7500 tax credit for first time home buyers?

My fiance and I just bought our first house yesterday (close on it Feb. 27) but we already filed our taxes electronically last month. What would be the best way to go about filing for the $7500 tax credit?


No we did not file jointly. It just happens that both of us filed each of our taxes last month, wherein lies our dilemma. In retrospect it would've been smart for one of us to have waited in case we bought a house but I heard you can file an amendment, but I wasn't too sure about that.

P.S. I'm well aware that it must be paid back over the next 15 years and all that.

5 Answers

  • Anonymous
    1 decade ago
    Favorite Answer

    WAIT !!!..you need to read the papers and watch the news hun. Right now you are talking about the $7,500 (or %10 of the purchase value of the home whichever is less) tax credit for first time home buyers which is actually an interest free 15 year loan from uncle sam. The new proposal on the docket for 2009 is a $15,000 (%10) home buyers (not first time) tax credit that does not have to be payed back. so hold your horses and it will turn out in your favor. Do not amend your taxes because you can claim either the $7,500 tax credit or the $15,000 on your 2009 taxes whichever benefits you most. I sure hope this has helped you.

    Source(s): the news baby
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  • 1 decade ago

    Two choices:

    (1) You can amend your return for 2008 and mail it in to the IRS. They will process and send you your additional refund in 2-3 months.

    (2) You can wait and include the purchase on your 2009 return and then you will get the credit soon after you file your 2009 next year.

    Richard K

    Master Tax Advisor

    Enrolled Agent

    This advice is based upon my understanding of the tax law at the time it was written as it applies to the facts provided by you. See my profile for more information.

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  • 1 decade ago

    You can either wait until next year's taxes and claim it then or file an amended return for 2008. The IRS allows you to treat the 2009 purchase as a 2008 purchase if you so desire.

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  • 1 decade ago

    you can file another return before April 15th and the IRS will disregard the one you filed earlier.

    just remember that it's more of a 15-year loan than it is a tax credit, and you will be paying it back $500 per year over the next 15 years.

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  • 1 decade ago

    DO NOT file another return!!!!!!! It don't work that way.You will need to wait to file for it next year. It happened in 09' not in 08'. You said "our" taxes, you didn't file joint did you?

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