Comments on: Ask the taxgirl: Should I Wait on Obama to File My Taxes?

By: Kelly

Kelly — Mon, 25 May 2009 03:27:05 +0000

File a form 1040X. It’s not difficult to amend a return – the instructions are available at http://www.irs.gov. You’ll just update with the housing info (form 5405).

By: Andrew

Andrew — Wed, 20 May 2009 20:04:21 +0000

Hey tax girl, I just bought my first home but i already filed my taxes. What exactly do i need to do to file a amendment to my return?

By: Kelly

Kelly — Mon, 09 Feb 2009 18:48:40 +0000

I rarely recommend waiting for laws to be passed and amended before filing your tax returns… It can take forever – and the final bill may be very different from the current one. You can always amend your return if the legislation affects you.

By: william Hahn

william Hahn — Mon, 09 Feb 2009 03:56:49 +0000

I have a question about the housing tax credit that is currently going through congress? I bought a house in December of 2008 and under the current tax credit I will receive the $7500 for first time home buyer, which is basically a interest free loan. I have heard all over the news about the $15000 tax credit (no repayment) that is likely to passed with the new economic package? I have not filed my taxes yet, should I wait until this law is passed? Any advice on this would be greatly appreciated…thanks!

By: Karen

Karen — Thu, 05 Feb 2009 03:00:29 +0000

John,

I’m certainly hoping that you are correct in your theory of the Housing Credit being retroactive to 4/9/08. I keep looking for similar information but have read only a few posts referring to this. May I ask where you found this information? Most state that housing purchases will only retro to 1/1/09.

Thanks!

By: Barry

Barry — Tue, 03 Feb 2009 03:27:30 +0000

Thank you, Tax Girl!

By: john

john — Fri, 30 Jan 2009 18:13:45 +0000

I’m pretty sure the “new home purchase” section of the pending economic stimulus WOULD BE retroactive to 2008.

Under the economic stimulus bill pass under president Bush, first time buyers (if they bought a home between April 9, 2008 to July, 2009) get a $7,500 tax credit on their 2008 taxes (really, it’s a 0% interest loan that starts getting paid back in 2 years over a period of 13 years).

the pending legislation, as it stands, AMENDS the current tax credit. it could anything from making it permanent (no payback required) or INCREASING the amount, or extending to ANYONE who bought a home during the SAME PERIOD (because they are, as it stands, planning on AMENDING the Bush credit, not issuing a new one).

so, if you bought a home after april 9, 2008 (and before december 31, 2008), you could get more money back (in theory). That is not to say someone should wait to file, but you could, in theory be eligible for a much better housing credit.