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Question about the stimulus for buying a home this year.

So if you buy a house this year you will get an $8,000 credit on your taxes next year, right? I'm wondering, if we buy this year, could we possibly amend our taxes from when we filed this year to get that credit? Not sure if that would work, but thought I'd ask anyway. : )

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Asked by Aingls at 8:08 AM on Mar. 31, 2009 in Home & Garden

Level 12 (798 Credits)
Answers (2)
  • I am not sure about amending this years taxes. However, my friend bought a home last year and took the 'loan'. When you file your taxes, if you are a 1st time homebuyer, (or have not owned a home in 3 years) you are eligible for a loan. It has to be repaid over a period of 7 years I believe. It is not $8000 that is just yours, it has to be repaid. At least that is how it was explained to me.
    Best of luck!

    Answer by NewMommyin06 at 8:25 AM on Mar. 31, 2009

  • Actually this new bill (or whatever Obama signed) you do NOT have to repay this. It is not a loan, it is an actual credit (like the child's credit, or earned income credit). Before this year, you did have to repay that loan, but now they made it a credit. I was just hoping that I could amend this years taxes and get that credit asap, and not have to wait til next tax season. Either way it's no big deal... Thanks!

    Answer by Aingls at 12:31 PM on Mar. 31, 2009

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