Home Buyer Credit

[RLymanC]

If you bought a home after Jan. 01, 2009 is the new $8,000 home buyer credit available on the 2008 tax return?

[solomon]

No................................

[MariaR08]

Are you referring to the $7,500 "credit"? If so - yes, you can claim it on the 2008 tax return or on the 2009 tax return.

~Maria

[solomon]

Are you referring to the $7,500 "credit"? If so - yes, you can claim it on the 2008 tax return or on the 2009 tax return.

~Maria

The question is for the the 8K - not the 7.5K.

[MariaR08]

I figured it was... just wanted to clarify.

[Burke]

The new $8,000 tax credit (refundable, no payback) is available on either the 2008 or 2009 tax return if the home was purchased after 1/1/09.

[Larmil]

The new $8,000 tax credit (refundable, no payback) is available on either the 2008 or 2009 tax return if the home was purchased after 1/1/09.

And, as I understand, kept three years.

[Burke]

Yes, forgot to add that. All recaptured if house sold within 3 years of purchase.

[Jesse]

The new $8,000 tax credit (refundable, no payback) is available on either the 2008 or 2009 tax return if the home was purchased after 1/1/09.

Where would you put the credit on the 2008 return?

[BP.]

Where would you put the credit on the 2008 return?

goes on line 69?

[Jesse]

The new $8,000 tax credit (refundable, no payback) is available on either the 2008 or 2009 tax return if the home was purchased after 1/1/09.

goes on line 69?

Are you sure it can be used for 2008?

I haven't found any information to confirm or dispute this and I have one client who purchased a home in January 2009 and was going to elect the 2008 $7,500 credit, but the $8,000 with no payback would be better, especially if the no payback applies.

If it goes on line 69 will there be a revised Form 5405?

[Larmil]

Are you sure it can be used for 2008?

I haven't found any information to confirm or dispute this and I have one client who purchased a home in January 2009 and was going to elect the 2008 $7,500 credit, but the $8,000 with no payback would be better, especially if the no payback applies.

If it goes on line 69 will there be a revised Form 5405?

Patience, the law was just signed today.

[Burke]

IRS computers will probably have to be reconfigured for the new credit. I would just sit tight until you hear further about when they can accept it.

[RLymanC]

1040X home buyer credit

As I understand it, if you took the $7,500 on 2008 return and you purchased the home in 2009, you can amend the 2008 return and get the 8,000.

[taxmom34]

wouldn't that be double dipping? if you amend you would only get the difference between the 8000 and 7500.=500