Today, I was re-reading the applicable parts of HR 3221, which is the Housing and Economic Recovery Act of 2008, and I saw a section that should really be emphasized, which is as follows:
‘‘(g) ELECTION TO TREAT PURCHASE IN PRIOR YEAR.—In the
case of a purchase of a principal residence after December 31,
2008, and before July 1, 2009, a taxpayer may elect to treat such
purchase as made on December 31, 2008, for purposes of this
section (other than subsection (c).”
This section is stating that if you make a qualifying purchase between January 1, 2009 and July 1, 2009, then the IRS will consider that you purchased the home on December 31, 2008. This means that if you purchase a home between the 2009 dates above, you can go back amend your 2008 tax return and receive the tax credit. You do not have to wait until time to file your 2009 tax return. I hope that this helps.
Joseph Griffin
My other related posts are:
Way’s to Use $7,500 Tax Credit as a Downpayment
How the Tax Credit Applies to New Construction
