Our industry and our team is extremely grateful for all of those Birmingham area homeowners that have decided to purchase a home this year because of the first time homebuyers $8000 tax credit. Their decision to purchase a home has kept the real estate market rolling through a very sluggish economy.
If you have already closed on your home in 2009, you have two options to claim the credit and to get that $8000. You can file an Amended Return for your 2008 tax filing or you may claim the credit on your 2009 tax filing that will be due by April 15, 2010. If you are claiming the tax credit via an Amended 2008 tax return, you will file the normal amended return documents along with IRS FORM 5405.
A few points for owners of first time purchasers of Birmingham Real Estate to remember about this tax credit.
1. You must close on your home on or before November 30, 2009. (Hurry!)
2. You must live in the home for three years or you will have to repay some of the credit.
If you want to see an awesome summary of the program from the IRS visit here.