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first time homebuyer's tax credit ?

Hey ladies,

 Since we close in 3 weeks (yay!) and our taxes are already filed, any one know how to file an addendum on to your taxes?  That's one of the options to get the $8000 tax credit back.  We want that money this year to fence in the yard for the dogs, so we would like to figure out how to do that. 

Any help is greatly appreciated! :)  TIA!

Re: first time homebuyer's tax credit ?

  • http://www.federalhousingtaxcredit.com/2009/faq.php#9

    See question #19.  You filed taxes for last year this year, so you would not get the credit on last years taxes since you are purchasing this year.  It looks like you can change your W-4 to have your withholding reduced this year if you are comfortable with doing that (personally I would talk to an accountant before I did that).

  • I filed an addendum last year because I made a mistake on my first forms that showed up when we e-filed, but this sounds a lot more complicated.  I think I'd work with an accountant for this issue.
  • imagemahantango:

    http://www.federalhousingtaxcredit.com/2009/faq.php#9

    See question #19.  You filed taxes for last year this year, so you would not get the credit on last years taxes since you are purchasing this year.  It looks like you can change your W-4 to have your withholding reduced this year if you are comfortable with doing that (personally I would talk to an accountant before I did that).

    This... you can only get it next year.

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  • imageMe&Mr.T:
    imagemahantango:

    http://www.federalhousingtaxcredit.com/2009/faq.php#9

    See question #19.  You filed taxes for last year this year, so you would not get the credit on last years taxes since you are purchasing this year.  It looks like you can change your W-4 to have your withholding reduced this year if you are comfortable with doing that (personally I would talk to an accountant before I did that).

    This... you can only get it next year.

     

    See question #20 

    If I?m qualified for the tax credit and buy a home in 2009, can I apply the tax credit against my 2008 tax return?
    Yes. The law allows taxpayers to choose ("elect") to treat qualified home purchases in 2009 as if the purchase occurred on December 31, 2008. This means that the 2008 income limit (MAGI) applies and the election accelerates when the credit can be claimed (tax filing for 2008 returns instead of for 2009 returns). A benefit of this election is that a home buyer in 2009 will know their 2008 MAGI with certainty, thereby helping the buyer know whether the income limit will reduce their credit amount.

    Taxpayers buying a home who wish to claim it on their 2008 tax return, but who have already submitted their 2008 return to the IRS, may file an amended 2008 return claiming the tax credit. You should consult with a tax professional to determine how to arrange this.

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    Cancer sucks.
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