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Level 1
posted Feb 15, 2022 9:11:54 PM

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?

Home in BC

0 4 1311
4 Replies
Level 3
Feb 16, 2022 12:32:51 PM

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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Level 1
Feb 16, 2022 12:36:33 PM

Thank you for your response - Does it make sense to amend my 2020 return to claim the HBA credit?

Level 3
Feb 16, 2022 4:51:28 PM

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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Level 1
Feb 16, 2022 9:40:52 PM

Thank you for the responses, I really appreciate it