Can I claim the 8K credit for 2009....

S

scubasteve

Active member
Can I claim the 8K credit for my 2009 income statement even though I didn't close escrow yet? The only thing I've done is put 3% deposit into my escrow account along with half of my options pricing and signed a contract. I'm not expected to close until some time in May when my house is finished.

I don't want to pay Uncle Sam next month!
 
I'm not an awgee but I don't think you can until you "bought" the house... which means when escrow has closed and you have taken possession.

Something can always happen before then.
 
[quote author="scubasteve"]Can I claim the 8K credit for my 2009 income statement even though I didn't close escrow yet? The only thing I've done is put 3% deposit into my escrow account along with half of my options pricing and signed a contract. I'm not expected to close until some time in May when my house is finished.

I don't want to pay Uncle Sam next month![/quote]
As long as you close escrow by June 30th and are below the AGI limit of $225k (I think that's the income limit for married couples) then you are fine. You can either file an 1040x Form or wait to file your 2010 tax returns to get the credit. I believe it takes about 8-12 weeks to get your money from the time you send in the tax return.
 
Remember that filing an extension does not relieve you of paying any liability you may have as of 4/15. If with the 8K credit you will be in a refund position then you dont really have to file the return by 4/15, i would just file it once your house closes (again, assuming you will be getting a refund with your 8K credit).
 
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