Not quite at 3 1/2 % yet

[Anonymous]

ought the home in 2008 and claim it on 2008 you get the 7500 and have to pay it back, but if you bought it in 20089 but refile 2008 taxes you get the 8K.  that makes no sense.  I just did my taxes and it definitley was the 7500 credit with a repayment period, but I bought in 2008.  I am just confused. 

[Anonymous]

I just read the form and it was a bit different then the online questionaire but I was right in theprevious post...

[teton]

I understood that a home bought in 2009 qualifies for the $8k that doesn't have to be paid back. I also believe you can amend your 2008 tax return in order to claim this and your claim will follow the new, modified tax credit.

[Anonymous]

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@teton wrote:
I understood that a home bought in 2009 qualifies for the $8k that doesn't have to be paid back. I also believe you can amend your 2008 tax return in order to claim this and your claim will follow the new, modified tax credit.

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You are correct. And, if you haven't already filed your 2008 return, you can use the revised (as of Friday, 2/20) Form 5405 I linked to in my last post to claim it now instead of the $7,500.

[Anonymous]

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@Anonymous wrote:
(b)ought the home in 2008 and claim it on 2008 you get the 7500 and have to pay it back, but if you bought it in 2009 but refile 2008 taxes you get the 8K.  that makes no sense.  I just did my taxes and it definitley was the 7500 credit with a repayment period, but I bought in 2008.  I am just confused. 

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You seem to be missing my "after Jan. 1, 2009" point -- understandable, since it doesn't apply to you if you bought last year.

However, if a first-time buyer has purchased since Jan. 1, 2009, s/he is eligible for the entire $8,000 credit (sans repayment), AND can claim in on a 2008 tax return using the newly-revised IRS Form 5405. If you've already filed (and purchased after 1/1/09), you can amend and get the additional $500.

Message Edited by oldhack62 on 02-22-2009 09:01 PM