When Does Home Buyer Credit End
April 6th, 2010
Question: First Time Home Buyer IRS Tax Credit?
If I file my 2008 tax return now, but then end up purchasing a first time home before July 1 2009, can I still claim the $7,500 tax credit when the home is purchased or do I have to wait and file it with my 2009 tax return?
Answer: A special election allows qualifying taxpayers who purchase or occupy a newly-built home January 1, 2009 through June 30, 2009 to treat the purchase as if made on December 31, 2008 so that the credit may be claimed in 2008. If you make an eligible purchase in 2009 you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.
Sharon Pierce, HR Block Associate
This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.
The first-time buyer has come out of hibernation
There are early signs that the stamp duty break has increased interest.
Home Buyer Tax Credit – California $18000 Through June 2010
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