Details on First-Time Home Buyer Tax Credit

I have already filed my taxes for 2008. My scheduled closing for our first home is May 15th. Anyone know if I can file an amendment and get the 8k back this year?

i just got married in 2008. i’m looking to buy a house. but my husband has owned a rental property for 10 years. does anyone know if i will quilify for the tax credit. Also i’m buying the home on my own he will not be on the loan.

I closed on a mortage in Mid December 2008, Do I qualify for the first time home buyers tax credit.

Okay, so I closed on my first home in December 08. I was hoping to get in on the $7500 credit BUT when I found out that it must be repaid beginning in 2010 I decided to pass on it. (I didn’t need the money THAT bad.) So NOW I find out that if you bought after Jan 1st you get $8000 that you do NOT have to repay. That is complete BS! You mean to tell me, that if I would have closed a week later (in Jan) I could get $8K and NOT repay it? Good thing I decided NOT to take the 7500 and get stuck repaying that for the next 15 years! What a lame situation! Good job Obama, way to f^ck everybody who bought early.

What is the lead time to recieve your tax credit check if you filed for an amendmend?

Per Charles post on April 9, 2009.

Yes Obama did f^^k us over….not just that the new 8k tax credit states that you can buy a house and get a credit, but you don’t qualify if buy a house that is related to you…what is the difference. My parents want to move and sell their house, but my brother has offered to buy it and live there. That is not fair!!!!!! So beware of all the terms before claiming it. Because they say you don’t have to pay it back, but you can’t sell your house within a three year time frame.

What if my husband and I purchased our home on Dec. 31st, 2008.
Took the first time home buyers interest free tax credit and now I no longer live in the home?

question….my husband just bought this home last year in 2008. he never owned a home before. it is in his name only. I owed a home before we were married and it was in my name only. i never sold it i lost it in a bk. so would he qualify?

I closed on my home at the end of April and submitted my amended return in June. IRS received it on the 9th (I always send by certified mail) I called the IRS two weeks ago to check the status. All they can say is that it was received and is in processing. I know of 2 people who closed end of June and have gotten theirs already. Coming on week 10 and haven’t since anything. This will be the first time anything like this has came our way, as we make too much to get most tax credits, and too little to take advantage of others. I already got my return this year, what it the world is taking them so long to look at 3 pages

Someone please tell me it’s true…my 25 yr old daughter and I purchased our first home in Oct 2008 and took the credit, then 3 months later it’s $8,000 and doesn’t have to be paid back. I am a United States Air Force Veteran and had I known it was going to change, we would have waited to buy, now at 25 yrs old, she will have more debt…thanks for any information you can provide.

I BOUGHT A HOME ON MARCH 7TH 2008. WONDERING IF I CAN STILL GET ANYTHING BACK LIKE THE 7500 OR SOMETHING. AND WHO I SHOULD SPEAK TO BOUT IT? THANKS

My husband and I purchased our home on April 15, 2008 – barely making the beginning of the first $7,500 “credit”. Of course we were slightly peeved that by the end of the year, people were getting a true credit of $8000.

Today I was reading about the new homebuyer credit “extension & expansion” legislation that is about to go through that will be extending the $8000 credit dates and offering new $6500 credits to others. Does anyone know if this new legislation will affect those of us with the original $7500 interest-free loan? Any chance it would forgive that “debt”??

hello can anyone tell me how long it takes to get the 7500 from the irs once they have written you a letter saying its under review ?

I bought my home from a women who posted a add on craigs list.FSBO and i got it.she went on line and got legal papers drawn up and she filled them out and we sighned and got noterized,but was not recorded.She did this to save me the closing costs.I went to H and R Blook and they charged me $109.00 to do the ammended form and said it would take 3-6 months to get my refund.I heard if the home didnt go threw closing i coulnt get the refund.Does any one know if thats true,and dont you think H and R Blook should have known that?Also i called and they said at the IRS that my papers have been there seince Oct.8th,2009 and were being revued.What does that mean?Will i get it or not,and if not should i get a refund from H and R?Thanks,Tammy

I bought my house in May of 2008, filed my rebate and still have not heard anything from them. Is there something else I need to do?

I purchased in Sept of 2008. I am a single dad and get no support from ex. Kids and I have not found one program to help us. I make a single middle class income. We took the credit to pay for washer dryer etc. I see millions going to someone or some bank or some car company, but my family has not seen anything. Now my student loans have skyrocketed, my credit card companies are hitting me with more fees, my health insurance has gone up, and secretly groceries have tripled but no one says anything. This credit not being extended to those of us that first took part in the program is a disgrace and I regret having to have had to use it. The new credit is open to all home buyers. The only ones who can not benefit from this program are those who were the first to trust it. And here is the only place i can vent… maybe 1 person will read this.
Paul powerlinep on facebook.

I’m a 45 year old divorced father of four. In January of 2006 I quit claimed all interest in the home my ex wife and I owned and lived in. Three and one half years later, I was debating whether to renew my annual lease on an affordable apartment in a convenient location. My landlord, a realtor, told me I’d be crazy NOT to take advantage of the new first time home buyer credit being offered.

I looked into it. I clearly qualified as a first time home buyer. I knew of a nice little house for sale in a neighborhood I liked. I didn’t have much money for a down payment though. I heard of a local bank offering to lend downpayment money to borrowers qualifying for the first time home buyer credit. Everything was lining up! I got pre-qualified, made an offer, got it accepted, and scheduled a closing.

In June of 2009 I became a home owner. I paid $65,000 for the house. I borrowed the 10% downpayment in a balloon loan- to be paid when the tax credit came in 6 to 8 weeks. This may seem like the kind of borrowing that got the country into trouble, but the house appraised well above the purchase price, and with the $6500 credit, I’d be in a great equity position in no time!

Two months later I’d heard nothing from the IRS. I went online to check the status. It showed nothing. I called a toll-free number and was put on hold for twenty minutes! You never get those minutes of your life back!

Three months later I called again. I learned that the IRS was overwhelmed by applications for this first time home buyer credit. The Economic Stimulus was doing some stimulating. Things were backed up. The balloon loan came due. I extended it for another six weeks, (at 13%)

Four months later I got a letter from the IRS. My credit was denied. Their records showed that I’d owned a home within the three year period preceding the purchase of the qualifying home. Their records were wrong, but that didn’t matter much. the letter was final. My only option, it stated, was to appeal in federal tax court!

What???? Once I settled down, I began researching. I found phone numbers that got me directly to IRS agents. (See the page: IRS contacts) I made calls and surprised a few bureaucrats. I also filled out a form to procure an IRS tax advocate. If you are having trouble getting your credit, click here to FILL OUT THIS FORM: !!

I got them to reopen my case. I called my advocate every week. I felt like, maybe she was helping- maybe she was pacifying be to get me off the phone.

Six months later, I closed out the year with a report from the IRS. The advocate had told me nothing of the report landing in my mail box- the report informing me that A. My First Time Home Buyer Credit was denied. B. A review of my 2008 tax filing revealed an underpayment of $1600.00!

Wow! Both items were in error. Try telling the IRS that!

I’ve since refinanced the balloon loan into a second mortgage. Now I’m paying two loans and property taxes, and utilities, AND maintenance! Thanks Obama. You dangled a carrot. I jumped from my affordable apartment. The carrot got yanked away and here I am. The irony of a first time home buyer home going into foreclosure is rich and tragic.

Have I quit fighting? No Way!

1. I contacted my U.S. Congressional representative. I encourage anyone having trouble of this sort to do the same. After signing a release of information, the office of my congressman will be advocating for me. A file stamped: CONGRESSIONAL INTEREST might just float to the top of the pile.

2. I submitted paper copies of all documentation directly to the agent who signed the report, along with a letter summarizing my situation and itemizing the documents included.

3. I submitted paper copies of all documentation directly to the taxpayer advocate assigned to my case.

just spent the last hour or so reading this whole stream…I have a simple question, I think:
I bought my house 30 March 2008. I understand that I don’t qualify for the 2008 credit, but…
was there a credit before that? If so, what was it comprised of? Do I need to file an amended 2007 return? I would really appreciate any response b/c amended return needs to be filed ASAP due to the 3-yr limit.
thx in advance.

I personally feel that the Real Estates & Properties are going to be more demanding after this investment of $820 Billion by the White House…also the effect of recession is slowly decreasing and might increase the rates of properties..

So, Im beyond frusterated. I went into short sale contract july of 2009. I closed on the house… TODAY… October 6th.. Am I completely screwed… or is there something I can do?