AMEND THE 2008 TAX RETURN ($8000 Tax Credit)

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Real Estate Broker/Owner with Real Living/Home Realty 24642

We are seeing a lot of young people come into the market place to take advantage of the new $8000 tax credit.  Its always fun to see their excitement when buying their first home.  Did you know that tax payers that have  purchased a home this year or that will be purchasing a home in the near future who have already filed their 2008 tax return can consider filling an amended tax return.  The amended tax return will allow them to claim the homebuyer credit on the 2008 tax return without waiting until next year to clain it on the 2009 return.

For some taxpayers, it may make more financial sense to wait and claim the homebuyer credit next year when they file the 2009 tax return rather than claiming it now on the 2008 tax return.  This could benefit taxpayers who might qualify for a higher credit on the 2009 tax return.  This could include people who have less income in 2009 than 2008 because of factors such as job loss or drop in investment income.

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Topic:
ActiveRain Community
Location:
Kentucky Daviess County Owensboro
Groups:
Realtors®
Royal LePage Atlantic-Moncton
Bluewater GMAC Real Estate - Carteret County NC
Better Properties Real Estae
Appleseed Homes

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Rainmaker
927,196
Ann Hayden 636-399-7544
Berkshire Hathaway HomeServices Select Properties-St. Louis Missouri - Chesterfield, MO
SelectAnn.com

Connie,

This is good information for those first time buyers!

Ann

Apr 20, 2009 03:00 PM #1
Anonymous
Tyler

How do I know if it's more beneficial to wait until next year for the $8000 rebait, or simply amend my 2008 returns?  Where's the Pro vs Con here?  Please advise.  Thank You.

Jul 17, 2009 03:32 AM #2
Rainmaker
722,730
Connie Lou Barnett
Real Living/Home Realty - Owensboro, KY
GRI,CRS,CRB,SRMM,ARA,PRS,SFR,QSC

If you you need the money then file the amended file or you can wait and file your 2009 taxes and if you owe any taxes it would be deducted from the $8000 tax credit.  a lot of young couples want the money now so they can do repairs to their new home or purchase furniture etc.  Good Luck

Jul 17, 2009 05:18 AM #3
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Rainmaker
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Connie Lou Barnett

GRI,CRS,CRB,SRMM,ARA,PRS,SFR,QSC
Get the Service you deserve! Call Connie Lou Barnett today.
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