Puget Sound Real Estate: $8,000 First Time Homebuyer Tax Credit | Want your money Now?

$8,000 First Time Homebuyer Tax Credit | Want your money Now?

Final score: $8,000 for homebuyers

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 SossAuthor:Jo Soss

Jo Soss is the designated Broker and the owner of Homefront Realty in Bremerton Washington. Selling real estate in the greater Puget Sound area since 1994 she has vast knowledge in all aspects of a real estate transaction. Using today's technology with her signature personal service allows her to achieve complete customer satisfaction.
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3 comments • Jo Soss | Designated Broker West and South Puget Sound • March 01 2009 11:30PM

Comments

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. 

Posted by MICHELLE M TUCKER - Hunter Army Airfield Savannah Real Estate (!Daley Real Estate) almost 3 years ago

Hi Michelle, I hope many home buyers here in Kitsap take afvantage too!

Posted by Jo Soss | Designated Broker West and South Puget Sound (HomeFront Realty) almost 3 years ago

Jo- That is great to know. Thanks for doing the research. I will pass this along to our buyer agents.

Posted by Nestor & Katerina Gasset Realtors® Wellington Florida Homes For Sale (International Properties and Investments, Inc.) almost 3 years ago

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