Yes! You can claim the credit on your 2008 taxes!

The government is allowing folks who purchase in 2009 and are eligible for the $8,000 tax credit to realize the benefit as soon as possible by claiming the credit on their 2008 taxes.

Individuals who have already filed for 2008 and purchase in 2009 may be able to file an amendment to their 2008 taxes so they can receive their money before 2010 as well.

Congrats!

Bree,

The following quote regarding the stimulus bill and the home buyers tax credit was taken from information I receive from the California Association of REALTORS". Consult your tax advisor for the details.

"The bill also increases the first-time home buyer credit from $7,500 to $8,000, and removes the requirement that the credit be paid back if the buyer stays in the home for at least three years. It also extends the expiration date for the credit from July 1 to Dec. 1, 2009. Homebuyers must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009, to be eligible for the $8,000 credit."

All the Best,

Marcie Sands, REALTOR
(760) 644-1562
Simply The Best Real Estate Company, Inc.

Bree:

The details of the $8,000 tax credit are not in yet, and therefore it is impossible to answer this specific question. The prior tax credit of $7,500 would have allowed you the option to take the credit on your 2008 tax return even though you closed escrow in 2009. Have your tax professional keep their eyes and ears open to see if the new credit will allow the same. Then if makes sense, you could file an amended tax return to take advantage of the credit. Good luck in your new home. Dare to Dream.

Shel-lee Davis
Real Estate Consultant
RE/MAX Palos Verdes Realty
http://shel-lee.listingbook.com

Your real estate for this year applies 2009 when you file tax return by 4/2010 have a CPA complete required paperwork GREAT QUESTION

The current tax credit is good until June (assuming you are a first time homebuyer) and is valid when you file your return for the year in which it was purchased. In other words, you can claim it when you file your 2009 return early next year. The new and improved stimulus package removes the first time homebuyer provision and changes the amount to 10% of the price of the home. It sounds like it's close to being passed, but ALL the details are not known yet. My advice is to consult with a tax professional when you file your return next year to make sure you are taking advantage of all that is available to you.

Congratulations on becoming a homeowner!
Tony