Time is running out to buy a home and still qualify for either of the home buyer tax credits. Time also is running out to file your tax return to claim the credit. To complicate matters, the tax-filing deadline precedes the deadline for signing a contract on a new home to qualify for the credit.
To qualify for the $8,000 first-time home buyer credit or $6,500 credit for longtime homeowners who buy a new home, you must sign a binding contract by April 30, 2010, and close on the property by June 30, 2010. As I’m sure you know, the tax-filing deadline is April 15.
What to do? Ask the IRS for a six-month extension to file your 2009 tax return. You’ll have until October 15 to file your return and claim the credit. File Form 4868 to request an extension. Even with an extension, taxpayers could file electronically and receive their refund in as few as ten days with direct deposit, according to the IRS.
Sign up for Kiplinger’s Free E-Newsletters
Profit and prosper with the best of expert advice on investing, taxes, retirement, personal finance and more - straight to your e-mail.
Profit and prosper with the best of expert advice - straight to your e-mail.
If you’ve already filed your return but sign a contract on a new home by April 30, be sure to file an amended return to claim the credit.
For more information about qualifying for the credits, see FAQs on the New Home Buyer Tax Credits.
-
Stock Market Today: Have We Seen the Bottom for Stocks?Solid first-quarter earnings suggest fundamentals remain solid, and recent price action is encouraging too.
-
Is the GOP Secretly Planning to Raise Taxes on the Rich?Tax Reform As high-stakes tax reform talks resume on Capitol Hill, questions are swirling about what Republicans and President Trump will do.
-
Trump’s Tax Cut Risks Your SNAP, Medicaid BenefitsTax Cuts The GOP budget blueprint could slash lifesaving programs for millions of U.S. households.
-
Missed Tax Day? Nearly One Million Taxpayers Still Can File and Claim Valuable Tax RefundsTax Refunds As many as one million taxpayers could be missing out on a significant tax refund.
-
Which Generation Pays the Most Tax in the US?Tax Burden Polls show that most people feel like taxes are unfair. But which age group bears the brunt of the tax burden in the United States?
-
How the Trump Harvard IRS Tax Threat Could Impact YouTax Law Trump's latest higher education showdown raises fundamental questions that could reach beyond Harvard's nonprofit tax status.
-
Tax Day 2025: Don’t Miss These Freebies, Food Deals and DiscountsTax Day You can score some sweet deals on April 15 in some select restaurants like Burger King, Shake Shack, and more.
-
Tax Time: Does Your Kid Influencer Owe Taxes?State Tax Some minors are making big money on social media. Here’s how to know if they need to file taxes.
-
Did Florida’s Chance at $1,000 in Property Tax Rebates Vanish?State Taxes The Florida Legislature bypassed Gov. Ron DeSantis’ wish to cut property taxes and instead voted to lower the state’s sales tax.
-
How Caregivers for Adults Can Save on Taxes in 2025Tax Breaks Caring for your parent or spouse can be stressful, but the IRS offers tax breaks for qualifying taxpayers. Here they are.
