8k dollar home buyer credit (houses, homebuyer, closing)

[cabin]

Bought a home about two months ago and still have not received my credit yet. Filed a day after closing. Does anyone know how long this normally takes? Thanks.

[justNancy]

Originally Posted by cabin

Bought a home about two months ago and still have not received my credit yet. Filed a day after closing. Does anyone know how long this normally takes? Thanks.

If you filed the proper forms, and you're sure you qualify for the credit, then I'd call the IRS,
since it has been 2 months.

1-800-829-1040
Mon-Fri 7am to 10pm

I've called with questions about my tax returns and they've actually been friendly!

[LCM]

I thought the credit was to be claimed on your 2009 tax returns (or your 2008 if you hadn't already filed by the time you purchased the house) and then it reduced your total tax bill. So any surplus would be mailed to you as part of your tax refund next year.

I'd ask an accountant/tax professional.

[gvsteve]

Originally Posted by LCM

I thought the credit was to be claimed on your 2009 tax returns (or your 2008 if you hadn't already filed by the time you purchased the house) and then it reduced your total tax bill. So any surplus would be mailed to you as part of your tax refund next year.

I'd ask an accountant/tax professional.

My friend who just bought a house just told me this, that it will show up in next year's tax refund.

[cabin]

You get a check for 8k in the mail. You file an addendum to your last tax return. I just got a hold of them and they said the check is in the mail. Sweet!

[ckeegan]

Originally Posted by LCM

I thought the credit was to be claimed on your 2009 tax returns (or your 2008 if you hadn't already filed by the time you purchased the house) and then it reduced your total tax bill. So any surplus would be mailed to you as part of your tax refund next year.

I'd ask an accountant/tax professional.

You are also allowed to amend your 2008 return to reflect the tax credit. That is probably what the OP is referring to.

[furmanpals]

This $8,000 credit is effective Jan. 1, 2009 for houses purchased in the year 2009. You receive the credit when you complete your 2009 tax return or you amend your 2008 return. You will need to complete IRS Form 5405 for the credit for 2009. Go to the IRS website (www.irs.gov) for more info. The money just doesn't show up in the mail.

[ckeegan]

Originally Posted by furmanpals

This $8,000 credit is effective Jan. 1, 2009 for houses purchased in the year 2009. You receive the credit when you complete your 2009 tax return or you amend your 2008 return. You will need to complete IRS Form 5405 for the credit for 2009. Go to the IRS website (www.irs.gov) for more info. The money just doesn't show up in the mail.

Somewhat incorrect, see above post, and read the following, which is from the IRS website:

For 2009 Home Purchases

The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

[NoodlesKnowles]

does filing an amended return cost me anything? I'd really love to get that 8K early, I could use it!

[cabin]

it didnt cost me a thing - other than overnight fed ex charges cause i wanted to get it in QUICK.