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First Time Homebuyer's Credit

Lil Serviss
Lil Serviss

Document I wrote as a handout used with presentation to bankers and realtors regarding the First Time Homebuyer's Credit.

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Anne McChesney May, CPA Members Donald G. Chastain, CPA American Institute of Michael D. Machen, CPA, CVA Certified Public Accountants Melissa W. Motley, CPA Aaron K. Waller, CPA Alabama Society of Martin D. Williams, CPA Certified Public Accountants An Independent Member of Don L. Machen, CPA BDO Seidman Alliance First Time Homebuyer's Credit First time homebuyer's credit is available to purchasers of a principal residence who have not owned a principal residence within the last three years. The deduction is reduced for single taxpayers with adjusted gross income over $75,000 and completely phased out at $95,000. The deduction is reduced for married filing jointly taxpayers with adjusted gross income over $150,000 and completely phased out at $170,000 ($75,000 & $85,000 for married filing separately). The amount of the credit is the lesser of $8,000 or 10% of the purchase price of the home. For purchases closed by November 30, 2009, the credit can be claimed by amending the purchaser's 2008 federal income tax return or filing a 2008 return if no original return was filed. How we can help. We can amend the 2008 federal tax return for you. The credit can only be claimed after closing. Our fee is $195 for the amendment. We can also provide consulting assistance at $185 per hour if you are unsure whether your purchase qualifies for the credit. In order to do the amendment, we will need a copy of the buyer's 2008 federal tax return as originally filed, a copy of the HUD-1 (received at closing), and a signed statement that the taxpayer has not owned a home within the last three years. Call us today! Tax forms and amended returns are confusing, but we have the experience that you need. We can have the necessary forms ready for you within five business days or less from the time that you drop off your information (except between 9/1/09 - 10/15/09 when a few more days may be required). Let us help you claim the credit that belongs to you. Call specialists Lil Serviss or Nick Wheeler or any partner. 1820 East University Drive 揃 Auburn, AL 36830 揃 Phone: (334) 887-7022 揃 Fax: (334) 887-7221 揃 Web: www.mmcfirm.com

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First Time Homebuyer's Credit

  • 1. Anne McChesney May, CPA Members Donald G. Chastain, CPA American Institute of Michael D. Machen, CPA, CVA Certified Public Accountants Melissa W. Motley, CPA Aaron K. Waller, CPA Alabama Society of Martin D. Williams, CPA Certified Public Accountants An Independent Member of Don L. Machen, CPA BDO Seidman Alliance First Time Homebuyer's Credit First time homebuyer's credit is available to purchasers of a principal residence who have not owned a principal residence within the last three years. The deduction is reduced for single taxpayers with adjusted gross income over $75,000 and completely phased out at $95,000. The deduction is reduced for married filing jointly taxpayers with adjusted gross income over $150,000 and completely phased out at $170,000 ($75,000 & $85,000 for married filing separately). The amount of the credit is the lesser of $8,000 or 10% of the purchase price of the home. For purchases closed by November 30, 2009, the credit can be claimed by amending the purchaser's 2008 federal income tax return or filing a 2008 return if no original return was filed. How we can help. We can amend the 2008 federal tax return for you. The credit can only be claimed after closing. Our fee is $195 for the amendment. We can also provide consulting assistance at $185 per hour if you are unsure whether your purchase qualifies for the credit. In order to do the amendment, we will need a copy of the buyer's 2008 federal tax return as originally filed, a copy of the HUD-1 (received at closing), and a signed statement that the taxpayer has not owned a home within the last three years. Call us today! Tax forms and amended returns are confusing, but we have the experience that you need. We can have the necessary forms ready for you within five business days or less from the time that you drop off your information (except between 9/1/09 - 10/15/09 when a few more days may be required). Let us help you claim the credit that belongs to you. Call specialists Lil Serviss or Nick Wheeler or any partner. 1820 East University Drive 揃 Auburn, AL 36830 揃 Phone: (334) 887-7022 揃 Fax: (334) 887-7221 揃 Web: www.mmcfirm.com