If you are a first time home buyer you have until November 30, 2009 to take advantage of up to an $8,000 tax credit.  The good news about this credit is that you can settle on your home and immediately file an amended 2008 tax return and see this credit within 6 -8 weeks.

In order to claim this credit federal forms 1040X and 5405 must be prepared and filed with the IRS.  Additionally, a copy of your original return and your HUD-1 Settlement sheet must be attached to the amended return.

Cover & Rossiter has been working with first time home buyers to amend their returns to insure that their credit turnaround time is as quick as possible.  Our fees for this service are less than $200.

If you have any questions or would like more information, please contact:

Loretta Manning, CPA

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