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.