2007-12-17 11:29:41 · 4 answers · asked by angelkelly0228 1 in Business & Finance ➔ Taxes ➔ United States
He did not file head of household, because we lived together and I made more money. He purchased our house in April of 2006 and did not claim the home buyers credit. This year we will be filing jointly so I am hoping for a better refund, but am just wandering about things we missed last year as I prepare for this year.
2007-12-17 11:59:27 · update #1
If he purchased a home in April 2006, and filed as single, it may be that he could have reduced his taxes by itemizing his deductions and taking the home mortgage interest and real estates taxes on Schedule A. As long as his itemized deductions were greater than $5,150, he may benefit from using Schedule A.
You need to re-do his taxes using Schedule A and see if it makes a difference. If it does, he must file Form 1040X amending his original return. He has until April 15, 2010 to do so and claim a refund.
2007-12-17 18:06:17 · answer #1 · answered by ninasgramma 7 · 0⤊ 0⤋
If you're talking about selling your home for the first time and taking the exemption from the capital gain, just file a 1040x. If you were married by Dec 31 of the same year, you get to file a joint return if you want and double that exemption.
This could mean a wedding gift from the IRS. How often does that happen???
2007-12-17 11:52:56 · answer #2 · answered by Anonymous · 0⤊ 0⤋
There are no tax incentives for being a first time homebuyer besides being able to deduct interest, points and real estate taxes.
Depending on when he closed, there may have been no tax benefit to buying a home on his 2006 return. You may see a difference for 2007 though.
If he closed early in 2006, someone else should probably look at the return to see if he missed anything.
2007-12-17 11:35:54 · answer #3 · answered by Wayne Z 7 · 2⤊ 0⤋
First time home what? It is not too late to file an amended return to fix it.
2007-12-17 11:34:26 · answer #4 · answered by Anonymous · 2⤊ 0⤋