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Old 09-23-2009, 03:13 PM   #1
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First time homebuys tax credit


Alright, figured since im on here a lot now i would ask and see if anybody knows...

Here's my situation, i close Friday on my first house. I meet all requirements for the tax credit. I've read numerous websites talking about the tax credit but still have questions.

I found this form:
http://www.irs.gov/pub/irs-pdf/f5405.pdf

And i've read that i can ammend my 2008 tax return.

Q1: Can i still ammend my 2008 tax return now? Reason i ask is because my employer takes a long time to send out w-2's and id rather file for it now and get it so i can make some needed repairs.

Q2: I filled a simple, 1040-EZ on www.my1040ez.com, do i just print out my old return and mail it to the IRS with the new form attached? Can i do it online?


Thanks for the help guys!

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Old 09-25-2009, 08:03 AM   #2
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First time homebuys tax credit


Quote:
Originally Posted by tripflex View Post
Alright, figured since im on here a lot now i would ask and see if anybody knows...

Here's my situation, i close Friday on my first house. I meet all requirements for the tax credit. I've read numerous websites talking about the tax credit but still have questions.

I found this form:
http://www.irs.gov/pub/irs-pdf/f5405.pdf

And i've read that i can ammend my 2008 tax return.

Q1: Can i still ammend my 2008 tax return now? Reason i ask is because my employer takes a long time to send out w-2's and id rather file for it now and get it so i can make some needed repairs.

Q2: I filled a simple, 1040-EZ on www.my1040ez.com, do i just print out my old return and mail it to the IRS with the new form attached? Can i do it online?


Thanks for the help guys!
The amended form is different that the 1040EZ and I don't think you need another W-2. I just did mine through H an R block.

It is taking a minimum of 12-16 weeks for the IRS to process the First Time Tax credit at the moment. I sent mine in the middle of June and was told this week that it would be at least another month before I see anything.

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Old 09-25-2009, 09:23 AM   #3
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First time homebuys tax credit


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Originally Posted by FlyingChampCar View Post
The amended form is different that the 1040EZ and I don't think you need another W-2. I just did mine through H an R block.

It is taking a minimum of 12-16 weeks for the IRS to process the First Time Tax credit at the moment. I sent mine in the middle of June and was told this week that it would be at least another month before I see anything.


How much is H & R charging you to do it? Damn it takes that long! I wonder if i should just wait until next year and file it with my 2009 taxes. But then again, if that's the case then maybe it will take that long into 2009 in order to get the money....yikes!

I close today at 2pm...yippie!
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Old 09-25-2009, 02:45 PM   #4
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First time homebuys tax credit


We are still waiting on ours as well, filed the beginning of June. The IRS is requiring more than just form 5405 to process the credit. They are looking for more proof that you did indeed buy the house and qualify for the credit. They wanted us to send in a Final HUD-1 settlement form with signatures of both buyers and sellers. Our HUD-1 didn't have signatures. Finally had to call the agent at the IRS, who was very nice, send in a copy of our Grant Deed, and now hopefully the credit should be on its way soon.

A lot of time was wasted because we didn't send in the correct documentation the first time.

Good luck.
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Old 09-25-2009, 05:13 PM   #5
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First time homebuys tax credit


If you're buying the house in 2009, why would you amend 2008's return?
Wouldn't the credit be accounted for in this tax year?
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Old 09-25-2009, 05:17 PM   #6
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First time homebuys tax credit


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Originally Posted by Ron6519 View Post
If you're buying the house in 2009, why would you amend 2008's return?
Wouldn't the credit be accounted for in this tax year?
Ron
'
Quote:

Line C.
You can choose to claim the credit on your 2008
Form 1040 for a main home purchased after December
31, 2008, and before December 1, 2009. If you make this

choice, check the box
Because you can & they allow it
Why wait for the $$ ?
$8k is a lot of $$, I wouldn't wait
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Old 09-25-2009, 06:53 PM   #7
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Well, posting here must be good luck, our tax credit showed up today!
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Old 09-28-2009, 09:06 AM   #8
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First time homebuys tax credit


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Originally Posted by Caromsoft View Post
Well, posting here must be good luck, our tax credit showed up today!

that's awesome, congrats! Yeah i think i'm just going to go talk to a tax company, being as though they are probably slow on business right now i'm sure they would have time to help me out.

Thing is, i bought the house from a bank, and technically right now since i closed on Friday i don't really have any documents or a deed...just my closing papers.

I'll probably call the IRS later on today and see if i can just find someone who will help me out
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Old 09-28-2009, 09:51 AM   #9
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First time homebuys tax credit


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Originally Posted by Scuba_Dave View Post
'


Because you can & they allow it
Why wait for the $$ ?
$8k is a lot of $$, I wouldn't wait
That's an odd thing for the IRS to do. Can't see if you have a kid this year you can get a deduction for last year.
This must be the ,"kinder, gentler ", IRS that wants to stimulate the economy.
You think I can get a deduction for the first house I bought back in 1978?
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Old 09-28-2009, 02:19 PM   #10
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First time homebuys tax credit


gf bought a house in late July - around the 25th or so and had her 8g check before the end of august

but she did have everything ready to go since she bought a hud house and they don't really have their crap together and it took them 4 months from the original closing date to actually close
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Old 09-29-2009, 10:59 AM   #11
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First time homebuys tax credit


Ok guys thanks for all the help, here's all the answers i got, if anybody has any questions just post them in here and im sure i can probably answer them for you.

First off, great resource, is obviously the IRS. You can call them at 1-800-829-1040. They will answer any questions you have and help you fill out the entire forms. You may have to wait 20 minutes, but for me, it was definitely worth it.

What you will need.

Your previously filled 1040 form. I used a 1040ez so it made things a lot more simple for me.

You will also need to download off the IRS website (irs.gov) two forms. Form 1040X and 5405. This is for an amended 2008 return.

On form 1040X you will fill out the credit in line 15. Everything else should be fairly self explanatory.

If anybody has any questions post them here and i'll help out the best i can.


oh yeah...my forms are in the mail today! :D
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Old 09-30-2009, 02:19 PM   #12
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Did you have to send in any of the closing statements or a copy of the deed with the paper work?
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Old 09-30-2009, 09:44 PM   #13
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Quote:
Originally Posted by ckoerner View Post
Did you have to send in any of the closing statements or a copy of the deed with the paper work?
No they said the only time they will require that is if someone from the IRS contacts you. The guy basically told me that they can see in public records if you actually purchased the house and if you have purchased any houses before...at least that's what he told me...

Basically, i didn't send in any paperwork besides those 2 forms...

Too bad they don't let you do it online, that would make everything so much quicker :-\
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Old 09-30-2009, 10:48 PM   #14
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First time homebuys tax credit


Quote:
Originally Posted by ultimatesooner View Post
gf bought a house in late July - around the 25th or so and had her 8g check before the end of august

but she did have everything ready to go since she bought a hud house and they don't really have their crap together and it took them 4 months from the original closing date to actually close
She DOES realize that this is a loan, and HAS TO pay the money back. The kicker is, the money has to be used for actual improvements, not just spent to furnish or party somewhere nice.
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Old 10-01-2009, 02:28 AM   #15
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Originally Posted by gregzoll View Post
She DOES realize that this is a loan, and HAS TO pay the money back. The kicker is, the money has to be used for actual improvements, not just spent to furnish or party somewhere nice.
This information is incorrect for a home purchased in 2009. From the IRS web site...

For 2008 Home Purchases

The Housing and Economic Recovery Act of 2008 established a tax credit for first-time homebuyers that can be worth up to $7,500. For homes purchased in 2008, the credit is similar to a no-interest loan and must be repaid in 15 equal, annual installments beginning with the 2010 income tax year.

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. News release 2009-27 has more information on these options.

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