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Old 03-03-2009, 10:19 AM
 
706 posts, read 2,850,883 times
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just file them anytime after you move in.

you have up 'till 3 years from the due date (april 15 2012) to file an amended return.



Dude - nothing that you posted specifically allows advance claiming of the homebuyer credit.

The three links merely say that a buyer can treat a home purchased in 2009 as if it occurred on 12/31/08, as the taxpayer's income is known with certainty. You absolutely do need to have purchased the house though. Try and find a link that says, "I'm planning on buying a house during the qualifying period - can I claim the credit before I purchase the house" .... you won't find it. The only way you can get the extra cash before you actually have the house, is by changing your withholdings and reducing your taxes paid for 2009

Is there any way for a home buyer to access the money allocable to the credit sooner than waiting to file their 2009 tax return?
Yes. Prospective home buyers who believe they qualify for the tax credit are permitted to reduce their income tax withholding. Reducing tax withholding (up to the amount of the credit) will enable the buyer to accumulate cash by raising his/her take home pay. This money can then be applied to the downpayment.

Buyers should adjust their withholding amount on their W-4 via their employer or through their quarterly estimated tax payment. IRS Publication 919 contains rules and guidelines for income tax withholding. Prospective home buyers should note that if income tax withholding is reduced and the tax credit qualified purchase does not occur, then the individual would be liable for repayment to the IRS of income tax and possible interest charges and penalties.

Further, rule changes made as part of the economic stimulus legislation allow home buyers to claim the tax credit and participate in a program financed by tax-exempt bonds. Some state housing finance agencies, such as the Missouri Housing Development Commission, have introduced programs that provide short-term credit acceleration loans that may be used to fund a downpayment. Prospective home buyers should inquire with their state housing finance agency to determine the availability of such a program in their community.

http://www.federalhousingtaxcredit.com/2009/faq.php#21 (broken link).

Last edited by ji603; 03-03-2009 at 10:32 AM..
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Old 03-03-2009, 10:22 AM
 
596 posts, read 2,495,930 times
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Thanks alot.
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Old 03-03-2009, 10:48 AM
 
Location: Ocean County, NJ
228 posts, read 1,008,544 times
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Welp, I'm not going to waste time beating a dead horse. For those interested in claiming it in 08 do what I did and call the IRS and ask for yourselves.
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Old 03-03-2009, 05:31 PM
 
397 posts, read 735,140 times
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Quote:
Originally Posted by forcedfx View Post
Welp, I'm not going to waste time beating a dead horse. For those interested in claiming it in 08 do what I did and call the IRS and ask for yourselves.
I'm curious what date you entered on Line B? Thinking that perhaps, even when the system will accept e-filed Form 5405, yours would still be rejected due to a "future" date for a purchase that was to have already been made...
If you called the IRS and said "I'm buying my first house in 2009...can I claim the credit on my 2008 return" the answer is, of course, yes. If you said "I didn't buy my house yet but will buy it within 4 months...can I claim the credit now?" the answer will be "NO!"
But, as previously stated, you can amend your 2008 return when you close on your house, or file Form 4868 to extend the due date until 10/15 (you can file as soon as you close on the house) and claim the credit then. This credit was/is not intended to assist with ones down-payment!
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Old 03-03-2009, 06:03 PM
 
19,081 posts, read 21,208,085 times
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Another FYI. I called the IRS yesterday to talk about tax stuff. The 8,000 credit came up and the lady told be it could be claimed on a 2008 return if the home is purchased (closed) before Apr. 1, 09. Now, I'm hoping to close this month.
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Old 03-03-2009, 07:34 PM
 
397 posts, read 735,140 times
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Quote:
Originally Posted by Braunwyn View Post
Another FYI. I called the IRS yesterday to talk about tax stuff. The 8,000 credit came up and the lady told be it could be claimed on a 2008 return if the home is purchased (closed) before Apr. 1, 09. Now, I'm hoping to close this month.
Hmmm...I would call again. The way the stimulus was written you are eligible for the $8K credit for a FTHB, house purchased (closed) between Jan 1 and 12/1/2009, with the ability to not have to wait until 2010 to get the benefit (the money). So they made it that you can claim the credit with your 2008 tax return. Nowhere does April 1 come into any sort of deadline so I think you either misunderstood or you were misinformed.
I guess we could go on forever with variations of what people were told, believe, etc. But this is the truth as I know it!
(the link in post #21 has a lot of answers for wondering minds!)
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Old 03-03-2009, 08:00 PM
 
19,081 posts, read 21,208,085 times
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Quote:
Originally Posted by SadieLu View Post
Hmmm...I would call again. The way the stimulus was written you are eligible for the $8K credit for a FTHB, house purchased (closed) between Jan 1 and 12/1/2009, with the ability to not have to wait until 2010 to get the benefit (the money). So they made it that you can claim the credit with your 2008 tax return. Nowhere does April 1 come into any sort of deadline so I think you either misunderstood or you were misinformed.
I guess we could go on forever with variations of what people were told, believe, etc. But this is the truth as I know it!
(the link in post #21 has a lot of answers for wondering minds!)
It's the first I heard of it as well. Ummm, given the wait time while on hold for the IRS, I think I used up all my minutes this month.
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Old 03-03-2009, 10:18 PM
 
Location: Boca Raton, FL
4,853 posts, read 8,325,818 times
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Smile Tax credit

Quote:
Originally Posted by jctx View Post
Can you guys clarify something for me? The $8,000 home buyer tax incentive is a means of reducing the amount of taxes you owe in 2009, right? So in in 2010, when we do our taxes, we can get a break on what we have to pay, or what we already paid over the 2009 year, correct?

I have read people excitedly discussing how they will spend this money, and some even talked about getting it in 2009, and not in the 2010 tax prep season. This is why I want clarification, because if I am missing something I want to know. If you have paid your taxes properly throughout the 2009 year and come up even and dont owe, do you then get this money back - is this what everyone is excited about, is it a bonus check?
I believe if you buy the home prior to 07/01/09, you can take this credit on your 2008 return.
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Old 03-04-2009, 05:03 AM
 
397 posts, read 735,140 times
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Quote:
Originally Posted by Bette View Post
I believe if you buy the home prior to 07/01/09, you can take this credit on your 2008 return.

Let's make a rule for this thread...anyone that comes in with yet ANOTHER cut-off date for being able to claim this credit on one's 2008 tax return (or amended return) must quote a written source!! Because there IS no cut-off date, other than purchase date must be between 1/01/2009 and 12/01/2009 (11/30 being last closing date to qualify). The reason behind being allowed to treat the purchase "as if" you closed on 12/31/2008 is to enable the few lucky people whose incomes might go up too much in 2009 to allow the full credit, to base the (modified) AGI on 2008 income, rather than 2009.
Please read #20-21 on this link, provided by ji603:
Federal Housing Tax Credit for First-Time Home Buyers: Frequently Asked Questions (http://www.federalhousingtaxcredit.com/2009/faq.php#21 - broken link)
Ay-yi-yi!
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Old 03-04-2009, 05:29 AM
 
19,081 posts, read 21,208,085 times
Reputation: 13392
Well, I quoted an IRS agent. Obviously, if employees of the IRS aren't clear about time lines, it isn't any wonder why others are confused.
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