$8,000 First Time Homebuyer Tax Credit | Want your money Now?

Several of my first time home buyers have asked me the question

If I buy my home now do I have to wait till I file my 2009 taxes or can I have it now?

So the question is, "Can I apply the tax credit against my 2008 tax return?" "What if I have already filed my 2008 taxes?"

Doing some research I have found the answer is IRS Form 5405. Check out Part I, section C.

You can choose to claim the credit on your 2008 Form 1040 for a main home purchased after December 31, 2008 and before December 1, 2009. If you make this choice, check the box.

If you have already filed your 2008 taxes you would have to file an amended return. See the IRS web site and look for form 1040-X and form 843. If you don't understand the directions then consult a tax attorney or your CPA.

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