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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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8,000 first time home buyer credit
we are closing this week...once we close how do we go about getting the credit? you don't have to wait until tax time?
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Posted 10/20/09 9:37 PM  |
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marycpa
LIF Adolescent
Member since 7/07 635 total posts
Name:
Mary
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Re: 8,000 first time home buyer credit
You have to wait until you file your 2009 tax return. It's reported on your tax return and you receive the money in the form of a refund.
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| Posted 10/20/09 10:03 PM |
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SnickNNick
In our new house!!
Member since 8/08 2119 total posts
Name:
Nicole
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Re: 8,000 first time home buyer credit
We were able to file an amendment to our 2008 return and we got our check already. We purchased on May 1 and then DH filed all the paperwork to amend our return, then we got the check probably in Sept.
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| Posted 10/20/09 10:52 PM |
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Lyssa
LIF Zygote
Member since 10/09 29 total posts
Name:
Lyssa
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Re: 8,000 first time home buyer credit
Hello TeamBurns, I am a Realtor and I just wanted to answer your question about the $8000 tax credit. You do not need to wait until next year to get your $8000, you can just ammend this years tax credit through your accountant, and you will get your check in just a few weeks. I am so happy that you were able to take advantage of that program...It really is like getting Free money. Congratulations on your purchase
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| Posted 10/20/09 11:09 PM |
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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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Re: 8,000 first time home buyer credit
Posted by marycpa
You have to wait until you file your 2009 tax return. It's reported on your tax return and you receive the money in the form of a refund.
really? a couple of my friends just closed this year and got it!
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| Posted 10/21/09 12:03 AM |
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Cpt2007
A new love!
Member since 1/08 5946 total posts
Name:
Liz
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Re: 8,000 first time home buyer credit
you can do one of two things--
1. either wait to file for it this coming winter with your 2009 taxes or
2. file an amended 2008 return counting the credit and you will get it back sooner.
Just be aware that b/c you are coming close to the end of the credit, others are likely also filing amended returns so it may take a while to get it back.
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| Posted 10/21/09 6:45 AM |
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alli3131
Peanut is here!!!!!!
Member since 5/09 18388 total posts
Name:
Allison
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Re: 8,000 first time home buyer credit
I thought that you could only amend 2008 if you closed on the house by a certain date....I think it was during the summer....at this point in the year I think you have to claim it on 2009 taxes.
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| Posted 10/21/09 8:29 AM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: 8,000 first time home buyer credit
You can amend your 2008 return OR wait until you file your 2009. It's your choice, for some people who may be limited by the income phase out it makes sense for them to wait because they may have made less money in 2009 than 2008.
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| Posted 10/21/09 9:50 AM |
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Janice
Sweet Jessie Quinn
Member since 5/05 27567 total posts
Name:
Janice
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Re: 8,000 first time home buyer credit
we did not want them holding our money...so we filed for it back in may on turbo tax free of charge.
good luck!
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| Posted 10/21/09 10:20 AM |
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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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Re: 8,000 first time home buyer credit
Posted by KittyTheStray
You can amend your 2008 return OR wait until you file your 2009. It's your choice, for some people who may be limited by the income phase out it makes sense for them to wait because they may have made less money in 2009 than 2008.
Thanks Kara
How do I amend? I think we will do this since we are making tons of changes to the house
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| Posted 10/21/09 10:34 AM |
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skinny
3 boys and a princess!
Member since 11/08 8178 total posts
Name:
Momma
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Re: 8,000 first time home buyer credit
Posted by TeamBurns
Posted by KittyTheStray
You can amend your 2008 return OR wait until you file your 2009. It's your choice, for some people who may be limited by the income phase out it makes sense for them to wait because they may have made less money in 2009 than 2008.
Thanks Kara
How do I amend? I think we will do this since we are making tons of changes to the house
I had an accountant do it. He charged $150. I usually do my own taxes but was having problems trying to complete the amended forms. Well worth the $!
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| Posted 10/21/09 10:41 AM |
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Jessah
I love my dogs :)
Member since 2/08 1344 total posts
Name:
Jess
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Re: 8,000 first time home buyer credit
Posted by skinny
Posted by TeamBurns
Posted by KittyTheStray
You can amend your 2008 return OR wait until you file your 2009. It's your choice, for some people who may be limited by the income phase out it makes sense for them to wait because they may have made less money in 2009 than 2008.
Thanks Kara
How do I amend? I think we will do this since we are making tons of changes to the house
I had an accountant do it. He charged $150. I usually do my own taxes but was having problems trying to complete the amended forms. Well worth the $!
Kara(kittythestray) is my wonderful accountant so I shall be using her
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| Posted 10/21/09 10:52 AM |
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KittyGags
LIF Adult
Member since 7/09 5614 total posts
Name:
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Re: 8,000 first time home buyer credit
Just to clarify, you don't get this if you make a certain amount of money right?
Also, does the house have to cost b/t "x" and "x"?
And if I owned a co-op before marrying DH, do I still count as a first time home buyer?
TIA!
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| Posted 10/21/09 10:52 AM |
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HeatherRose
Life is Good :)
Member since 11/07 6605 total posts
Name:
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Re: 8,000 first time home buyer credit
Posted by KittyGags
Just to clarify, you don't get this if you make a certain amount of money right?
Also, does the house have to cost b/t "x" and "x"?
And if I owned a co-op before marrying DH, do I still count as a first time home buyer?
TIA!
you do not qualify as a first time home buyer but if he never owned a home he qualifies for it. so you can still get part of the credit for him
and i don't believe there is a price that the house must fall under. but you must make under 150K per year to get the full amount
Message edited 10/21/2009 11:29:34 AM.
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| Posted 10/21/09 11:29 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: 8,000 first time home buyer credit
You can definitely file an amendment. It's called at 1040X form to be exact. Our accountant filled it out for us and then all we had to do was sign and mail it in.
We filed as soon as we moved in (in May) and got the check about 6 weeks later.
The check was a little more then $8,000 too b/c they give you interest
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| Posted 10/21/09 12:35 PM |
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ave1024
I Took The Wrong Road
Member since 12/07 6153 total posts
Name:
That Led To The Wrong Tendencies
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Re: 8,000 first time home buyer credit
Posted by HeatherRose
Posted by KittyGags
Just to clarify, you don't get this if you make a certain amount of money right?
Also, does the house have to cost b/t "x" and "x"?
And if I owned a co-op before marrying DH, do I still count as a first time home buyer?
TIA!
you do not qualify as a first time home buyer but if he never owned a home he qualifies for it. so you can still get part of the credit for him
Actually this isn't true as in this scenario, the husband wouldn't qualify either.
When the IRS checks qualification, they check the applicant AND the spouse (regardless if the spouse is on the mortgage/deed/whatever or not).
Since the wife is not a first time homebuyer, the husband automatically doesn't qualify.
IRS Link
S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?
A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.
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| Posted 10/21/09 6:03 PM |
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