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I am purchasing a house and have a closing date of June 25,

Customer Question
2009. I have two...
I am purchasing a house and have a closing date of June 25, 2009. I have two questions re: the $8,000 first time homebuyer tax credit.

Is the $8,000 taxable income when filing the subsequent year's return?

I understand that you have to file a 1040 in order to claim the credit. I filed a 1040A for 2009. Is there any way I can amend my return to a 1040 in order to get the $8,000 now rather than having to wait until next year? I looked at the 1040X and the 5405 and I do qualify for the full $8,000. I'm just not sure if there is any way to get the money now.
Submitted: 7 years ago.Category: Tax
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5/2/2010
Tax Professional: Arthur Rubin, Tax Preparer replied 7 years ago
Arthur Rubin
Arthur Rubin, Tax Preparer
Category: Tax
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Experience: 22 years of tax preparation experience, including individual, trust, and estate returns.
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The $8,000 is not taxable income (for Federal tax purposes; some states may declare it taxable when received.)

You can get the $8,000 credit by amending either your 2008 or 2009 tax return, using form 1040X for that year and the current form 5405. It doesn't matter that you originally filed a 1040A for either year.

If I misread your statement, and your closing date is June 25, 2010, and you had a binding contract by April 30, 2010, you can still amend your 2009 return, using form 1040X and form 5405.
Arthur Rubin
Arthur Rubin, Tax Preparer
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