If you plan on claiming the home buying tax credit you cannot file an electronic return.

Congratulations on the purchase of your new home! If you plan on claiming the home buying tax credit you should know that you cannot file an electronic return with the IRS. All tax returns that are claiming the home buyer tax credit must be filed with a paper return.

According to the IRS site:

"Taxpayers who claim the credit on their 2009 tax return will not be able to file an electronic return, but instead will need to file a paper return."

Please visit with your accountant or tax professional for more information.


Related Florida real estate blogs on tax credit

Will there be a rush to submit offers and close on homes before the tax credit deadline?

Will there be a rush to submit offers and close on homes before the tax credit deadline?

The deadline is to close by November 30 in order to take advantage of the Government's first time home buyer tax credit of up to $8,000. It is possible that as the news media, mortgage lenders, and real estate agents continue to spread the word of the pending end to the credit, potential home buyers will rush to take advantage of the opportunity.

Of course time to get qualified, find a house, make an offer and get the offer accepted is getting short. With the Florida listing inventory consisting largely of short sale and REO homes for sale, the time to close on a home is delayed even further by the often time consuming process required to buy one of these listings.

My suggestion is to not delay. If you are serious about buying a home and want to receive the tax credit you should start now in order to beat the rush!

Photo credit: James Cridland

Related Florida real estate views:

Should the home buyer tax credit be extended?

Video offers an explanation of the first-time homebuyer tax credit

Should the home buyer tax credit be extended?

There is strong support from real estate agents for the Government to extend the tax credit for buying a home. The current tax credit for the first time home buyer is scheduled to end on December 1st.

One benefit of extending the tax credit

One possible benefit I can see for extending the tax credit involves the short sale contingency listing inventory. With the current tax credit set to expire, buyers may not be as willing to make offers on homes listed with a short sale contingency due to the length of time it often takes for a short sale transaction to close. Some buyers could find themselves missing out on the up to $8,000 tax credit simply because the home they fell in love with was subject to a short sale. Extending the tax credit will allow buyers to choose homes from all available without fear of missing the deadline.

Win Win Win

Extending the tax credit will result in additional first time home buyers taking advantage of this unique opportunity to own a home. Listing inventory will be reduced, including short sale listings to the benefit of distressed sellers and overall market conditions throughout Florida and the rest of the country should continue to improve.

What do you think? Should the home buyer tax credit be extended?

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Up to $8000 tax credit, does not have to be repaid!

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Florida home buyers may qualify for tax credit

Search for homes

The new housing bill recently passed provides for a tax credit up to $7500. for first time home buyers. Florida home buyers who have never bought a home or have not purchased a home within the last 3 years are eligible for this tax credit.

Income limits are up to $75,000 for single individuals and up to $150,000 for married home buyers.

Florida home buyers can take advantage of this tax credit if they buy a home from April 9, 2008 to July 1, 2009.

If you would like to find out more about this first time home buyer tax credit or start looking for your first home, give me a call.

Related Florida real estate views:

Builders confident buyers will take advantage of tax credit

Buyers are choosing fixed rate mortgages

I would not buy a house in Florida.

- Greg Staker - Watson Realty Corp. - 407-304-0255