The Federal Tax Credits Blog

Posts Tagged ‘8000 tax credit form amendment’

Question: New $8000 tax credit, when can you claim it?

I know you can claim it on your 2008 taxes, even if you purchased in 2009 by an amendment. But can you claim it prior to buying a home in 2009 knowing your going to, and you have an offer that just hasnt closed yet? What if you have? Are there penalties, or should you reammend your taxes? I have sent in the ammendment form for the $8000 tax credit on advice from an accountant who seemed as though he knew what he was talking about, but what do i do if this is not the case? It really is an honest mistake if this isnt able to be done.

Answer: You can’t file for the amend and get the tax credit until the house has been closed because they need to see all of the closing paperwork.

I’m waiting on it. It’s taking forever to get this house.. but as soon as you close.. You can go file the amend and get the money.

BowLeven Plc – Issue of Equity

BowLeven Plc – Issue of Equity

Can you use the 8000 tax credit toward your closing costs with regard to real estate?

Question: Do I file an amended 1040x along with the 5405 form to get the Tax Credit for First Time Home Buyer this year?

I have already filed my taxes this year and will be closing on a home 5/4/09 so I am trying to figure out how to get the tax credit to receive the $8000.

Answer: After you purchase the home, you will file a form 1040X and the form 5405 to claim the credit. You have the option also to wait until you file your 2009 income tax return. If you go with the amendment, indicate on the form 5405, on line C, that you purchased the home in 2009, but are claiming on the 2008 income tax return. Then the amount of the credit will be entered on line 15C of the amended income tax return.

It does take up to 12 weeks to receive a refund from an amended income tax return.

I am attaching links to the IRS form 1040X along with the instructions. Also I am linking the form 5405 so you are able to determine if you meet all the requirements for claiming the credit.

Good luck with the new home.

Laura H – H&R Block – Senior Tax Advisor 5
**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.

Reader views (99)

I wish the authors would at least check the facts in this article. Bugaboo buggies don’t cost nearly £1000 and the meringues at Ottolenghi are £2 not £7.50 – such blatent manipulation of easily verifiable facts makes me wonder what other figures have been altered!