Bart Posted February 20, 2010 Report Share Posted February 20, 2010 Is it possible to get the first time homebuyer credit before you file your tax return? Quote Link to comment Share on other sites More sharing options...
jainen Posted February 20, 2010 Report Share Posted February 20, 2010 >>Is it possible to get the first time homebuyer credit before you file your tax return? << Yes. Quote Link to comment Share on other sites More sharing options...
Bart Posted February 20, 2010 Author Report Share Posted February 20, 2010 Is it possible to get the first time homebuyer credit before you file your tax return? Sorry but after reading that question I think it may not be clear. Is it possible to get the money for the first time homebuyer credit without filing a tax return? Quote Link to comment Share on other sites More sharing options...
jainen Posted February 20, 2010 Report Share Posted February 20, 2010 >>Is it possible to get the money for the first time homebuyer credit without filing a tax return?<< Yes. Quote Link to comment Share on other sites More sharing options...
Pacun Posted February 20, 2010 Report Share Posted February 20, 2010 No. You would amend last year's return. Some states have some different programs that might loan you 8K and they will collect it later. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 20, 2010 Report Share Posted February 20, 2010 >>Is it possible to get the money for the first time homebuyer credit without filing a tax return?<< Yes. How? Quote Link to comment Share on other sites More sharing options...
jainen Posted February 20, 2010 Report Share Posted February 20, 2010 >>How? << Oh, well, I can think of a number of ways to "get the money" without filing a return. Amending the prior year is so obvious it doesn't even count as thinking. By how about taking a lesson from the IRS itself: reduce withholding by the credit amount so one gets the money in the paycheck? Or why not let a co-buyer claim 100% of the credit on an early return, and then share? (That method is suggested by the IRS itself.) Or, in the normal course of events one would calculate the credit at the time of filing an extension, and so could pay oneself the $8500 that would otherwise be sent to the IRS. There might also be non-tax methods to financially benefit from the credit, such as in a loan app or other transaction using cash expectations. Of course, no one could use all of these techniques without considering other factors. But with appropriate planning for the credit, the money is indeed available separately from the actual tax return filing. Quote Link to comment Share on other sites More sharing options...
Ray in Ohio Posted February 20, 2010 Report Share Posted February 20, 2010 >>How? << Oh, well, I can think of a number of ways to "get the money" without filing a return. Amending the prior year is so obvious it doesn't even count as thinking. By how about taking a lesson from the IRS itself: reduce withholding by the credit amount so one gets the money in the paycheck? Or why not let a co-buyer claim 100% of the credit on an early return, and then share? (That method is suggested by the IRS itself.) Or, in the normal course of events one would calculate the credit at the time of filing an extension, and so could pay oneself the $8500 that would otherwise be sent to the IRS. There might also be non-tax methods to financially benefit from the credit, such as in a loan app or other transaction using cash expectations. Of course, no one could use all of these techniques without considering other factors. But with appropriate planning for the credit, the money is indeed available separately from the actual tax return filing. OK.... answers make sense. Guess I wasn't thinking out of the box enough. (but, how do you "amend a prior year's return" without "FILING" an Amended Return?? ) Quote Link to comment Share on other sites More sharing options...
Recommended Posts
Join the conversation
You can post now and register later. If you have an account, sign in now to post with your account.