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Need Help!!! ..1st Time Home Owner Tax credit
So we went to go have our taxes done. The only thing thats been on my mind for months, is this tax credit. We bought Nov. 08. I have no idea why, but while we were there, it totally left my mind?!??! and my tax lady did not even mention it. The moment we left, i freaked, how could i have forgotten>?? how did she not mention it??!?! So i call her immediately, and she says she was not aware of anything regarding this??!?!?!?! She will look it up and "get back to me" .
Since, obviously neither of us has a clue, can someone on here fill me in.
Do we qualify, for how much? how do we go about getting it, etc??? Did you get this money yet ?
I've heard so many different things, im soooo confused, and she is NO HELP.
Any advice will be GREATLY appreciated !?!?
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Posted 3/23/09 10:54 AM  |
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Prudential Douglas Elliman Real Estate
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Check out this link:
http://www.federalhousingtaxcredit.com/home.html
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| Posted 3/23/09 11:06 AM |
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: Need Help!!! ..1st Time Home Owner Tax credit
We decided that we aren't getting it since it will have to be repaid back. It's really just a loan and I'd rather not owe anything. I'm pretty sure it's 0 interest, but we're not doing it anyway.
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| Posted 3/23/09 11:16 AM |
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Re: Need Help!!! ..1st Time Home Owner Tax credit
thank u so much !
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| Posted 3/23/09 11:17 AM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by SuzyQ
We decided that we aren't getting it since it will have to be repaid back. It's really just a loan and I'd rather not owe anything. I'm pretty sure it's 0 interest, but we're not doing it anyway.
new tax credit is 8000 and does NOT have to be paid back!
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| Posted 3/23/09 12:23 PM |
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drewsgirl
My loves
Member since 5/05 3221 total posts
Name:
Amanda
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by cindy104
Posted by SuzyQ
We decided that we aren't getting it since it will have to be repaid back. It's really just a loan and I'd rather not owe anything. I'm pretty sure it's 0 interest, but we're not doing it anyway.
new tax credit is 8000 and does NOT have to be paid back!
yeah but this is only if you bought in 09, if you closed in 08 it is 7500 and you pay it back over the 15 years.
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| Posted 3/23/09 12:25 PM |
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cindy104
This is my "Baby"
Member since 6/08 1522 total posts
Name:
Cindy
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Re: Need Help!!! ..1st Time Home Owner Tax credit
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| Posted 3/23/09 12:26 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Need Help!!! ..1st Time Home Owner Tax credit
We closed in June '08 and we got it.
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| Posted 3/23/09 12:41 PM |
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by Mici C
We closed in June '08 and we got it.
Can you send me a link or any info on this ?
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| Posted 3/23/09 1:22 PM |
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CaMacho
Sisters :)
Member since 7/06 15112 total posts
Name:
Jess
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by theburbshereicome
Posted by Mici C
We closed in June '08 and we got it.
Can you send me a link or any info on this ?
It's the same for everyone that closed in '08 that is a first time home buyer. $7,500 tax credit that you pay back over time like an interest-free loan. There are income limits (have to make under $150k for joint return i think), here is the link from irs.gov: LINK
Where did you get your taxes done? They should have told you about it and should be the ones giving YOU the info! Tell them to check with the IRS. 
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| Posted 3/23/09 1:29 PM |
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Thats the most frustrating part, SHE, being an accountant, should KNOW !
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| Posted 3/23/09 1:31 PM |
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Cheeks24
Living a dream
Member since 1/08 8589 total posts
Name:
Cheeks
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by CaMacho
Posted by theburbshereicome
Posted by Mici C
We closed in June '08 and we got it.
Can you send me a link or any info on this ?
It's the same for everyone that closed in '08 that is a first time home buyer. $7,500 tax credit that you pay back over time like an interest-free loan. There are income limits (have to make under $150k for joint return i think), here is the link from irs.gov: LINK
Where did you get your taxes done? They should have told you about it and should be the ones giving YOU the info! Tell them to check with the IRS.
Send your accountant the link to the IRS site and tell her to file for it. You pay $500 back a year. It's really nothing considering that you'd get back more than that each year.
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| Posted 3/23/09 2:47 PM |
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SuzyQ
Mama to 3!?!?!?
Member since 7/06 8069 total posts
Name:
Susan
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by cindy104
Posted by SuzyQ
We decided that we aren't getting it since it will have to be repaid back. It's really just a loan and I'd rather not owe anything. I'm pretty sure it's 0 interest, but we're not doing it anyway.
new tax credit is 8000 and does NOT have to be paid back!
we bought in 08. As someone said above, I'm almost positive it has to be paid back.
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| Posted 3/23/09 2:53 PM |
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TheWhiteRabbit
Thru the rabbit hole!
Member since 7/06 4412 total posts
Name:
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Re: Need Help!!! ..1st Time Home Owner Tax credit
There are 2 first time homebuyer credits.
There is one that was effective from 4/08 - 12/31/08. That one is $7500 and it is an interest free loan that needs to be paid back over 15 years.
The new one is effective from 1/1/09 - 11/30/09. It is $8000 and does not need to be paid back.
There is no provision to 'grandfather in' the old people, so if you bought in 08 you need to pay it back over time, if you bought in 09 you do not.
The problem for us as tax accountants is that this came up during tax season and it's hard for us to keep up with new legislation during tax season. There is just so much tax code and credits to remember however, when you brought it to her attention she should have bent over backwards to fix it for you and learn about it.
If you want to take advantage of it, just have your accountant amend the tax return (which she should be doing for free) and add the form 5405.
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| Posted 3/24/09 7:19 AM |
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Re: Need Help!!! ..1st Time Home Owner Tax credit
OK, spoke to her last night. There IS an appication (5405) that needed to be done and sent in. We did not qualify for the whole 7500, due to our combined salaries, but something is better than nothing.
What bothered me most is when i mentioned it to her she HAD no idea. I mean i dont know much about new tax laws either, but COME ONNNNN its been in the news and on covers of papers for months and she knew NOTHING about it?? Then sounded like i was bothering HER by bringing it up. I thought that was strange.
Makes me wonder what else she has been missing.
I will be looking over all my tax documents A LOT more carefully from now on. Just a heads up for EVERYONE to know what they are entitled to and not depend on others ! (i.e. PMI also can be deducted, she missed that too)
Thank you so much to everyone that responded !
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| Posted 3/24/09 9:44 AM |
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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: Need Help!!! ..1st Time Home Owner Tax credit
Posted by theburbshereicome
What bothered me most is when i mentioned it to her she HAD no idea.
Probably because it has to be paid back and it really isn't that hot of a deal. It's just a loan.
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| Posted 3/24/09 11:18 AM |
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LINewbie
Tigger the the Rescue!
Member since 8/08 5647 total posts
Name:
LB
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Re: Need Help!!! ..1st Time Home Owner Tax credit
Posted by ave1024
Posted by theburbshereicome
What bothered me most is when i mentioned it to her she HAD no idea.
Probably because it has to be paid back and it really isn't that hot of a deal. It's just a loan.
Maybe not to you, but it is a big deal to me.
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| Posted 3/24/09 8:09 PM |
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Re: Need Help!!! ..1st Time Home Owner Tax credit
And to me also...7500 laddering in a cd account over 10 years, yup big deal :)
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| Posted 3/24/09 8:16 PM |
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