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"Any first-time homebuyer in the process of buying a new home needs to push to get the closing scheduled and done in the next four weeks. Otherwise they'll miss the chance to take advantage of what is clearly a substantial refundable credit," said Mark Steber, chief tax officer, Jackson Hewitt Tax Service.
Steber highlighted several things first-time homebuyers racing to meet the midnight deadline of November 30 should keep in mind:
-- The Internal Revenue Service considers the purchase date to be the date
when the home closing takes place and when the title to the property is
transferred to the new owner. "This is an absolutely critical factor to
consider, given the length of time it typically takes to close and the
fast-approaching deadline," said Steber.
-- To be considered a first-time homebuyer, an individual must not have
owned a principal residence during the three-year period prior to the
purchase. "This means if you are married and both or one of you
purchase a home, neither one of you can have owned a principal residence
in the previous three years to qualify for the credit," he cautioned.
-- This credit allows single taxpayers, or those who are married and file
jointly, to claim 10 percent of the purchase price of their home, up to
$8,000. Those who are married and file separately can claim up to
$4,000 on each return.
-- Those who filed a 2008 income tax return before purchasing a home within
the allotted timeframe can claim the credit by amending their 2008
return, or by waiting to claim the credit when filing a 2009 tax return.
-- First-time homebuyers should also be mindful of the income limits that
define eligibility. Single taxpayers who exceed $95,000 in annual
income are not eligible, nor are those married taxpayers who file
jointly with an annual income over $170,000.
-- The credit for homes purchased on or after January 1, 2009 and before
November 30, 2009 does not have to be repaid unless the home is then
sold within 36 months of the closing date.
* http://www.irs.gov/newsroom/article/0,,id=204671,00.html
More information about the first-time homebuyer credit and other home-related tax considerations is available online at www.jacksonhewitt.com.
To speak with a local tax preparer or find the Jackson Hewitt office nearest to you, call 1-800-234-1040.
About Jackson Hewitt Tax Service Inc.
Jackson Hewitt Tax Service Inc. (NYSE: JTX), with approximately 6,600 franchised and company-owned offices throughout the United States during the 2009 tax season, is an industry leader providing full service individual federal and state income tax return preparation. Most offices are independently owned and operated. Jackson Hewitt is based in Parsippany, New Jersey. More information may be obtained at www.jacksonhewitt.com. To locate the Jackson Hewitt Tax Service(R) office nearest to you, call 1-800-234-1040.
Contact:
Jorge Lavina Melissa Connerton
CooperKatz & Company CooperKatz & Company
917-595-3047 917-595-3039
jlavina@cooperkatz.com mconnerton@cooperkatz.com
SOURCE Jackson Hewitt Tax Service Inc.
http://www.jacksonhewitt.com
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