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$8,000 Tax credit for first time homebuyers

How long does it take after you send in your amended tax forms to get the $8,000?

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GailllAZ

Asked by GailllAZ at 9:41 PM on Jul. 23, 2009 in Money & Work

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Answers (3)
  • Curious myself. We close in a couple weeks. I want to surprise my husband with a new bedroom set and a grill. We have a house fund and will be able to keep 10k in savings since we are getting the 8k. Good time to buy if you have the income, down payment and credit.
    Anonymous

    Answer by Anonymous at 12:17 AM on Jul. 24, 2009

  • You amend your forms? Wouldn't you file the following year (ie you purchased in 2009 so you file your 2009 tax return in 2010 to recieve your credit?) I haven't researched and haven't seen it our clients yet, so I'm not sure. The IRS will give priority to returns originally filed for the year (those extended and being filed for the first time now), then will process the amended so it just depends on how much they hvae going on right now.
    Anonymous

    Answer by Anonymous at 1:59 PM on Jul. 24, 2009

  • Please also note, that the $8,000 is the maximum you CAN receive, but just because you are a first time homebuyer doesn't mean you'll get the maximum. The credit is for 10% of the purchase price, with $8,000 being the max you can get. So, if you purchased a home for $60,000 it would be $6,000! To apply for the credit you'll have to fill out the IRS form 5405 when doing your Federal Tax return! Now in 2008 when this started, the credit was a LOAN that had to be repaid over 15 years.....in 2009 it does NOT have to be re-paid as long as the purchased residence is YOUR primary residence for a minimum of 36 months after the purchase date....in other words, if you sell the home in 2 years you have to pay the credit back!!!
    Mom2Jack04

    Answer by Mom2Jack04 at 3:31 PM on Jul. 24, 2009

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