Military families may still earn tax credit – be sure to file correctly
If you’re part of the Jacksonville Naval Air Station and were on official extended duty outside of the US for at least 90 days in the first four months of this year, you may still qualify for the homebuyer tax credit — $8,000 for first time buyers and $6,500 for homebuyers who owned the home they lived in the previous five years.
If that’s you – or if you’ve already purchased and are waiting for your check to arrive in the mail – be aware that credits are coming more slowly than anticipated. The reasons have to do with a combination of the workload for the IRS (an estimated 1.8 million credits filed with 2009 taxes) and the IRS’s need to get this right after criticisms regarding the distribution of the first tax credit in 2008.
In the article, “Home Buyer Tax Credit Cash: 7 Things You Need to Know When Filing for the Home Buyer Tax Credit,” tax expert Eva Rosenberg offers guidance for filing your credit request correctly and for following up if the IRS mistakenly denies your request. The article appears on the Equifax Personal Finance blog, where Rosenberg serves as a regular expert contributor.
Her key points for filing? Provide lots of documentation, and if anything seems unclear, write out an explanation. Her blog lists appropriate documentation to demonstrate to the IRS that you qualify for the credit. If you’ve already been denied and you’re certain you should have received the credit, she tells you the steps to take when you resubmit your tax return.
The Equifax Personal Finance blog also offers guidance no matter where you are in your financial life, from checking your credit report for the first time to preparing for retirement. It’s a must read for basic training of the financial variety.
Filed Under: Featured • Jacksonville Real Estate • News • St Augustine Real Estate
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