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post #1 of 7 (permalink) Old 03-28-2009, 11:03 PM Thread Starter
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first time home buyer's tax credit

Without stirring up trouble and turning this into a goverment/economy/etc political thread...

I've heard lots about the $8000 tax credit for first time home buyers this year. I've also heard/read that it can be applied to your 2008 tax return so if you buy a house this year you can still get your money this year, even if you've already filed taxes.

My question is what happens after tax day comes and goes?

If I hypothetically buy a house and go to closing at the end of April - would I have to wait until I file next year's taxes to get the money? I'm going to call my tax people Monday, but was wondering if anyone else can shed some light before then. I can't seem to find the answer online.

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post #2 of 7 (permalink) Old 03-28-2009, 11:12 PM
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Re: first time home buyer's tax credit

What about talking to an IRS representative directly? Just be sure to write down the name of the person you talk to.

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post #3 of 7 (permalink) Old 03-29-2009, 01:40 AM
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Re: first time home buyer's tax credit

Quote:
Originally Posted by gunterkat
What about talking to an IRS representative directly? Just be sure to write down the name of the person you talk to.
Actually, I'll second that without the wink. The few time I've called their telephone assistance line with questions, the IRS has actually been very helpful.
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post #4 of 7 (permalink) Old 03-29-2009, 09:02 AM
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Re: first time home buyer's tax credit

See sections 19, 20 & 21

http://www.federalhousingtaxcredit.com/2009/faq.php


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post #5 of 7 (permalink) Old 03-29-2009, 10:49 PM Thread Starter
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Re: first time home buyer's tax credit

All that site says (at least that I could understand) is that you can still get it if you've already filed. Which I have. But I just wonder if you can still get it once the deadline to file passes. I'll let you know what I find out when I talk to my tax guys. I also hope to have some good news tomorrow...

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post #6 of 7 (permalink) Old 03-29-2009, 11:08 PM
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Re: first time home buyer's tax credit

Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.


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post #7 of 7 (permalink) Old 03-29-2009, 11:18 PM
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Re: first time home buyer's tax credit

I saw the same site and the same answer, but I think the question had to do with buying a house before April 15th - but having already filed taxes. (I think.) I don't know that it applies for the rest of the year. It was confusing.....(to me, at least).

However, some of the other answers made it seem like you could choose which year would give you the best tax break, which is something else you should consider. If you went through times of unemployment and made less money last year than you will this year, you may want to claim it next year on your 2009 taxes.

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