Comments on: Tax Form for First Time Home Buyer Credit - Form 5405

By: Chewlip

Chewlip — Fri, 19 Jun 2009 01:55:38 +0000

I have heard that the answer to the previous question has changed, and you can in fact use the tax credit towards the down payment and closing costs. There are many websites (including official ones) that say this, yet we are struggling to find out how to apply for it.

PLEASE HELP!

By: tommy

tommy — Sat, 13 Jun 2009 19:57:48 +0000

ok here is a good one for you,i was seperated form my wife for 5yrs not leagaly and we just got back togather,
I have owned a house for the last 10years but my name is the only one on the title,we have filed sererately for the 5yrs ,now we have bought a house togather can she qualify for the home buyer credit?

By: MikeLongRealty

MikeLongRealty — Fri, 10 Apr 2009 00:31:41 +0000

Great question Chris. Unfortunately you can’t claim the tax credit for purchasing the home until you actually purchase the home. They want to make sure the closing actually takes place. If you don’t want to wait to collect the $8,000 next year I believe you can file an amended return for this years taxes after you close and get the credit sooner.

So, you say you’re closing in July. File this years taxes as you normally would and come July you or your accountant can file an amended return thus not having to wait ’till next year to get see the money. Hope this helps! Let me know if you have any more questions?

THERE IS AN UPDATE…FOR FHA BORROWERS YOU CAN NOW USE THE TAX CREDIT AT THE CLOSING TABLE….visit http://www.mikelongrealty.com/blog for more details.

By: Chris

Chris — Thu, 09 Apr 2009 16:30:22 +0000

I have a question about this tax credit. I was hoping that I could use the $8,000 towards my downpayment by putting this on my 2008 tax returns. I, however, am settling on the home in July and was told that I am unable to file for this tax credit until I settle. Is this true? Thanks for the help!