Should I amend my 2008 taxes or wait until I file my 2009 taxes to claim the first time homebuyer credit?
February 16th, 2010 by admin
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4 Responses to “Should I amend my 2008 taxes or wait until I file my 2009 taxes to claim the first time homebuyer credit?”
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At the closing you should ask all those questions to the lawyers at the table. Just because you think you qualify doesn’t mean you do. Be sure to find out tomorrow. Congrats on becoming a homeowner.
If you amend, it will probably take 16 weeks.
If you wait for 2009, the IRS will probably refund everything BUT the house credit and then take 12-16 weeks to process it separately (the IRS has to verify 100% of the claims due the amount of fraud).
You may have this all wrong. You don’t get a check for buying the house. This is a credit ( loan ) for 15 years by the government that is tax free. The tax credit is just that, a credit that has to be repaid. Here’s a link concerning this First Time Home Buyer Credit at the IRS web site. Good luck.,,id=206291,00.html
You can either amend your 2008 taxes using form 1040X or wait to file your 2009 taxes.
Since you’re buying after the new tax credit act was signed into law, you need to include a copy of your HUD-1 with your tax forms as the IRS wants proof that you actually bought a house.