The Federal Tax Credits Blog

Posts Tagged ‘time’

Question: Home Buyers Tax Credit?

The program is expanded to include a $6,500 credit for existing homeowners who buy a new place after living in their current residence for at least five years.
Can I still apply for this if I bought a house in May 2009?

Answer: this law hasn’t passed yet
and the extension dates may change
wait til the law passes to find out for sure

Expanded Home Buyer Tax Credit

Question: 2008 Tax Credit to aid first-time homebuyers:?

In early 2008, I purchased a home and was able to receive a credit of $7,500.00 at tax time to be paid back over 15 years, interest-free. Now this question will be open for a while… The question is this: Can the 2008 Home Buyers Tax Credit be refunded by any means? I mean don’t get me wrong, I certainly appreciate this credit (which has allowed me to stay in my home through tough times), but wish I would have been so lucky to have purchased by first home in 2009 where the EIGHT GRAND is free money; fully forgiven:

So if you have any advice of any way to see if this credit can be changed, your answer would be much appreciated.

Answer: As of now, the 2008 credit has not changed.

You still have to pay it back over 15 years beginning with your 2010 tax return.

Harper’s First-Time Home Buyer Plan is Garbage

Question: Was the half a billion in fraud the basis for why Obama decided to extend the 1st time home buyer credit?

Together, fake or faulty claims for the $8,000 refundable tax credit may have cost the government up to half a billion dollars so far, investigators told the Ways and Means subcommittee.

http://www.politicsdaily.com/2009/10/22/four-year-old-got-first-time-homebuyer-tax-credit-panel-told/

Russell George, an inspector general with the Treasury Department, told the subcommittee about the most brazen instances of bogus claims that he had come across since the IRS created a filtering system last May to weed out suspicious applications.

George said he had found nearly 20,000 returns for people who may not have actually purchased homes; thousands for people who already owned homes; 3,200 taxpayers who could not prove they were in the country legally; and an unspecified number of IRS employees wrongly applying for the credit.

Answer: According to Obam Fraud= Good.

Roger Schlesinger’s Four Points

Question: Must you sell your existing home by a deadline to qualify for 6500 home buyer credit?

We certainly qualify if we close on a new home before July 1, 2010. But, must we also have closed on the sale of our existing property (have owned as primary residence since 2001)? Put another way, if we close on a new home on June 15, 2010, can we get the tax credit if our existing home is still for sale on the market?
Well I wish I know any of you personally so I could judge, because I’m just as confused as before… thanks for the answers.

Answer: Not as the tax credit is written. Both sale and purchase must close on or before June 30, 2010. If your existing house is not sold, you do not qualify.

Question: I just bought a house, how do I get the first-time home buyer tax credit?

I purchased a house recently. I met the deadlines for the tax credit; I had a signed offer before the end of April, and I closed shortly after that (deadline for closing is end of June, I believe). I filed my taxes before I bought the home. So now I’m assuming I need to ammend them. I used turbotax, can I use this same program to file the first-time home Buyers Tax Credit? Do I need any special forms? Which ones? Would you advise to possibly wait until next year and file it with my 2010 taxes?

I just need some direction… a place to start so I can get the ball rolling on getting some money back before Obama spends it all! Any resources are also appreciated. Thanks

Answer: the 4506 has to be submitted with your amendment and that form spells out the papers you need to submit with it and no this cannot be done efling, has to be manual
before he spends it all? you don’t think it has already been spent and generations down the line will pay?

Seven Ways to Make Sure You Meet Your Home Buyer Tax Credit Deadlines