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Any IRS/realtors/lawyers?

Hi everyone, my husband and I just purchased our first home,(we paid 50,000 but its worth a bit more) yay us! My question is about the 8,000 first time home buyer tax credit. I have googled it and asked people, but I come up with different answers each time. I know you get 8,000 or 10% of the home value (or purchase price?) but some people/sites say your suppose to get the money NOW but I believe it was when you do your taxes, you check that you bought a new home and it will give you the credit like as in the child credit and new car credit and things like that. Whats the real deal? thanks.

Answer Question

Asked by Bran6903 at 5:45 PM on Dec. 23, 2009 in Money & Work

Level 2 (10 Credits)
Answers (5)
  • You receive your tax credit when you do your taxes as early as January/February. You will receive 10% of the purchase price of the home, so you will receive $5000, not $8000. The $8000 number comes from the "maximum" amount of credit you are allowed to receive. Make sense?

    Answer by elleinad at 5:48 PM on Dec. 23, 2009

  • It does, thank you. Since you seem to know, let me ask another. Someone said it takes 4 months to process the tax with this because theyre are so many. Is there any truth to this? and if there is would I receive my other rebate or child tax money when i file or after the house deal processes?

    Answer by Bran6903 at 5:57 PM on Dec. 23, 2009

  • The delay is largely due to people who were obtaining the credit before filng their taxes. If you just apply for it when you do taxes, you should receive it then. Even if you were to try to go after it pre tax filing, the delay just makes it even more sensical to claim the credit with your filing.

    Answer by elleinad at 6:07 PM on Dec. 23, 2009

  • Call the IRS 1-800-829-1040 - Hours of Operation: Monday – Friday, 7:00 a.m. – 10:00 p.m. your local time (Alaska & Hawaii follow Pacific Time).

    Answer by rkoloms at 7:34 AM on Dec. 24, 2009

  • You could either amend your return, adjust your withholdings if you knew you were going to buy this year or wait and use the credit when you file your taxes. We amended our return took about 9 weeks to get our 8k. I would wait and file on your tax return will be much quicker. We file our taxes using Tax Act electronically we usually get our return in less than two weeks.

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

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