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Tax Credit Question...

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Anonymous
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Tax Credit Question...

I am closing on a house in July and a really excited to use the tax credit option.  My questions are,

1.  Can I claim the house purchase on an amended 2008 tax return for the full $8,000 and still not have to repay it?  And if I do that, do I receive the credit return sometime this year?

 I ask this because I am going to make above the $75,000 this year, but didn't last year and I would like the full $8,000.

2.  Are there other tax credit for home owners that I can take advantage of, furnace, water heater, windows, ect, and what are they?

Message 1 of 3
2 REPLIES 2
Anonymous
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Re: Tax Credit Question...

You can file an amended 2008 return.  However, I believe the income qualification is yoru 2009 income.  If it is too high, then you might end up having to pay it back.

 

Try increasing your pretax deductions (401k, IRA, insurance, etc) to keep yourself under the $75k window.  Either that or get married Smiley Happy  A joint couple can make up to $150k.

 

There are a variety of home energy savings credits, but you can contact your local utility for more info on that.

 

Be sure to run this all by your accountant.

Message 2 of 3
Anonymous
Not applicable

Re: Tax Credit Question...

Thank for the answer, I am getting married this year but she already owns a condo, so that wouldn't help.  If I already contribute to my 401K, your saying I should increase my monthly contributions.  If I am close to the limit, what percent do you think I should increase my contributions to?  You probably can't help but thought I would ask.
Message 3 of 3
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