Discussion:Splitting homebuyer credit
From TaxAlmanac
| Revision as of 18:13, 5 November 2009 TAXBILLY (Talk | contribs) (If you amend you) ← Previous diff |
Revision as of 18:17, 5 November 2009 Kevinh5 (Talk | contribs) (not usually) Next diff → |
||
| Line 19: | Line 19: | ||
| {{ForumReplyPost|UserID=TAXBILLY|Date=5 November 2009|Text=If you amend you will get interest. :~) | {{ForumReplyPost|UserID=TAXBILLY|Date=5 November 2009|Text=If you amend you will get interest. :~) | ||
| taxbilly}} | taxbilly}} | ||
| + | |||
| + | {{ForumReplyPost|UserID=Kevinh5|Date=5 November 2009|Text=not usually}} | ||
Revision as of 18:17, 5 November 2009
Discussion Forum Index --> Advanced Tax Questions --> Splitting homebuyer credit
Discussion Forum Index --> Tax Questions --> Splitting homebuyer credit
Teachertax (talk|edits) said: | 4 November 2009 |
| I have two clients who are married in California, but not allowed to be considered married for the Federal return because they are the same gender. They purchased a house in August, and want to ammend last year's return to get the credit ASAP. The partner who put 90% of the money down is the only one who qualifies for the credit because of income. I know I can split the credit, but can I split the credit 90/10, or does it have to be 50/50? They are both on title together. Thanks in advance.
Jeremy | |
| 4 November 2009 | |
| Notice 2009-12 - any way you like. But check out the recent discussions about how long the amended 08's are taking - if it's a simple return that can be done early in the year, it's possible they'd get the $ faster by putting it on the 09 return.
Here are two: FTHB - Amended - Refund takes how long? and more recently, First time homebuyer - amend or wait?. | |
| 4 November 2009 | |
| If they file an amended return now it surely would be processed faster than a 2009 return being filed in mid January.
taxbilly | |
| 4 November 2009 | |
| Yeah, it's definitely counterintuitive, TaxBilly. But with reports (from those discussions) that the processing time on amended 08's can be 14 weeks, 16 weeks, or more - it seems logical to consider whether you really want to send your client's return into that process.
One unknown is the 2009 process. If the IRS decides to pull every 09 return with a FTHB credit requested, too, and run them through the same process, then the people who waited aren't going to get their money any faster than those who amended. And as we can see from those discussions, some amenders only waited 6-8 weeks. So it's possible that an amended return could result in cash back to the taxpayers in 2008, or early enough in 2009 that they couldn't even have filed yet. I'm just not as confident as you are that it's a slam dunk. | |
