I have done many amended 2008 tax returns for clients seeking the first time homebuyer tax credit. This credit is scheduled to end on November 31, 2009. There ahs been a whole lot of discussion about what happens beginning December 1.
There is a proposal I the senate right now that would raise this credit amount to $15,000. It would also eliminate the requirement for having not owned a home in the past three years. This proposed version would also make the credit non-refundable. This means that it is limited to the amount of federal income tax you owe. We’ll keep you posted as this issue develops.