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Some tax "stuff"........
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jakescia
Posted 2/22/2009 12:43 (#618543 - in reply to #618516)
Subject: Caution about amended returns.....I just read the other posts..........



Oskaloosa, Iowa 52577

MOST of the time when there are carryover provisions, such as the way the summaries I read from CCH described the capacity to get the refundable taxes in 08 if a house is purchased in 09------------------the linkage is between UNFILED returns.

I don't know why........I have always suspected that such is so that the IRS computers can kick out the data without possibly running into statute of limitations problems.

Point--------I would bet that the refundable taxes for an 09 house purchase CANNOT be obtained by filing an amended 08 return, unless such is filed within the regular filing period of the 08 return, EXCLUDING extensions..........well, maybe INCLUDING extensions (IF an extension was filed---otherwise it will be EXCLUDING extensions).

Reason............when a taxpayer files a return........that triggers a 3-yr period for filing amended returns, and getting a refund.

If some nasty, relatively-knowledgeable tax person played the statutes game, and filed an amended return just before the 3-yr deadline, IRS might not have time to catch it, and note that the relevant item really related to another tax year.  Therefore the policing mechanism would be short-changed.

If IRS makes the capacity to get the refundable taxes on an extended 08 return, then they would have three years from that filing date in which to audit the return, and coordinate it with activities that occurred in a different tax year.

No reason to guess about this situation..........the details of the law will be publicized eventually, so that the "summaries" can go poof, and a taxpayer can act accordingly.

If I were looking to buy a first time home, and could possibly get the refundable taxes with the filing of the 08, as compared to waiting until Jan 2010...........I would pay my owed taxes for 2008 at April 15, 2009...........and file an extension to cover up to October 15, 2009..........and be done with it.  That is maximum protection.

But........note...........the final details of the law might NOT allow getting the taxes with an extended return........look for the phrase "including extensions" when the filing date is discussed in the final rules.

I NEVER rely on summaries........even those from Commerce Clearing House OR the IRS.......until the laws themselves, as published, have had a chance to be scrutinized by the tax gurus throughout the country, and there has been time for their comments to be publicized.

The IRS is NOT obligated to stand by anything they publish.....on their website or in their publications.............they are only obligated by what a Supreme Court judge says.  Resultantly, best not to ASSUME.

 



Edited by jakescia 2/22/2009 12:51
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