Get Your First-Time Home Buyer Tax Credit - NOW!!

You've decided to purchase a home and take advantage of the 2009 First-Time Home Buyer Tax Credit. Here's what you have to do to get your benefit:

1.Close on your home purchase by November 30, 2009,
2.Ensure that you are a qualified first-time buyer under IRS guidelines,
3.Decide which year to file under, 2008 or 2009,
4.File an amended 2008 return or choose to apply the credit to your 2009 tax return.

That last step is important: Deciding When to Apply the Credit

If you want the benefits of your credit as soon as possible you might choose to file under your 2008 tax year. Since April 15 has already passed, you would have to file an amendment to your return. However, if you've already filed for an extension of your 2008 return, then you can simply claim the credit when you submit your return.