Hi, we are the first home buyer and I know we are eligible for that $8000.
I was wondering how to file for it to get the money, though.
Can I do it just by myself, or do I need a professional help from Realtor, or any other experts?
And I see that some people already got the $8000 from the gov., how do they receive so fast??
I really hope to get the money within this year.
Can you please tell me how to get this process going??
I really appreciate your help. Thanks :)
Asked by Anonymous at 11:12 AM on Oct. 1, 2009 in Money & Work
Answer by Anonymous at 11:16 AM on Oct. 1, 2009
Answer by Jademom07 at 11:29 AM on Oct. 1, 2009
We amended our tax return for 08 and received our 8k about two weeks ago. You can amend your return after you close on the house and meet the qualifications or get it on your 09 tax return. If you owe money they will minus that out of the 8k or they will add the 8k to your normal return. It is actually 10 percent of the homes value up to 8k so if you buy a 60k house you would only get 6k. So any homes over 80k would get the full amount. To be qualified as a first time home buyer it has to be over 3 years since you owned your last home. Any co borrower could not have owned a home in that time as well. The property cannot be purchased from a family member either. Contact a tax preparer and they can assist you with amending your return.
Answer by Anonymous at 12:17 PM on Oct. 1, 2009
When you apply for a new home loan, it will automatically reduce your amount by the 8000.
This is not accurate. A person could have reduced the amount they withheld since this credit was passed so they would have the money before purchase. They needed to make sure they actually purchased and were qualified or they could owe a large amount next April. Contact the IRS or a tax preparer.
Answer by Anonymous at 12:20 PM on Oct. 1, 2009
Answer by Anonymous at 12:21 PM on Oct. 1, 2009
Answer by Anonymous at 1:08 PM on Oct. 1, 2009
Answer by Anonymous at 1:11 PM on Oct. 1, 2009