filed amendment via paper in mid-may

still waiting for it to show up

7/1/2009 11:09:15 AM

You borrow money from family and pay the down payment. You file an amended return and get $8000 addl. You pay them back with that money. You do whatever you want with it.

Just be absolutely sure that you don't owe the (any) state or the Federal Govt. any back taxes. They will take the money owed from the credit.

7/1/2009 11:10:13 AM

^^ Filed amendment via paper on May 1st and got it Monday. You will probably see yours in the next couple weeks at the latest.

[Edited on July 1, 2009 at 11:42 AM. Reason : .]

7/1/2009 11:42:06 AM

I'm still waiting too and it was mid-may when I filed it would be awesome if it came in before I went to Miami on July 30th!

Is there any way to check to see the progress?

7/1/2009 12:23:07 PM

^ You can call the IRS and they can tell you if it's been accepted or not. Unfortunately they can't tell you the date it was accepted. But I was told once it's accepted it takes 3-4 weeks to receive it. So if you called today and they said it was accepted you'd know the latest you'd get it is in a month.

7/1/2009 1:14:21 PM

I'm banking on this credit still being around next year, and hoping it'll be worth even more.

I could buy now, but next year I'll be in perfect position, as opposed to just decent right now.

7/1/2009 2:34:34 PM

Dec. 1 is probably going to be the end of it.

7/1/2009 2:51:10 PM

^Bills have already been introduced to extend it, and the reception hasn't been cold. When we get to this winter and things haven't gotten any better, they'll do it. They shouldn't, but they will.

7/1/2009 3:40:18 PM

I'm ready to take advantage of it soon, but someone told me they'd be increasing the credit to $15k next year. Have any of you heard about this?

7/6/2009 8:57:40 AM

i saw rumblings last month, but at the time i think it was just in the idea phase at the time. it's tricky googling it because you have to sort through the old 15000 plan. if it passes i hope it will apply to everything purchased in 2009

http://www.usnews.com/blogs/the-home-front/2009/06/12/will-the-8000-first-time-home-buyer-tax-credit-expand-to-15000.html

7/6/2009 9:05:14 AM

update- called irs. $8066 (the guy on the phone didn't know why the $66 was added) is being mailed out to me on friday, should arrive next week

7/6/2009 10:33:08 AM

i received mine about 2 months after re-filing. ended up getting $8024, the $24 being interest added

7/6/2009 11:46:35 PM

I signed for a house on May 1st, but it probably won't be finished being built until after the Nov 3oth deadline. Am I fucked?

7/7/2009 7:45:47 AM

Looks like it.

http://www.federalhousingtaxcredit.com/2009/faq.php#13

Quote :

"For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009."

Depending on what $8k is worth to you, you could live in an house that is not yet completed and still claim it, I would imagine. It's based on settlement, not completion. Just don't mention on any forms that it was half-finished. Changing your address on you driver's license, sending some bills there, and sleeping there a night or three per week late in November might get you around that - and take pictures that show you "living" there.

[Edited on July 7, 2009 at 9:19 AM. Reason : a]

7/7/2009 9:15:02 AM

I think the date of settlement is what really matter. Not whether I am squatting yet or not.

7/7/2009 11:30:14 AM

How would you be squatting? Do you own the property? Have you paid for at least the parts of the structure that are there now?

I'm not sure how being on your own property is wrong.

[Edited on July 7, 2009 at 11:46 AM. Reason : a]

7/7/2009 11:44:50 AM

Its not mine until settlement. When I get the keys.

7/7/2009 11:49:28 AM

You probably should have had it written into your agreement that it wasn't finished by x date, then they make up for the 8k credit difference. I'm sure they told you they can't do that, but they can.

Keep in mind though, that all building contracts are voidable if the building does not do everything exactly to your expectations. You can make them change/redo anything that isn't exactly perfect to the point that they may let you out of your contract. (door placement/drainage/grass/trim/foundation-driveway cracks/socket location/flooring location/etc.)

7/7/2009 12:12:23 PM

That may work down the road, but at this point, construction has yet to begin. And I signed the contract at the end of April being told it would be done way in advance of Nov 30th.

7/7/2009 12:16:36 PM

Quote :

"Instead of buying a new home from a home builder, I hired a contractor to construct a home on a lot that I already own. Do I still qualify for the tax credit? Yes. For the purposes of the home buyer tax credit, a principal residence that is constructed by the home owner is treated by the tax code as having been "purchased" on the date the owner first occupies the house. In this situation, the date of first occupancy must be on or after January 1, 2009 and before December 1, 2009. In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date."

http://www.federalhousingtaxcredit.com/2009/faq.php

7/7/2009 12:37:37 PM

^^ if you were told that, then it's binding. The problem is, is there is no way to prove it. I would have another conversation with them and get them to say it again if possible.

Also, if you threaten to take them to court, they might just settle with the 8k and call it a wash if it's not done by then.

[Edited on July 8, 2009 at 10:32 AM. Reason : just ideas]

7/8/2009 10:31:54 AM

bttt

Has anyone received theirs lately? I filed in mid-May and am still waiting. At one point they told me it would be 8-12 weeks. Now they are saying 12-16, so I'm in that window now and waiting...

9/1/2009 8:24:23 AM

I closed on 4/29, mailed a 1040x/5405 with a copy of the settlement agreement and got a packet from the irs ~7 weeks later... forgot to sign the 1040x . Still ended up getting the check before the end of July (the 28th I think) which would be 14 weeks. FWIW they mail out the checks on Fridays and you can also call and check the status where they will either tell you it's processing or that your check will be mailed this week.

9/1/2009 11:33:31 AM

Quote :

"In contrast, for newly-constructed homes bought from a home builder, eligibility for the tax credit is determined by the settlement date."

I can vouch from personal experience the credit will NOT be handed out until settlement / close date on home. IRS sent my paperwork back and said "we need the real / actual date, not an estimated date, try playing again later". Sucks it has more strings attached than the original $7500 credit.

[Edited on September 1, 2009 at 9:31 PM. Reason : .]

9/1/2009 9:30:42 PM

i bought my house several months ago. how long do i have to file for this cashmoney?

9/1/2009 9:38:40 PM

you can file it in your 2009 taxes

9/1/2009 9:45:03 PM

You can still file an amendment to your 2008 return. I think you have a few years after the fact to file amendments.

9/2/2009 8:37:04 AM

^^^
File an amended return. Per my previous post, Turbotax will automatically fillout the needed forms.

9/2/2009 4:56:57 PM

i still haven't even filed my '08 return, haha...6 month extension after a military deployment, and I just haven't gotten around to it.

9/2/2009 8:20:35 PM

any chances this credit gets extended?

9/2/2009 9:38:13 PM

^I've heard grumblings about it, but there is no telling.

9/2/2009 9:48:58 PM

^^supposedly theres going to be an announcement on it today. i'd say chances are pretty good.

9/17/2009 4:36:12 AM

i saw this morning that the proposed bill extends it through the END of 2010 and ups it to $15k

i'm not sure i heard that right, though

9/17/2009 7:31:36 AM

Yea unless something has changed since a few months ago, there were like 4 or 5 bills floating around. One just extended the credit until July 2010, one lifted first time home buyer requirement and extended until 2010, and a couple more. Atleast 1 or 2 of them raised the tax break to $15k, one of which put in a stipulation that it wasn't refundable after the first $8k but could applied over 08 and 09 tax years (so if you had 8 or 15k, can't remember/it's confusing, tax liablilty over 2 years you could get it back). Basically everybody thinks they are going to extend it because there is so much effort being put into it, which is probably a safe bet. Although who knows which bill will come out on top (even so how much will it be edited).

9/17/2009 7:55:35 AM

I hope it gets extended, I want to put my house on the market. Where did you see/hear info. on this today?

9/17/2009 1:54:38 PM

end of 2010 would be awesome.

9/17/2009 2:00:33 PM

i admit that i'll be bitter if it's extended AND increased...i barely missed it the first go-round (got the $7.5k tax-free loan), but i'm okay with that...a $15k cookie for buying a house is getting a little ridiculous

9/17/2009 2:01:22 PM

15k would be a fantastic wedding present for me next summerrr

9/17/2009 2:04:56 PM

it won't be increased...i think the extension is very possible, but i'll bet dollars to donuts that it stays at $8k or drops

9/17/2009 2:06:26 PM

yep I agree

9/17/2009 2:07:17 PM

Quote :

"i barely missed it the first go-round "

you said on the previous page that you bought in may of 08.... not really barely missing it.

i however closed on december 30th 2008. there was no talk of any gift, so there was no reason to delay closing....

9/17/2009 2:18:18 PM

Quote :

"you said on the previous page that you bought in may of 08.... not really barely missing it."

i really don't remember when the credit was made available (sometime in the spring, but available to anyone who purchased january onward?)...in any case, i didn't NEED to buy the house, i just figured i'd stop throwing money away on rent...though in hindsight, i guess the additional 8 months would have been pretty close

Quote :

"i however closed on december 30th 2008. there was no talk of any gift, so there was no reason to delay closing...."

yeah...that sucks

9/17/2009 2:21:33 PM

I would be happy with the extension. I dont care if the amount increases...just extend it

9/17/2009 2:22:00 PM

Quote :

"S. 1230: 2009-2010 Home Buyer Tax Credit Act of 2009 H.R. 1245: Homebuyer Tax Credit Act of 2009 H.R. 2619: To amend the Internal Revenue Code of 1986 to temporarily expand the credit for.. H.R. 2655: To amend the Internal Revenue Code of 1986 to expand and extend the first-time.. H.R. 2606: Home Buying Credit Expansion Act H.R. 2905: Homebuyer Tax Credit Expansion Act of 2009 H.R. 2801: Home Ownership Moves the Economy (HOME) Act of 2009"

http://www.govtrack.us/congress/bill.xpd?bill=s111-1230&tab=related

I'd say there is a good chance on the credit getting extended, but of course, you cannot count on it. All of those bills have been tagged "Referred to Committee" and like the overview page for each of them says:

Quote :

"This bill is in the first step in the legislative process. Introduced bills and resolutions first go to committees that deliberate, investigate, and revise them before they go to general debate. The majority of bills and resolutions never make it out of committee."

But there are a bunch of people out there pushing for it. I'm not sure exactly what if anything is supposed to be announced today, unless some committee is supposed to give a report or something today. I imagine most of them are focused on the whole healthcare thing now though.

[Edited on September 17, 2009 at 2:38 PM. Reason : ]

9/17/2009 2:35:26 PM

Just put my amended taxes in the mail... come on 8k!

9/28/2009 1:06:56 PM

Good luck. I filed mine mid-May and am still waiting...

9/28/2009 1:31:35 PM

Quote :

"i however closed on december 30th 2008. there was no talk of any gift, so there was no reason to delay closing...."

I think my official closing date was 12/31/2008...so my kick in the nuts was a little harder.

9/28/2009 2:26:18 PM

I was looking into buying a foreclosure, fixer-upper around $50k. But being a grad student, I can only work 20 hours a week; so I have no idea how eligible I am for a loan.

9/29/2009 12:46:07 PM

It'll sneak up even quicker this yr as we have to close by 11/30!

9/30/2009 12:33:45 AM

^^ i'm pretty sure you don't get the full $8k on a $50k house. I don't remember the details, but I think it's something over $100k to get the full credit.

9/30/2009 12:38:41 AM