$7500 Tax Credit in advance? Part II?
We are hoping to settle on a house with a couple of months that we are putting in a offer on today.
There are repairs that need to be done and we are hoping to get the $7500 Tax Credit that we qualify for SOON AFTER closing (Instead of April 2010) but we are not sure if we can do it or not.
The reason we think that we may be able to is because of the following information at this link:
http://www.federalhousingtaxcredit.com/faq.php#3 (See #19)
Can someone please tell me if we are reading this correctly in understanding that we can amend our 2008 tax return after we settle on the house and then receive the $7500 tax credit soon after (within a couple of weeks of the amendment) to use towards the repairs we need to make before moving in?
Many sincere thanks!
If you close before 7/1, you can amend your 2008 return to include the first time home buyers credit.
Unfortunately, amended returns must be mailed in and processing time for them is approximately 12 weeks. Last year, it was up to 20 weeks due to the stimulus payments.