Can I still claim the first time homebuyers credit even though I am in the middle of closing.?

We close at the end of march and we already have our loan approved and everything. Can we claim the credit right now before we close.

Update:

The inspection, apprasial and everything is done we just have sign some more paperwork and close on it. It is a HUD home so it was a forclosure from a bank.

7 Answers

Relevance
  • 1 decade ago
    Favorite Answer

    Wait til you close. I spoke with IRS about this matter recently and you can't claim it till you actually close. Something can always happen at the last moment, just because you have loan approval doesnt always mean everything else will be ok. There are always the inspections and appraisals that can hold up a loan or cause problems. You may ask to show the final HUD statement to IRS as well. They told me make sure to keep in case they ask for it.

    The person that stated above you had to wait til 09 taxes is incorrect you can file it this year or next as long as purchased before April. My son had already filed his taxes but we have since found out he can claim the credit so we just amended his taxes. Just know that the amended tax forms have to be mailed and can take up to 12 weeks to get them back.

  • Jss
    Lv 7
    1 decade ago

    No. If you have already filed, then you can file amended tax return if you purchase the house.

    This credit is available for first time home buyers and those who did not own home in last three years. It is in fact interest free loan of up to $7,500. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 for either a single taxpayer or a married couple filing jointly.

    http://taxipay.blogspot.com/2009/01/first-time-hom...

  • Judy
    Lv 7
    1 decade ago

    No, the closing has to be complete before you can file for the credit.

  • 1 decade ago

    If you have not closed yet, you cannot get the credit on 2008 taxes. You have to wait until next year to take it on your 2009 taxes.

  • How do you think about the answers? You can sign in to vote the answer.
  • Anonymous
    1 decade ago

    WAIT.

    You cannot claim a credit for something that hasn't happened yet.

  • Anonymous
    1 decade ago

    Buying a house and making it your home is a dream almost everyone cherishes, irrespective of the geographical boundaries.

    http://www.worldbestloans.com/homebuyerprogram.htm

    First time home buyers can now opt for first time home buyers loans and buy their choice of home more easily.

  • Anonymous
    1 decade ago

    I don't think so maybe if u signed the deed and all that.

Still have questions? Get your answers by asking now.