Several of my first time home buyers have asked me the question
If I buy my home now do I have to wait till I file my 2009 taxes or can I have it now?
So the question is, "Can I apply the tax credit against my 2008 tax return?" "What if I have already filed my 2008 taxes?"
Doing some research I have found the answer is IRS Form 5405. Check out Part I, section C.
You can choose to claim the credit on your 2008 Form 1040 for a main home purchased after December 31, 2008 and before December 1, 2009. If you make this choice, check the box.
If you have already filed your 2008 taxes you would have to file an amended return. See the IRS web site and look for form 1040-X and form 843. If you don't understand the directions then consult a tax attorney or your CPA.
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Jo began her real estate career back in 1994 and soon found out that she loved selling real estate and that she was really good at it! Lots of people sell real estate, but not everyone is good at it. Jo brings to her clients the commitment to work hard and have fun along the way. As Jo continues to learn the technology of today to be on the cutting edge of multimedia she takes pride in her ability to keep her trademark "old-fashioned" customer service alive. If you are looking to sell or purchase a home in Kitsap County call her office today. You can also find out more about the area by visiting her blog www.WestSoundLive.com or her web sites www.HomeFrontRealtyOnline.com
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Hey Jo in Bremerton: You are correct. If homebuyers have already filed their 2008 tax return, they will need to complete an 1040 X which is an amendment. Or they can wait and claim the credit on their 2009 tax return. Claiming the First Time Homebuyers credit is on Form 5405, the amount is then carried to the federal form 1040. I hope many home buyers around the Kitsap / Bremerton area take full advantage of this opportunity. I wish they had that credit around when I purchased a home.
Hi Michelle, I hope many home buyers here in Kitsap take afvantage too!
Jo- That is great to know. Thanks for doing the research. I will pass this along to our buyer agents.