7500 tax credit for first time home buyers?

Question

My fiance and I just bought our first house yesterday (close on it Feb. 27) but we already filed our taxes electronically last month.  What would be the best way to go about filing for the $7500 tax credit?

Answer 1

you can file another return before April 15th and the IRS will disregard the one you filed earlier.

just remember that it's more of a 15-year loan than it is a tax credit, and you will be paying it back $500 per year over the next 15 years.

Answer 2

DO NOT file another return!!!!!!!  It don't work that way.You will need to wait to file for it next year. It happened in 09' not in 08'. You said "our" taxes, you didn't file joint did you?

Answer 3

You can either wait until next year's taxes and claim it then or file an amended return for 2008.  The IRS allows you to treat the 2009 purchase as a 2008 purchase if you so desire.

Answer 4

Two choices:

(1) You can amend your return for 2008 and mail it in to the IRS.  They will process and send you your additional refund in 2-3 months.

(2) You can wait and include the purchase on your 2009 return and then you will get the credit soon after you file your 2009 next year.

Richard K
Master Tax Advisor
Enrolled Agent

This advice is based upon my understanding of the tax law at the time it was written as it applies to the facts provided by you.  See my profile for more information.