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1st Time Home Buyer Tax Credit - Question 2: Do I Have to Wait Until next year to Get It?

1st Time Homebuyer Tax Credit 2009One of the great things about the new 1st Time Homebuyer tax credit is that it can be claimed as soon as you close on your home. 

If you have already filed can file an amended 2008 tax return with a 1040X form.  This can be done even if a home was purchased early in 2009 and the original tax return claimed the $7,500 credit from last year.

 

Specifically home buyers use IRS Form 5405 to determine their tax credit amount, and then claim this amount on Line 69 of their 1040 income tax return.  You will want to be sure that you qualify under the limits of the 1st Time Homebuyer tests.

Comment balloon 5 commentsAnn Dail • March 20 2009 12:48PM

Comments

Hi Ann, thanks for posting question #2 and it's answer.

Are you aware you posted it 3 times??  : )

Posted by Tony Orefice, Realtor/Harrisburg NC,Concord NC (Wilkinson ERA/www.TonyORealtor.com) over 10 years ago

Ann, good information regarding how to get the benefit of the tax credit more quickly.

Jay

Posted by Jay Williams, Mortgage Loan Officer - Getting You The Right Loan (Greenville, NC) over 10 years ago

Tony,  Yes I am aware the post is there 3 times.  We serve 3 geographic areas in Louisiana.  I don't think there's any other way to get a localism post out to several areas other than reposting is there?

 

 

Posted by Ann Dail, Broker/Realtor,CRS, ePRO, SRS, B.A.Chem (Baton Rouge Area Homes, Louisiana, USA, 225-761-0551) over 10 years ago

Thanks for the link. We bought our house last August. We claimed it on our taxes and submitted on April 14th. We have already recieved our LA and federal tax refunds, but no word on the housing credit.  Any insight?

Posted by Lynsey Gwin over 10 years ago

Dear Lynsey,,

Since you bought your home last August, in 2008, the up to $8000 present credit will not apply.  It only applys to homes closed from Jan2009 thur Nov.2009.  The only credit you would be eligible for is the up to $7,500 credit in 2008 but that credit will have to be repaid.  Your CPA can give you details about it and see if you qualify and if it's worth your doing an amended return..

Posted by Ann Dail, Broker/Realtor,CRS, ePRO, SRS, B.A.Chem (Baton Rouge Area Homes, Louisiana, USA, 225-761-0551) over 10 years ago

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