For all of you who have clients who qualify for the First Time Home Buyer Credit, there is great news from the IRS. According to IRS Commissioner Doug Shulman, “this special tax feature can put money in their  (the “Buyers”) pockets right now rather than waiting another year to claim the tax credit. This important change gives qualifying homeowners cash they do not have to pay back.”

The amount of the credit will “phase out” to taxpayers whose adjusted gross income is more than $75,000 or $150,000 for joint filers. This still leaves a large universe of eligible people who can get cash back as soon as their amended 2008 return is processed.

For those readers of this post in Massachusetts, please be aware that I have located a reliable Massachusetts-based tax accountant who will prepare an amended 2008 Tax retrurn for eligible individuals on favorable payment terms. Contact me if you wish, and I will put you in touch.

This immediate opportunity for your Buyers to get cash right away seems like a great chance for you to re-connect and give your Buyers the good news. We always say we will do this, but this is a golden opportunity that should not be overlooked.