Question on First Time Homebuyer Credit

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Subject Author Date Question on First Time Homebuyer Credit JGreen 07-27-2009  Re: Question on First Time Homebuyer Credit \"Jack\"-:) 07-27-2009  Re: Question on First Time Homebuyer Credit D. Stussy 07-27-2009  Re: Question on First Time Homebuyer Credit Gene E. Utterback, EA, RF... 07-28-2009
Posted by JGreen on July 27, 2009, 7:03 pm Please log in for more thread options Hello. We have a client who is eligible for this credit. They purchased their home on 7/22/2009. I would like to know if they can amend their 2008 return and get their money now, or do they have to wait until filing 2009's return. We could not find a limit as to when they can amend to receive the credit. Thank you! Jennifer L Green Pershing & Company, Inc. - CPA's Greencastle, Indiana ------------------------------------- ##-----------------------------------------------## Newsgroup Access Courtesy http://www.rockryno.com/ Tax and Accounting Software Forums Web and RSS access to your favorite newsgroup - misc.taxes.moderated - 22424 messages and counting! ##-----------------------------------------------## ========================================= MODERATOR'S COMMENT: Yes, they can amend as soon as they close, and it is a good idea to attach the HUD-1 to the 1040X. Not clear that there's a specific time limit. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by \"Jack\"-:) on July 27, 2009, 9:06 pm Please log in for more thread options On Jul 27, 7:03�pm, jenniferh_at_pershingcpas_dot_...@foo.com (JGreen) wrote: > Hello. We have a client who is eligible for this credit. They purchased > their home on 7/22/2009. I would like to know if they can amend their 2008 > return and get their money now, or do they have to wait until filing > 2009's return. We could not find a limit as to when they can amend to > receive the credit. > > Thank you! > > Jennifer L Green > Pershing & Company, Inc. - CPA's > Greencastle, Indiana > ------------------------------------- > > ##-----------------------------------------------## > Newsgroup Access Courtesyhttp://www.rockryno.com/ > Tax and Accounting Software Forums > Web and RSS access to your favorite newsgroup - > misc.taxes.moderated - 22424 messages and counting! > ##-----------------------------------------------## > > ========================================= MODERATOR'S COMMENT: > Yes, they can amend as soon as they close, and it is a good idea > to attach the HUD-1 to the 1040X. Not clear that there's a specific time > limit. > > -- > << ------------------------------------------------------- >> > << The foregoing was not intended or written to be used, � >> > << nor can it used, for the purpose of avoiding penalties �>> > << that may be imposed upon the taxpayer. � � � � � � � � �>> > << � � � � � � � � � � � � � � � � � � � � � � � � � � � � >> > << � The Charter and the Guidelines for submitting posts � >> > << �to this newsgroup as well as our anti-spamming policy �>> > << � � � � � � � � �are atwww.asktax.org. � � � � � � � � >> > << � � � � Copyright (2007) - All rights reserved. � � � � >> > << ------------------------------------------------------- >> Use Form 5405 when making the claim on an amended return for 2008 - http://www.irs.gov/pub/irs-pdf/f5405.pdf I can find no law change regarding amended returns If an amended return is not filed for 2008, the client still has 3 years to file an amended return for 2009 in order to qualify for this particular refund. That I haven't found a change does not guarantee that one does/will not exist. We have a good bit of time for qualifiers. Immediately, just file the amended return for your client. I have already filed a number of them without any problems. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by D. Stussy on July 27, 2009, 11:40 pm Please log in for more thread options > Hello. We have a client who is eligible for this credit. They purchased > their home on 7/22/2009. I would like to know if they can amend their 2008 > return and get their money now, or do they have to wait until filing > 2009's return. We could not find a limit as to when they can amend to > receive the credit. They can, but why would one want to? The $7,500 credit still has to be recaptured. The $8,000 credit does NOT. ========================================= MODERATOR'S COMMENT: I think you misread. They want to amend 2008 in order to claim the full 8000 credit, which if held three years is not repayable. This they may do. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Gene E. Utterback, EA, RFC, AB on July 28, 2009, 2:30 pm Please log in for more thread options >> Hello. We have a client who is eligible for this credit. They purchased >> their home on 7/22/2009. I would like to know if they can amend their > 2008 >> return and get their money now, or do they have to wait until filing >> 2009's return. We could not find a limit as to when they can amend to >> receive the credit. > > They can, but why would one want to? The $7,500 credit still has to be > recaptured. The $8,000 credit does NOT. > > > ========================================= MODERATOR'S COMMENT: > I think you misread. They want to amend 2008 in order to claim the > full 8000 credit, which if held three years is not repayable. This they > may do. Because you can claim the $8K credit on an 2008 return - so long as settlement was in 2009. Gene E. Utterback, EA, RFC, ABA -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Question regarding first-time homebuyer credit with joint owners February 14, 2009, 1:57 am First-time homebuyer credit March 6, 2009, 12:11 pm First time homebuyer Credit 2008 -2009 March 6, 2009, 1:18 pm First Time Homebuyer - $ from IRA January 6, 2007, 12:02 am Tax credit for first time home buyer August 28, 2008, 10:22 am first time buyer home credit January 30, 2009, 1:33 pm heads up on first-time homebuyers credit May 29, 2009, 5:09 pm First time home Buyer Credit ? 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