How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask RD Your Own Question
RD
RD, Certified Public Accountant (CPA)
Category: Tax
Satisfied Customers: 8784
Experience:  CPA, MBA, Over 10 yrs of experience in tax planning and business consulting..
510454
Type Your Tax Question Here...
RD is online now
A new question is answered every 9 seconds

Hello, i am currently in the process of purchasing a home.

Resolved Question:

Hello, i am currently in the process of purchasing a home. The settlement date is May 19. I currently estimate owing federal taxes of $1,000, but after the home purchase i will be receiving a refund of around $7,000 because of the first time homebuyer tax credit. Should i file an extension and file my taxes after settlement, or should i file my taxes and then file an amended return? Also, if i file for an extension, will i need to pay the approx. $1,000 even though i will be receiving money in the end?
Submitted: 7 years ago.
Category: Tax
Expert:  RD replied 7 years ago.

Since you are certain that you will qualify for the credit, you can file an extension now and file your taxes later.

 

You do not have to send in the amount due with the extension.

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

Customer: replied 7 years ago.
Thanks so much! can you just confirm that it is ok to file for the tax credit in 2008 even though the settlement for the house is on May 19, 2009?
Expert:  RD replied 7 years ago.

Yes, you can claim it in 2008.

 

here is alink answering most of the questions-

http://www.federalhousingtaxcredit.com/2009/faq.php

 

 

Let me know if you have any question.

 

Please note: This advice is provided with the understanding that all the relevant facts have been provided by you. Any change in facts might affect the advice given and hence may not be relied on in such cases. Nothing contained in this reply was intended or written to be used, can be used by any taxpayer, or may be relied upon or used by any taxpayer for the purposes of avoiding penalties that may be imposed on the taxpayer under the Internal Revenue Code of 1986, as amended.

RD and 2 other Tax Specialists are ready to help you