Discussion:First time home buyer, when to file for . . .

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Discussion Forum Index --> Basic Tax Questions --> First time home buyer, when to file for . . .
Discussion Forum Index --> Tax Questions --> First time home buyer, when to file for . . .

Dan's Tax Service (talk\|edits) said:	26 August 2009
My client purchased his first home May 15, 2009. He requested that I file an amendment to his TY 2008 return to claim the tax credit. Can I or should I wait until 2009 filing? He also has $7K plus in closing costs. Should I include this on his 2008 amendment (if he chooses to proceed with that direction) or include it on his 2009 return?

Death&Taxes (talk\|edits) said:	26 August 2009
Dollars are dollars whenever you file for them, but I do suggest you read over other threads where some mention delays in obtaining refunds. Since you client is most likely a cash basis taxpayer, the deductible closing costs [proration of real estate taxes, points, PMI] must be deducted in 2009, when he paid them.

Dan's Tax Service (talk\|edits) said:	26 August 2009
Thanks D&T. I would prefer to file the bundle with his 2009 return; however, customer satisfaction is another matter.

Southparkcpa (talk|edits) said:

27 August 2009

I have done 2 amendments so far this year and it took less than ONE hour each. I charged the client $200 which I explained was for 1 hour time.

They got the 8K and are very happy. if you do NOT do it, they will most likely find someone who will.

I would consider doing it.

Just one opinion. Best wishes.

Dan's Tax Service (talk\|edits) said:	27 August 2009
I guess my only personal hangup was that it is odd that I'm filing an amendment to a 2008 return for a purchase that occurred in 2009. If it works, I'm going to give it a try. Thanks