Home
Welcome About SBI
My Blog
FREE Newsletter
Learn Bookkeeping 101
SBI eLearning
Definitions
Q&A Bookkeeping Q&A
Tax Questions
Tools Basic Forms
Free Tests
Helpful Links
Shop Supplies
File Your Taxes
Read Articles
Accounting News
Bookkeeping News
Income Tax News
Explore Jokes
Motivation
Testimonials
Make A Donation
[?] Subscribe To This Bookkeeping Site

XML RSS
Add to Google
Add to My Yahoo!
Add to My MSN
Subscribe with Bloglines


Complicated!!!

by Eric
(Crete, IL, USA)




I have a pretty complicated set of questions related to tax credits. I bought a home in 2008 that required some extensive repair. My tax professional at the time urged me to apply for the first time home buyer credit offered for that year. I did and opened up pandora's box to an audit. I was not living in the house yet, and in fact was in a construction loan to rehabilitate and reconstruct the home. IRS denied me the credit due to the fact that I was not living there at the time of credit application. Now it had been almost 2 years and the house was finally complete and habitable. I am now recently living in the home and have changed all my legal responsibilities to this address. Given that I was already denied the credit once, is it possible to apply for the credit on a past tax year, despite the folly? Basically under what circumstances would I still be eligible, if at all? I am about to file my 2010 tax return and was wondering if it were worth my while to try and ammend past returns? Anyone have some insight or a definitive answer on this or had any instance similar to this that might put me at ease?

Click here to post comments.

Join in and write your own page! It's easy to do. How?
Simply click here to return to Income Tax Questions
.






Follow hornefncl on Twitter




FREE Offers




Service Selling Masters Course
The Service Sellers Free Masters Course

Paychex® makes it simple to submit & process your payroll. Free Offer!

PrintPal offers free shipping on all US orders

Great Buy 2, Get 1 Free Deals on Supplies at OfficeMax.com

Exclusive Discounts


Web-Based Business Plan Application - Only $99.00





Spring Savings! $7.49 .com domains at GoDaddy.com!





Full Color Printing from PsPrint


Yahoo! Small Business - Web Hosting


RingCentral Mobile - 40% Off First 3 Months





Business & Computer Checks 50% off Bank Prices at Carousel Checks