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Question on First Time Homebuyer Credit

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

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Tax and Accounting Software ForumsWeb 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.

Reply to
JGreen
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Use Form 5405 when making the claim on an amended return for 2008 -

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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.

Reply to
"Jack"-:)

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.

Reply to
D. Stussy

Because you can claim the $8K credit on an 2008 return - so long as settlement was in 2009.

Gene E. Utterback, EA, RFC, ABA

Reply to
Gene E. Utterback, EA, RFC, AB

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