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$8K Tax Credit for New Home

S

StarsFan4Life

Golden Member
My wife and I filed our taxes about a month ago (first time since being married) and we got some like $4k on the return. Now, today, we signed a contract on our first house (brand spaken new home). We close on April 30th.

How can I go about getting the $8k tax credit this year? We would love to use that for furnitute and other expenses. Anyone know?
 
maybe you can file an amendment? not sure if you can since you close after april 14th and you already filed your taxes.
 
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.
 
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.
Click to expand...

yep. people dont read OPs in this forum
 
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.
Click to expand...

You fail.
Click to expand...

how so? I'll have to confirm this with my uncle (who's a CPA) but AFAIK, 2009 tax credits go on 2009 return
 
Originally posted by: StarsFan4Life
My wife and I filed our taxes about a month ago (first time since being married) and we got some like $4k on the return. Now, today, we signed a contract on our first house (brand spaken new home). We close on April 30th.

How can I go about getting the $8k tax credit this year? We would love to use that for furnitute and other expenses. Anyone know?
Click to expand...

Since you close after the tax due date and you already filed, I'm not sure you can either send an amendment and/or file for an extension in order to apply the home to 2008.
 
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.
Click to expand...

You fail.
Click to expand...

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

this
 
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.
Click to expand...

You fail.
Click to expand...

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

this
Click to expand...

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

ah, fair enough.

🙂


my fault for not reading it all the way.

<ninjas out of thread>
 
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.
Click to expand...

You fail.
Click to expand...

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

this
Click to expand...

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

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

You fail.
Click to expand...

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

this
Click to expand...

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

 
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.
Click to expand...

You fail.
Click to expand...

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

this
Click to expand...

based on krylon's last post, there might be some provisions where one can apply 2009 tax credits on 2008 return provided he or she filed before a certain date. Tax laws are complex enough that I'm inclined to believe this is true.
 
Originally posted by: krylon
Sucks for me because I bought in Sept 08 🙁
Click to expand...

isnt there a $7500 tax credit for 2008?

edit:
How is this home buyer tax credit different from the tax credit that Congress enacted in July of 2008?
The most significant difference is that this tax credit does not have to be repaid. Because it had to be repaid, the previous "credit" was essentially an interest-free loan. This tax incentive is a true tax credit. However, home buyers must use the residence as a principal residence for at least three years or face recapture of the tax credit amount. Certain exceptions apply.
Click to expand...

ah they sweetened the deal. sucks that I have to pay back the $7500 and people buying this year dont. Wish we'd waited another 6 months. could've had the home for cheaper and lower interest rates plus better incentives
 
Originally posted by: Aharami

ah they sweetened the deal. sucks that I have to pay back the $7500 and people buying this year dont. Wish we'd waited another 6 months. could've had the home for cheaper and lower interest rates plus better incentives
Click to expand...

I ended up already refinancing to a lower rate. If I would have waited until this year to buy, I would have lost this house to another buyer.
 
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.
Click to expand...

You fail.
Click to expand...

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

this
Click to expand...

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

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