Buyers Tax Credit
August 6th, 2008
Question: With the new home-buyers tax credit, what happens if you have already filed taxes, can you still get the money?
We filed our taxes, and now found a great inexpensive house we like. Is it possible to still get the 1st time home buyers credit of up to $8000? We live in Wisconsin and meet the income requirements.
Answer: Dear Red: Just amend your federal return and enclose form 5405 to claim the $8000 (10% 0f purchase price or max $8000) credit after you close on the house. You must close before Dec 1 2009.
This advice was prepared based on our understanding of the tax law in effect at the time it was written and it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
Bad start to 2010 for house buyers
The New Year will start with bad news for house buyers, particularly those trying to purchase their first home. The ending of the stamp duty holiday means that many more properties will attract the tax. While this may amount to just £1,250 on the average transaction, it is a burden that many people can ill-afford. Related Stories Beat the rip-off Iris’s admission a courageous step Jobs well done
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