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Old 03-18-2014, 01:15 PM
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First time homebuyer help

Hi, my wife and I purchased our first home in Wisconsin in October 2013. I've heard that we could claim the purchase this year, or wait until next year if that benefits us. I don't fully understand what that means, because from some of the research I've done it doesn't seems like we're even eligible for a first time homebuyer tax credit.

1. Is it even possible to wait a year to claim the purchase of our home, or are we required to claim it this year?
2. If it is possible, what would be the benefit of waiting until next year to claim the purchase? The only thing I can think of is that it could help to drop us into a lower tax bracket, but are there any other potential benefits? Again, this would only apply if we're eligible for a tax credit, which I'm unsure of right now.

Any insight into this type of scenario would be greatly appreciated.

Thank you



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