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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?
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 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.