Thank you guys for all your help! I appreciate it! I did a little research myself too and I found out that you can ammend your 2008 return and claim it on that even though you purchased the home in 2009 which is nice. I think Im going to do that! Thanks for the responses!


Tim

Tim - Consult your tax advisor for your particular situation. The following was taken from a California Association of Realtors (CAR) Legal Department newsletter:

Q 5. Who is eligible as a “first-time homebuyer” for the $8,000 tax credit?

A For purposes of the $8,000 tax credit, a “first-time homebuyer” is defined as any individual (or spouse) with no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence to which the tax credit applies (26 U.S.C. § 36(c)(1)). For income restrictions, see Question 9.

As an example, an unmarried buyer who closes escrow on a purchase on June 30, 2009, would qualify as a “first-time homebuyer” as long as the buyer did not own a principal residence during the period from July 1, 2006 to June 30, 2009. Even if the taxpayer owned another principal residence in the past, he or she can still qualify as a “first-time homebuyer” as long as the taxpayer transferred off title to that other home over three years ago.

There are many more questions and answers in the article that might be helpful to you If you send me your email I can send you the entire article. (Too long for this forum).

All the Best,
Marcie Sands, REALTOR
Simply The Best Real Estate Company, Inc.
Marcie@SimplyTheBestRE.com
760-644-1562

You will want to confirm this with a tax professional, however if you show up as the owner of a houme in the last 3 years, you ar not eligible.

You can check out thetax forms online to get complete instructions on how to file ofr this.