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tax question

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Anonymous
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tax question

Exaclty what expenses when you purchase a house are you allowed to write off.  Both in regards to long term, and in regards to the actual purchase.

 

Also, if we filed the 7500 credit last year, could we ammend our taxes for last year, withdrawl the credit (we did not get the cash back as we had a past balance), and then file for the 8K that we do not haev to pay back this year.  It would seem to make sense even with any added penalites added in if we could do this.

Message 1 of 3
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Anonymous
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Re: tax question

Are you trying to get both the tax credits for 2008 ($7500) and the one for this year ($8000) on your single home purchase?  I didn't think you could do that or am I mis-understanding something...
Message 2 of 3
Anonymous
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Re: tax question

No, I am thinking that if I ammend my 2008 taxes and remove the tax credit, could I then file for the 8K this year.  The idea of 500 more (which would cover and IRS charges) and not having to pay it back is pretty cool.  That, and I was told that some of the costs of purchaseing/miving/etc could be written off as well.  Not sure on that type stuff.  I want to try to max out everything I can to clear up this old IRS stuff and have a clear page for the first time in awhile.  I had an accountant who did not file my taxes for a couple years and took my "payments" I made to the IRS.  I had to refile a bunch of taxes (3 years worth), I lost a bunch of home busines writeoffs because he had the records/reciepts for 12K in stuff, and got hit with a bnch of penalties.  In the end it was about 10K total of which all but about 1400 has been paid between the tax credit last year and me. 

 

Re-doing the tax credit is not a huge deal (although not paying it back is awesome), but figuring out exactly what we can write off is a big deal.  No mreo accountants for me.

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