We are in the process of buying a home and expect to close sometime in March. Can we file our 2008 taxes now and then file an amended return after closing to claim our 2008 First Time Homebuyer's credit?

You can certainly file now and amend later. However, if you're buying the house in March 2009 (that's when the closing is) wouldn't the credit apply to your 2009 tax return, not 2008?

Quote:

---

Originally Posted by ebaines

You can certainly file now and amend later. However, if you're buying the house in March 2009 (that's when teh closing is) wouldn't the credit apply to your 2009 tax return, not 2008?

---

According to the IRS its any home bought between (I think) Apr 08 and July 1 2009. I went through the checklist and qualified for the credit based on our estimated closing date. I was just wondering if I have to wait to file my return.

This is an interesting one - even though you didn't purchase the house in 2008 you are indeed allowed to take the credit on your 2008 taxes, as long as it's purchased between April 8, 2008 and July 1, 2009. The form to use is here:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

You will have to wait until you have actually purchased the home before you can take the credit - you should not file the form now using an estmated closing date. As I said previously - you can file now without taking this credit and then file an amended return later, but personally I wouldn't want to be hassled by the extra paperwork. Why not just wait until March to file?

Quote:

---

Originally Posted by ebaines

This is an interesting one - even though you didn't purchase the house in 2008 you are indeed allowed to take the credit on your 2008 taxes, as long as it's purchased between April 8, 2008 and July 1, 2009. The form to use is here:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

You will have to wait until you have actually purchased the home before you can take the credit - you should not file the form now using an estmated closing date. As I said previously - you can file now without taking this credit and then file an amended return later, but personally I wouldn't want to be hassled by the extra paperwork. Why not just wait until March to file?

---

Because I am getting a huge return and it will help offset the closing costs and cost of moving. Ive got the money already, but without the tax return my savings are dipping into the realm of "rather have more just in case"

I don't care about extra paperwork. Its worth the peace of mind to have backup funds at the 3 month level recommended.

Then file now to get the immediate refund, then amend after you close.

Most tax professionals could handle the amendment with no problem, though I suspect they would ask you to wait until AFTER 15 April 2009 before they would do the amendment.

Quote:

---

Originally Posted by AtlantaTaxExpert

Then file now to get the immediate refund, then amend after you close.

Most tax professionals could handle the amendment with no problem, though I suspect they would ask you to wait until AFTER 15 April 2009 before they would do the amendment.

---

Is this something I could do with turbotax? I like being able to do as much as possible on my own.

Sure. Every state-of-the-art tax software has Form 1040X on it.