Would I have to repay the $8000 credit for first time home buyers if I amend My 2008 taxes?
May 17th, 2010 by admin
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3 Responses to “Would I have to repay the $8000 credit for first time home buyers if I amend My 2008 taxes?”
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As long as the home remains your primary residence for 36 months, you do not pay it back. It is your choice whether to amend your 2008 taxes or claim it when you file your 2009 taxes. Either way, you keep the money, it’s yours to spend any way you want. However, if you cease to use the house as your primary residence before 36 months or sell before 36 months, you will have to repay it.
Check with your banking institution or lender. My understanding is, you can amend your 2008 taxes to receive the stimulus money. However, you will have to pay it back if you are not living in the home by December 1, 2009. So if something goes wrong with construction or the closing process and you miss moving in by December 1, 2009, you OWE the money back to IRS.
Unless you need the money to assist with closing/down payment I would recommend claiming it on your 2009 tax return.
hi there, the comments provided are quite correct, you can call the IRS at 1-800-829-1040 they should be able to help (be prepared to wait on the phone).
For the future you can try , this is an online tax Service i’ve used and they are helpful at answering my question, Good Luck