Zillow Advice: Home Buying - has onyone actually received the home buyer tax credit check?

To finish and clarify my ...

Fri, 17 Apr 2009 19:49:00 GMT

To finish and clarify my thoughts from my last answer:

Your closing date will determine which credit you can get. If it was last year during the correct time period, you must claim in on your 2008 taxes and it will be a $7500 loan (still worth taking since it's a 0% loan - put it in a CD and earn a couple % every year, only taking out the $500 needed per year for payment). If it was this year during the correct time period you can claim it on your 2008 or 2009 taxes and it will be an $8000 credit that does not need to be repaid (there are certain conditions in which it would need to be repaid, see the IRS for more info). Whether you decide to claim the $8000 credit on the 2008 or 2009 taxes would be a decision based on whether an income change between the 2 years would affect how much you would get. Personally, I would take the money sooner rather than later since I would qualify for the entire amount this year (I make less than $75,000), and I would rather have that money for saving/emergencies/investing/etc. instead of letting the government hold on to it until next year.

Sam,Please actually read ...

Fri, 17 Apr 2009 19:33:00 GMT

Sam,

Please actually read the text of the stimulus bill, or even just visit the IRS.gov website. If you actually closed between April 8th and the end of last year, you can get the $7500 loan @ 0%, to be paid back over 15 years starting 2 years after the purchase (2010 taxes). If you actually close between Jan. 1 2009 and November 30, 2009, you can ammend your 2008 taxes (form 1040-X, I believe) and get the $8000 credit.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html?portlet=7

http://www.irs.gov/newsroom/article/0,,id=205416,00.html

I'm sure you're not trying to spread false information, but are just misinformed about the situation since it is a fairly complicated change that affected the original version of the credit. Remember, it's based on close date, not filing year.

You don't know what your ...

Fri, 17 Apr 2009 17:25:00 GMT

You don't know what your talking about Sam just like alot of realtors folks out there about this $8,000 tax credit. I would advise you look more into the matter before posting misinformation. If you do the amendment on the 2008 tax year you will not pay it back to uncle sam in the next few years.

If you can afford it, don't ...

Fri, 17 Apr 2009 16:38:00 GMT

If you can afford it, don't use the previously-mentioned correction to your 2008 taxes. The 2008 tax credit is a repayable credit - you will have to pay it back to the government over the next few years. It's just a loan.

If you can wait until your 2009 taxes, the credit will not have to be repaid - in other words, you get to keep it all if you don't sell the home within 3 years.

If you close on a house this ...

Fri, 17 Apr 2009 16:23:00 GMT

If you close on a house this week, you can do an amendment on your 2008 tax that day you close and have your $6,800 to $7,000 of the $8,000 tax credit in about 4 to 5 weeks.

Just wanted to respond to ...

Fri, 17 Apr 2009 04:46:00 GMT

Just wanted to respond to Sam's answer. You can actually receive the check this year by amending your taxes and treating the purchase as if it happened on 12/31/08. You could also wait until next year, but there wouldn't be any point in letting the goverment hold onto that money for you for that long (unless you are making more than the income limit on last year's taxes and would make less money this year).

Sorry I'm not actually answering the question since I haven't bought yet and I don't know any first time buyers that have this year.

The "check" isn't given until ...

Fri, 17 Apr 2009 03:52:00 GMT

The "check" isn't given until you file your 2009 taxes - so no one can receive it until 2010.

One of my clients did receive ...

Fri, 17 Apr 2009 00:45:00 GMT

One of my clients did receive it but it was the older version of $7500..