I’m sure most everyone has heard about the new homebuyer tax credit. If you purchase home by December 1, 2009, and you qualify as a first-time homebuyer, you will be eligible for up to $8,000 in additional refund from the IRS.
That’s right….they will actually pay you to buy a home. This credit does begin to phase out at $75,000 modified adjusted gross income ($150K married joint), and completely phases out at $95K MAGI ($170K married joint).
Call the Tally Tax Man to get help with filing your amended return. Now….don’t go get your knickers in a wad if the refund doesn’t come in 5 weeks. I spoke with one of their agents the other day, and they told me the refunds are backed up, and to expect them to take 12-16 weeks. I don’t know about you, but I’m just glad they had that paperwork reduction act a few years ago.