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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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New Home Owner Tax Credit
We bought a home this year and it was explained to me by my tax-preparer that we would receive the $7500 in our tax retruns. Now someone told me that it is just a credit towards what we have to pay. Does anyone know the answer to this?
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Posted 1/6/10 12:12 PM  |
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OStewarts
LIF Adult
Member since 11/07 1096 total posts
Name:
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Re: New Home Owner Tax Credit
First, I thought it was an $8,000 federal credit rather than a $7,500 credit. Anyway, here's my understanding, a federal credit means that if you will receive up to 8k back, but only if you actually paid 8k in federal taxes. If you only paid 5k, you're only going to get 5k back.
Message edited 1/6/2010 12:18:52 PM.
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| Posted 1/6/10 12:18 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: New Home Owner Tax Credit
I was told its 7500, maybe because we bought a co-op?
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| Posted 1/6/10 12:30 PM |
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Nifheim
allo
Member since 1/09 5476 total posts
Name:
Jennifer
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Re: New Home Owner Tax Credit
Error read that completely wrong sorry!
Message edited 1/6/2010 12:44:33 PM.
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| Posted 1/6/10 12:37 PM |
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TreAnt427
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Member since 8/06 8652 total posts
Name:
Tracy
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Re: New Home Owner Tax Credit
It comes in your tax return. So if you owe at the end of the year the credit will be less what you owe.
If say you are getting $2000 back - you will get a check for $10000
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| Posted 1/6/10 12:43 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: New Home Owner Tax Credit
Posted by TreAnt427
It comes in your tax return. So if you owe at the end of the year the credit will be less what you owe.
If say you are getting $2000 back - you will get a check for $10000
Exactly. We got it last year. It comes with your tax refund. It's a nice credit to get!
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| Posted 1/6/10 1:22 PM |
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natasa
Girls Rule
Member since 2/07 2035 total posts
Name:
natasa
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Re: New Home Owner Tax Credit
Posted by Mici C
Posted by TreAnt427
It comes in your tax return. So if you owe at the end of the year the credit will be less what you owe.
If say you are getting $2000 back - you will get a check for $10000
Exactly. We got it last year. It comes with your tax refund. It's a nice credit to get!
How long do you get this credit for?
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| Posted 1/6/10 1:45 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: New Home Owner Tax Credit
link to all the info you need on the home buyers credit on the IRS website
there are also link on the left you can click.
its 8k unless you bought in 2008 when it was 7500 and its not a redund its an interest free loan
you can ammend last years tax return to get the refund or you can wait until you file your 2009 taxes to claim it
if you owe 5,000 on that tax return they would use the credit towards what you owe and youwould only get the difference of 3,000
if you owe 10,000 it would reduce what you owe to 2,000
if you owe nothing and should recieve a refund, it would be the 8k + the refund
Message edited 1/6/2010 4:27:59 PM.
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| Posted 1/6/10 2:17 PM |
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THUMPER
LIF Adolescent
Member since 5/05 509 total posts
Name:
Laurie
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Re: New Home Owner Tax Credit
I bought in August of 2008, only received the max of $7500.00. Is there something I missed in getting $8000.00? Also we were told we have to pay back the 7500.00.
Message edited 1/6/2010 4:02:53 PM.
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| Posted 1/6/10 4:01 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: New Home Owner Tax Credit
Posted by THUMPER
I bought in August of 2008, only received the max of $7500.00. Is there something I missed in getting $8000.00? Also we were told we have to pay back the 7500.00.
sorry i corrected my post in 2008 it was an interest free loan of 7500 and you have to pay that back. in 2009 its a refund of 8000
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| Posted 1/6/10 4:27 PM |
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THUMPER
LIF Adolescent
Member since 5/05 509 total posts
Name:
Laurie
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Re: New Home Owner Tax Credit
Thank You for the new info. I should have waited a few months. But it is what it is.
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| Posted 1/6/10 8:01 PM |
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JennB
My princess <3
Member since 5/09 2473 total posts
Name:
Jenn
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Re: New Home Owner Tax Credit
Ok thanks for clearing that up!
My tax-preparer had explained it like that, we did buy in 2009 so I guess we will get the 8,000. My dad had told me we dont actually get the $$ so I freaked a little because we have been thinking we were getting that $ since we closed in June.
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| Posted 1/7/10 2:52 PM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: New Home Owner Tax Credit
Posted by JennB
Ok thanks for clearing that up!
My tax-preparer had explained it like that, we did buy in 2009 so I guess we will get the 8,000. My dad had told me we dont actually get the $$ so I freaked a little because we have been thinking we were getting that $ since we closed in June.
you can get it now by amending your 2008, or just wait to file you 09. Personally I would just wait and file as early as you can for 09, its easier and you have to do them soon anyway. Getting the actually refund is taking awhile now though. Make sure you provide a copy of your closing documents when you file for it, and I highly recommend using a CPA to file
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| Posted 1/7/10 7:41 PM |
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