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We are only a eight days past April 15th and New Jersey First Time Home Buyers are already starting to collect their $8,000 First Time Home Buyer Tax Credit. 

Typically, talk about the IRS, Income Taxes and the April 15th deadline does not bring smiles to peoples faces, however, 2009 is a different story.  The $8,000 First Time Buyer Tax Credit is real and my clients in Ocean County, NJ and Monmouth County, NJ are getting their hands on it.

So now you may be thinking-”I know I am going to buy a home over the next few months and now I have to wait until next year to get my hands on $8,000″.  If you plan accordingly you may just be able to get it sooner.

1. Get Pre-qualified or even better get Pre-Approved for your mortgage.  This will allow you to close faster, with less stress and seperate your offer from all the rest-think negotiating power.
2. You just filed your taxes didn’t you?  Get that documentation to your lender NOW while you have it organized, that way when you find your new home you only have to pick up the phone and say-”Rick, can you please send my Pre-approval letter” when you find the perfect home while you are at the Jersey Shore over the weekend.
3. Collect $8,000 only weeks after you closed on your home.  Yes, you can collect before you file your taxes in 2010.  How?  You will need to file an amended tax return form 1040X along with the IRS First Time Buyer Tax Credit Form 5405. 
4. Unfamilar with the IRS Forms mentioned above?  Don’t worry-I work closely with a Certified Public Accountant that could handle this for you.
5. The Tax Credit is temporary so make sure you close on or before November 30th 2009.

If you are a First Time Buyer you probably have questions and need more information.  Please feel free to reach out to me any time 7 days a week and you may even want to attend the  course I teach at Ocean County College: Home Buyer 101-Financing after the Mortgage Meltdown on June 25th.