Question about when you can claim the $7500/$8000 tax credit

[AppHappyTog]

We close on our house in 2 weeks, we meet all the qualifications of the tax credit, whichever one is actually ineffect now, lol. Anyways, of course we've already filed our taxes because we needed that money for money paid at the table when we close. I know those who have purchased a house even in the first bit of this year were able to claim the $7500 on their taxes, since we've already filed will we have to wait until next years taxes to file and recieve the credit? I'm thinking so but DH keeps hoping not, lol.

[Anonymous]

You could file an amended return. My husband does tell me though that it typically takes months to get a refund that way.

[Anonymous]

Your bigger problem may be that you filed for the home-buyer credit BEFORE you actually closed on the house.  This is not the way the credit is supposed to be utilized.  You technically need to buy the home before they process the tax rebate.  Technically, it could be considered fraud, but if they haven't processed your return yet, you may be okay.  I would contact the IRS and ask them.

[AppHappyTog]

Oh wow.... no, I didn't say we'd already filed claiming the tax credit! I was saying we had already filed our taxes for the year 2008... I was curious if we would have to wait until next year to get it? How could I have filed for it this year and be wondering how I could get it earlier than next tax season?

[gabbygirl99]

Can this credit be used as a downpayment?

[Anonymous]

It cannot be used as a downpayment since you have to close on the house first.