Can I fix my mistakes due to stupidity?

[IrishNodak]

What is the name of your state? Colorado

I'm afraid I may have missed out on some of the tax breaks for first time homebuyers. Can I amend my 2006 return in case we are due any refund?

Property Taxes...We closed at the end of June in 2006. Our seller paid the PT for the first half of the year. Our 2nd half of the year wasn't due until Feb. of this year. So we couldn't claim any PT for 2006 correct? We will claim then on our 2007 return right?

Points...I didn't realize we could account for them if they were paid by our seller. Can I change that if necessary?

Is their anything else I may have missed? I realize all that we paid in interest, however since we closed mid year the standard deduction was still larger than the interest plus other itemized deductions unless I screwed up the property taxes or points.

Thanks for any help!

[abezon]

1. Check the final settlement statement for property taxes. Often they are included in the loan, so you don't get an escrow payment in October. Of course, it depends on whether your county collects 2006 taxes in 2005, 2006, or 2007.

2. You can deduct points either all in the year of purchase, or over the life of the loan. Given that you didn't have enough to itemize without points, it might be better to amortize them. For example, if you missed itemizing by $700 & paid $850 in points, your itemized deductions only exceed the standard deduction by $150. Might be better to take a little each year until you sell or refinance, then take the undeducted points.

3. Depending on what you spent for home building materials, you might do better with deducting sales tax instead of CO state taxes paid in 2006. Also, did you have a balance due in 2006 (for 2005)? Did you remember to add it to the 2006 taxes withheld shown on your W2?

4. Most people who move give away tons of stuff to Goodwill. If you kept a list & got receipts, your charitable donations could be significant. A friend of mine ended up donating over $4,000 of stuff (yes, that really was the FMV) when she moved after being in a town house for 10 years. BTW, track this stuff really well this year, too. I told all my clients to deal the clothes out on the bed & snap a picture with their cameras, then print it out & attach it to the receipt & itemized list.