Economic Stimulus Package $8000 FTHBTC tax credit

There is a lot of confusion on this topic and I was really unsure how this this new STIMULUS affected my clients that closed in 3/4 QTR '08 and already filed their 2008 income taxes. Now I see that home buyers in this situation may file an amended 2008 tax return with a 1040X form and they should consult with a tax advisor to ensure they file this return properly. ****HR 3221 was a homerun but HR 1 is a grandslam. This FAQ on this IRS link will provide clarity.

http://www.federalhousingtaxcredit.com/