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I purchased my first home in 2020 and with HBP, but did not claim the Home Buyer's Amount ($750 tax credit) - can I claim it in my 2021 return?
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Investors and rental owners
Unfortunately, as per our TurboTax article Who Can Benefit From the Home Buyers’ Amount? The Home Buyers’ Amount (HBA) is a non-refundable credit that allows first-time purchasers of homes, and purchasers with disabilities, to claim up to $5,000 in the year when they purchase a home.
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Investors and rental owners
Thank you for your response - Does it make sense to amend my 2020 return to claim the HBA credit?
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Investors and rental owners
If it is beneficial for you to claim the HBA than yes, an adjustment might be in your favor. I would suggest that you complete a new return and enter the same information as the one you filed including your HBA to see the difference. Do not file it – simply look at the numbers and if you feel that it is worth it- such as a higher refund than you can do an adjustment to your filed return. How to Change Your Tax Return AFTER You’ve Filed
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Investors and rental owners
Thank you for the responses, I really appreciate it