Home Buying in 63755>Question Details

Ted Jones, Home Buyer in Jackson, MO

Ammend Tax Return for First-time Homebuyer's Tax Credit

Asked by Ted Jones, Jackson, MO Mon Feb 9, 2009

Can I ammend my taxes for 2008 if I take the $7500 tax credit for first-time homebuyers later in the year?

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2
Ted

If you want to use the money as a down payment and closing costs, MHDC has a program now that they will lend you the money at the time of your purchase and you repay that loan when you receive your tax credit from the IRS.

Here's some information from the IRS Website, check with your accountant for detailed info;

Special election to treat purchase as made in prior year.
In the case of a purchase of a principal residence after December 31, 2008, and before July 1, 2009, a taxpayer may elect to treat such purchase as made on December 31, 2008.

For more detailed information on qualifying for and claiming the first-time homebuyer credit, refer to additional topics on this subject on the IRS Website at http://www.irs.gov.
Web Reference: http://LetsGetItSold.com
0 votes Thank Flag Link Mon Feb 9, 2009
Don't know, I'll have to check - rules are changing constantly with this program.
Web Reference: http://www.yourstlhome.com
0 votes Thank Flag Link Mon Feb 9, 2009
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