So, I am trying to figure out this little enigma. I just bought a house, and I am closing on January 21st, 2010, so I am not going to be in the 2009 tax year. If I was closing before Dec. 31st, I would imagine that I could just claim it on this years taxes, and get the 8k back easy.
So… what happens now? I won’t actually do my taxes until after Jan. 21st, so do you think I can still claim it on my 2009 taxes?
I know I don’t have to wait until 2010 taxes, since you can file that early pay form thingie, but do you think I can avoid that all together, and just file it on the 2009 taxes.
i just bought turbo tax, but the form i need to fill out isnt available til january 7th. but i know you can file an amendment if you bought after you filed your taxes. so i would imagine there is an option to claim it while you are filing for 2009.
If I’m qualified for the tax credit and buy a home in 2009 (or 2010), can I apply the tax credit against my 2008 (or 2009) tax return?
Yes. The law allows taxpayers to choose (“elect”) to treat qualified home purchases in 2009 (or 2010) as if the purchase occurred on December 31, 2008 (or if in 2010, December 31, 2009). This means that the previous year’s income limit (MAGI) applies and the election accelerates when the credit can be claimed. A benefit of this election is that a home buyer in 2009 or 2010 will know their prior year 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 prior year tax return, but who have already submitted their tax return to the IRS, may file an amended return claiming the tax credit using Form 1040X. You should consult with a tax professional to determine how to arrange this.
The time to process an ammended return is longer than your fy 09 return. You better off just filing in jan after you close and all is good, not just complexity, but time wise. I’m closing the 15th of dec, and I’m still going to file in january.
I closed 8/27, filed the amended return two weeks later, and had my check (including interest) 7 weeks later. Mailed in the 1040X along with the Home Buyer Form, I forget the form number, 5405 or something. I did my 2008 taxes myself and e-filed, not sure if that makes a difference.
yup, but they are flooded with returns because of this. People are waiting 6-9 months for there 8k at the momment. Better off filing normally with your 2009 taxes next year.