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$15k Tax Credit/2008 Taxes?

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Q&A

:2

I know this hasn't been signed into law yet (and who knows, may never make it that far), but I'm trying to get a better understanding of how this might work. I read the following in a Mortgages Unzipped article:

"The amendment would allow taxpayers to claim the credit on their 2008 income tax return."

Does this mean that if this passes and someone buys a house in say March or April of 2009, they could amend their 2008 tax return and get the $15k (or 10%) right away? That's what it sounds like to me but I'm new to this stuff so I'm not sure. Thanks!

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February 11 - New Haven

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Pasadenan
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Pasadenan

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Maybe a $15k tax credit for 2010 or 2011??

There is no reason to make an increased tax credit apply to an earlier year; it won't stimulate buying the back log of foreclosures at all.

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June 04

Patty Everitt, "Patty Everitt"
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Patty Everitt, "Patty Everitt"

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We are working with FIRST TIME HOMEBUYERS CREDIT OF $8000.00 till DEC. 2009

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Mark75NYC
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There will be no 15K tax credit; it's dead.

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February 11

agolfer901
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agolfer901

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The tax credit did not make it into the bill. The estimated cost was something like 37M. As of right now the 7.5K credit is still active until June. Here is some info on the credit.
http://www.irs.gov/taxtopics/tc611.html

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Sheila Barrett, "Sheila Barrett"
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More than likely you will not have to amend your previous years taxes. What usually happens is that a form is added to your current year to fill out to get any additional credits that you may qualify for. You will not see the benefit of the credits until you file your taxes in the following year.

However if you qualify and you missed a credit that was offered in that year- that is the time to amend your taxes. They can't be electronically filed if you amend them and must be mailed into the IRS- which usually takes 6-8 weeks.

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February 11

White Picture
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Every one are same like you, no body know !

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February 11

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