First Time Home Buyer Credit - What is faster Amending 2008 or claiming on 2009?

Stryger1 · Sep 23, 2009, 03:11 PM

On 9/17/2009 I purchased my first home. I intend on filing an amended 2008 return to claim the first time home buyer tax credit using forms 5405 and 1099X. I am wanting to check on the estimated turn around time for receiving the refund (based on reality, not the IRS default answer). I spoke with a local tax preparer who said that it would be faster to wait and claim it on my 2009 return. I am well under the $95,000 AGI limit in both 2008 and 2009 so I could claim it on either return.

Stryger1 · Sep 25, 2009, 12:26 PM

Quote:

Originally Posted by MukatA

If you are sure that you will file your 2009 tax return in the second week of January 2010, then may be you should wait for 2009 return.

Also note that the amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

Thanks MukatA, I think I'll wait for when I file my 2009 return at the end of January 2010. From what a local tax advisor told me, people filing new 2008 returns on an extension (due 10/15/09) get priority over amended returns. He also told me that brand new returns for 2009 would have priority over any unprocessed 2008 amended returns.

All that having been said, I may suggest filing my 2009 return as a hard copy so I can include supporting documentation about the home purchase. Hopefully this will prevent my return from being kicked back to me for more documentation!