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First time homebuyer credit Q
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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First time homebuyer credit Q
Just looking at the IRS website and it looks like you can now amend your 2008 return or file with your 2009 return. Is there any benefit to filling amended version vs. filing with this years?? I am thinking you would get money quicker by amending.
(We closed Dec 09)
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Posted 1/15/10 4:37 PM  |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: First time homebuyer credit Q
We closed May 1 and filed the amended return over the summer sometime, got our check in Sept. So we've had the money for a while now. So I guess that's the benefit, although with tax season approaching it may not be worth the extra paperwork.
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| Posted 1/15/10 7:26 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
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Re: First time homebuyer credit Q
amending a tax return usually takes longer and is not reccomended without a help from a tax professional. So if you go that route you are better filing for the tax year 2009 and filing as early as possible and not paying for 2008 and 2009 to be prepared
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| Posted 1/15/10 8:13 PM |
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JandJ1224
Member since 6/06 5911 total posts
Name:
Jannette
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Re: First time homebuyer credit Q
My thinking is that you know how to file with paper you cant file for the form online an it takes about 3 months according to the irs website. I dont' want to delay my 2009 return and the credit
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| Posted 1/16/10 8:51 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: First time homebuyer credit Q
Posted by JandJ1224
My thinking is that you know how to file with paper you cant file for the form online an it takes about 3 months according to the irs website. I dont' want to delay my 2009 return and the credit
ETA: you closed after Nov 6 you are required to file on your 2009 return
If you bought after Nov 6 you have to do it on your 2009, if you bought before that you can amend you 08. from my experience, it has been taking a lot longer then 3 months to get the 8K from amendeding the returns (and that was not in the heart of tax season) but if you are expecting to get a regular federal refund for 2009, it may delay it a bit. I can't say how long because I haven't filed any 09 returns yet, but anyone who filed and 08 return with the credit seemed to get it pretty quickly, I don't remember a long wait.
from the IRS's website:
"For all qualifying purchases in 2010, taxpayers have the option of claiming the credit on either their 2009 or 2010 tax returns.
A new version of Form 5405, First-Time Homebuyer Credit, will be available in the next few weeks. A taxpayer who purchases a home after Nov. 6 must use this new version of the form to claim the credit. Likewise, taxpayers claiming the credit on their 2009 returns, no matter when the house was purchased, must also use the new version of Form 5405. Taxpayers who claim the credit on their 2009 tax return will not be able to file electronically but instead will need to file a paper return.
A taxpayer who purchased a home on or before Nov. 6 and chooses to claim the credit on an original or amended 2008 return may continue to use the current version of Form 5405."
link to article on irs.gov
Message edited 1/16/2010 12:04:25 PM.
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| Posted 1/16/10 12:03 PM |
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