Back filing for 2010 Home Buyer credit

[tinuviel_k]

We are due to close on a house at the end of April (fingers crossed!) We qualify for the home buyer rebate. I have heard that we can file an amendment to our 2009 tax return and get the credit this year. (We e-filed our 2009 taxes in February and have received our normal tax return).

Has anyone done tis or is in the process of doing this? How does it work? How long did it take for you to get your refund?

[TwinMomPlus]

Wouldn't you get it next year with your 2010 return?

As long as you are in contract by April 30th, you will make the cut-off.

[Logan's Mom]

:

I'm in the same boat. We are scheduled to close 5/14. We used turbo tax, so I'm going to do an admendment after we close. Even if it costs me a bit of money to use Turbo tax, its worth it to me. I'd rather have the money in my bank vs. waiting for 2010.

[tinuviel_k]

Originally Posted by TwinMomPlus

Wouldn't you get it next year with your 2010 return?

We would, yes. However, since it seems like you can get it sooner we'd rather do that. We had to dip into quite heavily into savings to afford the down payment, and I'll feel better if I can build those savings back up immediately, rather than wait 11 months.

[Sarah W]

We closed on our house at the beginning of December. We filed our return without it and we'll file an amended return sometime soon.

Filing amended returns is pretty common. I just didn't want to wait for months for the rest of our return, since you have to mail your return in w/ the homebuyer's credit.

[changingseasons]

Yeah- we did it last year, bought our house in July, and then amended our 2008 return to get the money right away. You just have to file a 1040X to amend your return, and then whatever form is required for the home buyer credit (5405 I think?) It was super easy.

[StormySar]

We did this about two weeks ago. Was told it'll take about 3-6 months to get back.