When do you get the $8000?

So now that it's probably extending to April 30, I'm wondering how (or if) I should alter my budget to include the $8000. Do you not get it until you file the next year's tax return, so it's pretty much "found money" a year after you move into the house? Or do you get it sooner, and it can help with moving/furnishing costs?

Re: When do you get the $8000?

we filed for it immediately and got it 6 weeks later

Re: When do you get the $8000?

It's free cash that you'll get when you do your taxes.

don't count it into anything... take the $$ and put it away for an emergency.


that's my advice, anyway.

Re: When do you get the $8000?

our accountant said to wait until tax time he doesn't want us to amend or said we can't. anyway we are using it as emergency money saved. After closing we pretty much will be drained.

Re: When do you get the $8000?

once you close you can either amend your taxes from this past year or wait to claim it in next years taxes.

We amended ours and got our check about 6 weeks later

Re: When do you get the $8000?

If you do not amend your taxes from last year and use it towards this year, please keep in mind:

It is a tax credit. You will compute your taxes like you normally do and then add 8k as if you had paid it in tax. Whatever you over paid you get refunded.

Be careful because if you would have owed, you may not get a check for 8k. Example, if you would have owed 2k, you will now get a check for 6k. Part of your 5k credit went towards the 2k you otherwise would have paid. Also, if you just bought your house this year, you don't have a full 12 months of mortgage, etc. to write off. You might pay a little more in taxes this year than next year when you have a full 12 months of payments to factor in.

We took the credit available last year and this happened to us. We didn't get a check for $7,500, we got a check for $5,000 because DH always owes on taxes!!!!

So just be careful that you don't spend the full 8k before you have it.