Tax Credit Roof
April 27th, 2009
Question: For the first time home buyer credit, can repairs be considered part of the purchase price?
I am doing an amendment to my 2008 taxes to claim the first time homebuyer credit for 2009 (form 5405 states you can do so). I came across a page that states you can include repairs as part of the adjusted basis for the purchase price amount. Has anyone ever heard of this before? If so, what types of repairs can be included? We have replaced the roof, the porch, most of the electrical, all of the plumbing, tore off an addition that was falling apart… Also, there are several types of fees that we were charged at closing (recording fee, settlement fee, compliance fee, transaction fee county taxes, etc) – can these be included as part of the purchase price?? Any information is VERY much appreciated. Thanks….
Answer: The basis is not used to determine the credit. It is 10% of the closing price up to 8000. You can amend your 2008 taxes to get it. Be sure to include your HUD closing statement when you send it in. It can take 16 weeks and by including the statement you will prevent delays.
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