NASE Blogs

First-Time Homebuyer’s Tax Credit

May 18, 2010

Q: I can take advantage of the $8,000 first-time homebuyer’s tax credit because I just closed on my first house last week. I have already filed my taxes for 2009 and got my refund. Do I file an amended return to the 2009 taxes or do I wait and file for the $8,000 credit on my 2010 tax filing?

A: You actually have the choice of whether to claim the additional credit on your 2010 or your 2009 return. My guess is that you would prefer to amend the 2009 return and get the money faster rather than waiting all the way until next year to file your 2010 return.

You can apply for the credit now by amending the 2009 return using IRS form 1040X. You can download the form along with detailed instructions from the IRS Web site at www.irs.gov.