The New Homebuyer Tax Credit
02-24-2009, 06:47 AM
#1
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The New Homebuyer Tax Credit
This isn't the first place I'd go for tax advice, but there seem to be some knowledgeable folks lurking about.....
In January, I took the $7,500 first-time buyer tax credit on my 2008 return. I understand the credit, as originally written, must be repaid over a period of 15 years. The new "stimulus package" signed last week includes a modification to that program, where the credit is now a maximum of $8,000, and no repayment is required.
Two questions: Can I file an amended return to get the full $8,000 credit? Since I took the credit under the original program, do I still have to pay it back?
There seems to be conflicting information in the media, and I haven't found a good authoritative source of guidance (i.e. from the IRS) on this. (The IRS website still references only the original $7,500 interest-free loan.) Can anybody point me in the right direction?
In January, I took the $7,500 first-time buyer tax credit on my 2008 return. I understand the credit, as originally written, must be repaid over a period of 15 years. The new "stimulus package" signed last week includes a modification to that program, where the credit is now a maximum of $8,000, and no repayment is required.
Two questions: Can I file an amended return to get the full $8,000 credit? Since I took the credit under the original program, do I still have to pay it back?
There seems to be conflicting information in the media, and I haven't found a good authoritative source of guidance (i.e. from the IRS) on this. (The IRS website still references only the original $7,500 interest-free loan.) Can anybody point me in the right direction?
02-24-2009, 07:57 AM
#2
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This is so new that the IRS will take some time to prepare guidance on it. I'd wait for it before doing anything. The worst case scenario is that you file an amended 2008 return, but there is always the chance the IRS has a new form or something, which is still unavailable now. Or, it could push everything over to the 2009 returns. For example, with the stimulus checks we got last year, those who did not get it simply report that they did not get it in the 2008 return and they are credited with it.
02-28-2009, 03:05 PM
#3
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Joined APC: Jan 2007
Posts: 51
I'm in the same boat, have been looking into this almost on a day by day bases, from what I have read this is what I understand.
As long as you have closed on the house after Jan. 1 2009 and before Dec. 1 2009 you can claim the 8,000.
If you have already filed your taxes you may file a ammendment (or whatever they call it).
The IRS website has been updated and here is the website with most of the info http://www.irs.gov/pub/irs-pdf/f5405.pdf
As long as you have closed on the house after Jan. 1 2009 and before Dec. 1 2009 you can claim the 8,000.
If you have already filed your taxes you may file a ammendment (or whatever they call it).
The IRS website has been updated and here is the website with most of the info http://www.irs.gov/pub/irs-pdf/f5405.pdf
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