. So if you need assistance with the Home Buyer Credit make sure to check with your certified tax professional or have us help you out. At Gregg S Bossen, CPA we take care to learn these regulations inside and out and stay current with the ever-changing tax laws to provide you with the best possible service, the biggest possible refund, or biggest possible reduction in amount of taxes owed. This is especially important in these uncertain economic times.
We look forward to speaking with you; At Gregg S. Bossen, CPA we are looking out for you.
¹[IRC Sec. 36(h)(1), as amended by the 2009 Assistance Act] ²[IRC Sec. 36(b)(1)(D), as amended by the 2009 Assistance Act]
