$8000 Tax Credit on Owner Financing

[tfl74]

Has anyone provided owner financing with your buyer being able to take advantage of the $8000 first-time home buyer tax credit? If so, would you be wiling to share what steps were involved?

Thanks is advance.

Tom

[mcwagner]

yep

step 1: buy a house

step 2: amended 08 return to take the credit.

financing method is irrelevant.

[herbster]

I attempted twice but the deals fell through, but here's what I know.
Same as mcwagner for amended return or for 2009 return with the extension would require irs form 5405(I think) and a settlement statement attached. For more info on the credit visit-
www.federalhousingtaxcredit.com or
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Herbster

[Dave T]

At this late date, amended 2008 returns are taking about 20 weeks to process.  You can get the credit much quicker by filing an early 2009 return.