$8K Tax Credit for New Home

[Aharami]

Originally posted by: Passions

Originally posted by: barfo

Originally posted by: krylon

Originally posted by: Ns1

Originally posted by: Aharami

Originally posted by: krylon

Originally posted by: Ns1
wtf are you guys telling him to file an amended return for?

He bought a home in 2009 which is applied against his 2009 taxes.

You fail.

how so? I'll have to confirm this with my uncle (who's a CPA) but AFAIK, 2009 tax credits go on 2009 return

this

http://www.federalhousingtaxcredit.com/2009/faq.php#20

But he confirmed it with his uncle who is a CPA.

"I'll have to confirm"
what part of a future tense do you not understand?

 

[StarsFan4Life]

Originally posted by: spidey07

Originally posted by: krylon

Originally posted by: Ns1

Originally posted by: Aharami

Originally posted by: krylon

Originally posted by: Ns1
wtf are you guys telling him to file an amended return for?

He bought a home in 2009 which is applied against his 2009 taxes.

You fail.

how so? I'll have to confirm this with my uncle (who's a CPA) but AFAIK, 2009 tax credits go on 2009 return

this

http://www.federalhousingtaxcredit.com/2009/faq.php#20

Yep. That should shut up all the people that don't know what they are talking about.

If I?m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?

Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

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.

 

[phoenix79]

We closed on 2/10/09 and already have our tax credit. I may not agree with the democrats and have hated the idea of the stimulus, but I was hating it all the way to the bank 🙂

 

[spidey07]

Originally posted by: phoenix79
We closed on 2/10/09 and already have our tax credit. I may not agree with the democrats and have hated the idea of the stimulus, but I was hating it all the way to the bank 🙂

That was a republican idea and they wanted to make it 15K, not just first time home buyers and no income limits - making it for everyone.

The D's cut it to 8k, first time only. So if it weren't for democrats then you'd be getting 15K and everybody would be stimulated.

 

[bignateyk]

As someone said already, you can't do it unless you close before April 15th. You have to either

A) Wait until next year
or
B) Change your withholding for the rest of the year and get a bigger paycheck every month for the rest of the year taking into account that you would get 8K back on 2009 return.

Note: I consulted with a tax professional about this and was told you have to close before April 15th in order to file an ammended return for 2008. I am going to be closing in September, so I wanted to do the same thing you want to do, but was told I couldnt. So unless the person at HR block was wrong, the options I listed above are about all you can do. I ended up setting my withholding to 9 so I get most of my income taxes back each month now.

 

[StarsFan4Life]

Originally posted by: phoenix79
We closed on 2/10/09 and already have our tax credit. I may not agree with the democrats and have hated the idea of the stimulus, but I was hating it all the way to the bank 🙂

Exactly how I feel. Being a conservative...I do not agree with these tax credits....especially if they do not have to be paid back.

However, if I don't take advantage of it...it will just go towards some useless pork filled bill.

 

[StarsFan4Life]

Next question is...once we amend and send it in...do we get the full $8k on a $160k house....even if we received $3500-4000 on our return already?

 

[dullard]

Originally posted by: StarsFan4Life
Next question is...once we amend and send it in...do we get the full $8k on a $160k house....even if we received $3500-4000 on our return already?

If you qualify, you should get the full $8000 in addition to what you normally would have gotten.

 

[Future Guy]

I've been looking at buying a house but I've already filed my return. My understanding is that you can get this credit this year and do not have to wait until next year to file 2009 taxes. The IRS website explains the options: http://www.irs.gov/newsroom/ar...e/0,,id=205416,00.html

From that, it looks like you can file now but amend later on in 2009 to get the credit.

 

[Lotheron]

Originally posted by: StarsFan4Life
Next question is...once we amend and send it in...do we get the full $8k on a $160k house....even if we received $3500-4000 on our return already?

Said $8000 is refundable. Meaning, you get 8K no matter your tax burden.