Tax

Have a Tax Question? Ask a Tax Expert

Ask an Expert,
Get an Answer ASAP!

Tax

We purchased a home in November 2008 and applied/received the

Customer Question
$7500 Tax Credit/No Interest loan...
We purchased a home in November 2008 and applied/received the $7500 Tax Credit/No Interest loan from the IRS in our 2008 taxes. Since we purchased so close to 2009, is there any way to switch over to the $8000 Tax credit with no penalties that is available now?
Submitted: 8 years ago.Category: Tax
Show More
Show Less
Ask Your Own Tax Question
Answered in 2 minutes by:
9/1/2009
Tax Professional: Mark D, Enrolled Agent replied 8 years ago
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,304
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified
Customer

 

Unfortunately, the determination for which First Time Homebuyer Credit a taxpayer qualifies for is based off of the closing escrow date. There is no way to change this to reflect the better credit. Please let me know if you have further questions.

 

Regards,

 

Mark D

Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,304
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues
Verified
Mark D and 87 other Tax Specialists are ready to help you
Ask your own question now
Ask Mark D Your Own Question
Mark D
Mark D
Mark D, Enrolled Agent
Category: Tax
Satisfied Customers: 1,304
1,304 Satisfied Customers
Experience: MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Mark D is online now

A new question is answered every 9 seconds

How JustAnswer works:

  • Ask an ExpertExperts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional AnswerVia email, text message, or notification as you wait on our site. Ask follow up questions if you need to.
  • 100% Satisfaction GuaranteeRate the answer you receive.

JustAnswer in the News:

Ask-a-doc Web sites: If you've got a quick question, you can try to get an answer from sites that say they have various specialists on hand to give quick answers... Justanswer.com.
JustAnswer.com...has seen a spike since October in legal questions from readers about layoffs, unemployment and severance.
Web sites like justanswer.com/legal
...leave nothing to chance.
Traffic on JustAnswer rose 14 percent...and had nearly 400,000 page views in 30 days...inquiries related to stress, high blood pressure, drinking and heart pain jumped 33 percent.
Tory Johnson, GMA Workplace Contributor, discusses work-from-home jobs, such as JustAnswer in which verified Experts answer people’s questions.
I will tell you that...the things you have to go through to be an Expert are quite rigorous.

What Customers are Saying:

I really was impressed with the prompt response. Your expert was not only a tax expert, but a people expert!!! Her genuine and caring attitude came across in her response...

T.G.WMatteson, IL

I WON!!! I just wanted you to know that your original answer gave me the courage and confidence to go into yesterday's audit ready to fight.

BonnieChesnee, SC

Great service. Answered my complex tax question in detail and provided a lot of additional useful information for my specific situation.

JohnMinneapolis, MN

Excellent information, very quick reply. The experts really take the time to address your questions, it is well worth the fee, for the peace of mind they can provide you with.

OrvilleHesperia, California

Wonderful service, prompt, efficient, and accurate. Couldn't have asked for more. I cannot thank you enough for your help.

Mary C.Freshfield, Liverpool, UK

This expert is wonderful. They truly know what they are talking about, and they actually care about you. They really helped put my nerves at ease. Thank you so much!!!!

AlexLos Angeles, CA

Thank you for all your help. It is nice to know that this service is here for people like myself, who need answers fast and are not sure who to consult.

GPHesperia, CA

< Previous | Next >

Meet the Experts:

Wallstreet Esq.

Wallstreet Esq.

Tax Attorney

586 satisfied customers

10 years experience

Mark D

Mark D

Enrolled Agent

1,304 satisfied customers

MBA, EA, Specializing in Business and Individual Tax Returns and Issues

Richard

Richard

Tax Attorney

4,310 satisfied customers

29 years of experience as a tax, real estate, and business attorney.

Robin D.

Robin D.

Senior Tax Advisor 4

13,695 satisfied customers

15years with H & R Block. Divisional leader, Instructor

Megan C

Megan C

Certified Public Accountant (CPA)

8,651 satisfied customers

Licensed CPA, CFE, CMA, CGMA who teaches accounting courses at Master's Level

jgordosea

jgordosea

Enrolled Agent

2,885 satisfied customers

I've prepared all types of taxes since 1987.

R. Klein, EA

R. Klein, EA

Enrolled Agent

1,839 satisfied customers

Over 20 Years experience

< Previous | Next >

Related Tax Questions
Can we claim the mortgage interest for a second home on
Can we claim the mortgage interest for a second home on property that we purchased and have developed a rustic "camp" on? We have an outhouse (bathroom), outdoor kitchen area, and a small building we … read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
A partner sold his interest in an LLC to the other partner.
A partner sold his interest in an LLC to the other partner. He still receives distributions, which are handled as payments to a retiring partner according to Internal Revenue Code §736(a). The questio… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
Can I receive a tax credit for a solar rebate? I get 2000
Can I receive a tax credit for a solar rebate? I get 2000 dollars of disability every 2 weeks but it is not taxable. My question is if I purchase my solar system can I get a California tax rebate?… read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
This is an IRS tax questions... I have a customer I'm
This is an IRS tax questions... I have a customer I'm working with on an IRS tax debt. The debt only exist because the W2 updates were not filed in a timely manner for a medicare correction to the 941… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
Energy Credits - Please confirm that energy tax credits have
Energy Credits -Please confirm that energy tax credits have expired at end of 2016. Are there any credits for residential HVAC for 2017 tax year?Thanks, JW… read more
abci168
abci168
Principal
27 satisfied customers
What is the order in which penalties and interest are
What is the order in which penalties and interest are applied in payments on previous years … read more
NPVAdvisor
NPVAdvisor
CFP Licensee and Practitioner
Master's Degree
180 satisfied customers
Federal Tax Credit or NC Tax Credit For 2017, is there any
Federal Tax Credit or NC Tax CreditFor 2017, is there any type of tax credit for replacing a roof on a historical house (1870)? It is primary residence. They will either replace the roof or do "hydros… read more
Barbara
Barbara
Enrolled Agent, Paralegal
3,458 satisfied customers
We are interested in buying a solar farm. What are the tax
Hi! We are interested in buying a solar farm. What are the tax incentives? Is it just the 30% tax credit, or will we get to depreciate all the solar equipment with bonus depreciation? Thanks! … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
I have a payment agreement with IRS on Employment tax and
I have a payment agreement with IRS on Employment tax and today a payment was presented and the funds were unavailable today but would be tomorrow. Do I make a electronic payment for that payment or w… read more
Richard
Richard
Tax Attorney
Doctoral Degree
4,310 satisfied customers
NC Tax Credits - Does NC have a tax credit for 2016 tax year
NC Tax Credits -Does NC have a tax credit for 2016 tax year for installing solar panels?Thanks, JW… read more
abci168
abci168
Principal
27 satisfied customers
Regarding the 'capitalize the mortgage interest'. I was a
Regarding the 'capitalize the mortgage interest'. I was a partner in a rehabbing/flipping real estate business. We rehabbed two properties in 2016 and sold them in 2017. According to the first propert… read more
taxmanrog
taxmanrog
Master\u0027s Degree
698 satisfied customers
I have questions about the biodiesel tax credit, 2016 tax
2016 tax credit was received by the LLC company...is it to be included as income for federal taxes? … read more
PDtax
PDtax
Owner
Master\u0027s Degree
1 satisfied customers
Tax question - Form 1099, Line 8 Tax Exempt Interest
Tax question - Form 1099 , Line 8 Tax Exempt Interest reflects $500; OID 1099 is 0. Under heading Detail for tax exempt interest it says tax exempt interest is $300. Under Detail for Tax Exempt OID it… read more
Chad CFP ®
Chad CFP ®
Certified Financial Planner(R), Pro
Master\u0027s Degree
723 satisfied customers
Income tax question. Are there any ways that interest on an
income tax question. Are there any ways that interest on an insurance policy can be tax deductible? … read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
I KNOW THE INTEREST ON A STUDENT LOAN FOR EDUCATION IS TAX
I KNOW THE INTEREST ON A STUDENT LOAN FOR EDUCATION IS TAX DEDUCTIBLE. HOW ABOUT THE INTEREST ON A PARENT LOAN /(FOR A SYUDENT CHILD) ALSO FOR EDUCATION?… read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
IRS Notice for 2005/2006 tax - New client brings me an IRS
IRS Notice for 2005/2006 tax -New client brings me an IRS notice - "Intent to terminate your installment agreement". One for the 2006 year and one for 2005. I am assuming the time to dispute or amend/… read more
Robin D.
Robin D.
Senior Tax Advisor 4
Vocational, Technical or Trade School
13,695 satisfied customers
How are the proceeds of sale of a LLC interest taxed; as
How are the proceeds of sale of a LLC interest taxed; as ordinary income or as capital gains? … read more
Mark Taylor
Mark Taylor
Certified Public Accountant
Masters
2,217 satisfied customers
The IRS called and said I had a tax credit for 2013- $5400.
The IRS called and said I had a tax credit for 2013- $5400. … read more
emc011075
emc011075
Senior Tax Specialist
Bachelor's Degree
16 satisfied customers
Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Show MoreShow Less

Ask Your Question

x