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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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I am looking into buying a house... How do i go about applying

Resolved Question:

I am looking into buying a house... How do i go about applying for the government $8,000 tax return for first time home buyers. I filed a electronic tax return last year can I amend last years to get it? Also how long will it take to get? Finally Can I apply for it before I close?
Submitted: 5 years ago.
Category: Tax
Expert:  Merlo replied 5 years ago.
Hello molina,

You cannot apply for this credit until the home purchase is actually complete. The home must be purchased no later than 11/30/09 in order to still qualify for this credit.

Once you have closed on the home, you have your choice of either amending your 2008 return to claim the credit, or you can wait until you file your 2009 tax return to claim the credit.

Because of the large influx of amended returns that the IRS is receiving for this credit, they have advised that amended returns are taking anywhere from 14 to 18 weeks to process. So depending on when you actually close on this home, you may be better off just to wait until you file your 2009 taxes.

If this was helpful please press the Accept button. Positive feedback is also appreciated.

Thank you molina.

Merlo, Accountant
Category: Tax
Satisfied Customers: 9783
Experience: 25+ years tax consulting. Specializing in returns for US citizens living abroad
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Merlo
Merlo
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25+ years tax consulting. Specializing in returns for US citizens living abroad