The credit is designed to give “first-time homebuyers” a leg up on the markets—but wondering what exactly a first-time homebuyer is has caused some headaches.
Here are answers to the top three FAQs:
Q: I bought a home this year, but I already filed my tax returns with the $7,500 credit. How can I get the extra $500?A: Don’t panic—you can file an amended 2008 tax return, using Form 1040X. You’re probably going to want the help of a tax advisor.
Q: I’ve never bought a home before, but my spouse has. Can we get the first-time homebuyers’ credit?A: Married taxpayers must both pass the qualification of not owning a principal residence in the last three years in order to get the credit.
Q: I’ve purchased a home in the past, but sold it four years ago, and I’ve been renting ever since. If I buy another house, can I get the credit?A: Yes! The credit is for first-time homebuyers and people who have not owned a home within the past 3 years.
