December 17, 2014. As I mentioned in a previous update, I can't help but compare our long-term 2014 Nissan Rogue SL to the similarly sized 2014 Mazda 5 Grand Touring minivan I now own. Really, though, if tech features are what you're after, there is no legitimate comparison here.
The original first-time homebuyer tax credit provided buyers with a tax credit of up to $7,500. The tax break subsequently was expanded, with a new credit limit of $8,000 for first-time homebuyers and $6,500 for homeowners seeking to move into another residence. But as with all things tax, in order to get the most of this tax benefit, homeowners must follow the Internal Revenue Service rules. Paying back the 2008 tax year claim The original first-time homebuyer tax credit was not a true credit. Rather, it essentially was an interest-free loan from Uncle Sam, and every loan has payback terms. In this case, the credit is to be repaid in 15 equal payments of $500 each tax-filing time, beginning with 2010 returns.
If you have filed your taxes for the most recent year but would like to take advantage of a new credit, such as the $8,000 first-time home buyer tax credit, without waiting for next year, you will need to file an amended income tax return. You cannot file an amended tax return electronically.f you are filing the amendment because you now qualify for the first-time home buyers tax credit, download form 5405 [pdf] and use this form in the same manner to calculate your rebate. Enter the result from line 6 of form 5405 on line 15 of form 1040X. 6. Finish the calculations on 1040X.