I didn't find a thread on this, figured we'd have it in one place. Who has gotten it? Went through the paper work? I've had my place for about a month and a half now and I really need to get that ching ching.

 

I got it a while back. I filed an amendment to my '08 income tax return the day after I closed! Wasn't that hard.

It even included interest. lol. Not sure how they calculate that, but whatev...more free money (it was like around $40)!

 

Do they send you a check right away or do you have to wait until you file your 1040?

 

You have to fill out the appropriate paperwork (form 5405) to get the credit.

If you file for an amendment (5405, 1040x, new 1040, copies of previously attached forms) it takes 8-12 weeks to process the amendment (was closer to 8 for me)...they send you a check.

If you file for first time homebuyer credit with your '09 income tax return (which at this point you might as well wait), it'll be lumped with your refund (or what you owe will be deducted from it).

 

I need to get on this. I'm assuming that if you file it on your 09 return, you miss out on the interest...

So you need to fill out 5405, 1040x and a new 1040?

 

Yep...and I believe you must include any and all other attachments that went with your original tax return, but I could be mistaken.

To be safe, I included a copy of my W2 and other forms I originally submitted. Basically submitted my federal income tax return as they recieved it originally except I replaced the original 1040 with the new revised one (duh, lol) and attached the 1040x (which basically just shows them what changed) and 5405.

I assume that if you wait until '09 you wouldn't receive interest...I don't understand why interest is included though lol (but I'm not complaining! ).

 

Thanks for the help! I'm going to try to get it sent in this week, i want my $$$$

 

This pisses me off.. I got the $8k tax credit, but I have to pay it back.

Had I waited like 5 more months, I wouldn't have to pay it back. The money is completely "free" now.

WTF! Why the fawk do I have to pay back something when the same program now lets others just take the money and not worry about it?!

 

You bought in 2008? Yeah, that kind of sucks, but that was the program back then. You could have just not taken the "interest-free loan".

 

I know.. i'm bitching at my own actions but its like.. frickin retroactive the shit.. You've got people who bit the bullet and bought things still hadn't completely hit the bottom... give us a break!

 

Yeah it sucks timmahh.. The worst part about it is 2008 purchases were going to not have to pay it back, but then they changed it.

 

Atleast you guys are getting something. I bought my first house in sept of 07. I don't get jack. I knew I should have waited a few months

 

It's my gf and I that bought the place, do we both need to send our paperwork in and we get $4K each?

 

The paperwork is finally being sent out tomorrow! I can't believe how long it took me to complete it.

 

No, only one needs to claim it.

 

I got my check yesterday and it only took 5 weeks!

I can't believe how quick it came - and we made some $ on interest

 

Ok I need to file for this myslef, ASAP. What interest are you guys talking about?

 

Awesome. We debated filing a 2008 amendment, but the forms for existing home owners was available as of mid-December, so now we're just going to file with our 2009 taxes.

 

The reason we filed for 2008 taxes was because I heard of friends receiving some interest with their tax credits. We actually ended up with close to $200 of interest.

I can't believe it took us so long to do it, I'm glad it's finally done. I'm buying a car this week so this definitely came in the perfect time

 

I wonder if I had waited to file for it if I would've received more interest...or is the interest based on the date of sale? I don't remember what I got in interest, but it wasn't $200! Maybe something like $75 lol

Hmm...

 

Be prepared...

I just got a 1099 from the IRS in the mail today. You have to report the interest they gave you with the first time homebuyer's credit as income. I knew it was too good to be true!

 

This should be considered capital gains, not income.

You're still better off. You only get taxed ~15% of the interest, so you still keep 85% of it. Not bad when you weren't expecting any to begin with.

 

You guys are lucky. This program was not around when we bought our first place. We're on our 3rd place and at least this time as much as I wanted to get rid of my prior military experiences, I used a VA loan to buy our new place and at least only had to put down 3% this time and used the rest for a new deck, refinishing the hardwood floors and new appliances.

 

Don't get me wrong, I'm not complaining at all...I just thought I'd share so others knew what to expect .

 

My mistake, sorry.

 

Just trying to clarify that you aren't getting as screwed on the taxes as you thought.

You probably knew you were getting the credit when you started looking for houses. The current homeowner clause went into effect while were in escrow, so it's a very nice surprise.

So, yes. We're some of the people who would have bought a home without the credit... but we're not giving it back!

 

Although it was a very very nice bonus, the housing market's crash was the #1 incentive for me. When I started looking, the deal was $7,500 paid back over 5 years with no interest through the IRS. I wasn't going to file for it as I didn't think it was worth it...I didn't need it anyway.

I had always wondered how in the heck I was going to afford a house in the future (especially working/living in and around the SF Bay Area). When the housing market crashed, I knew that it was now or potentially never.

If the credit wasn't there, I would've still bought for sure. I didn't need the money...but since it was free money, why the heck not?!

 

I'm a realtor so good job to all that took advantage of this! Don't forget about the "move-up" credit for buyers who already own a home & have been there at least 5 years. They're saying the tax credit wont get extended anymore past June 2010...but realistically it is the only thing helping the market right now so who knows.

 

Waiting for my W2 so I can get the ball rolling. I was too lazy to amend my return so I'm gonna file it with this year's taxes.

 

Some tax info for anyone who qualifies for the credit:

http://money.cnn.com/2010/01/15/real...able/index.htm


We close on the 27th. Can't wait till it's over.

 

Our closing went incredibly smooth.

Good luck!

 

^ Thanks!

 

Did you buy a short-sale or foreclosure? You sound like you guys are a little stressed over it. I totally understand, I'm a realtor out of Chicagoland...hopefully closing a short sale tomorrow that I worked on for 6 months and was listed for 11!

 

My closing was a nightmare, but I'm glad I toughed it out. Once it's over, it's over...until you purchase your next place!

 

The house I bought was on the market for over a year. My closing went pretty smooth. My realtors were all over it, making sure there weren't any surprises.

I remember that, it seemed like you were dealing with s the whole time.

 

My closing has been a nightmare... They other party accepted my offer on 11/29 and as of today I still have not settled. My mortgage company said they should be able to close by the end of the month, but the other seller says they are gonna put it back on the market if we are not ready by the 22nd. My advice to anyone is if you plan on using the 203k program... make sure you have a fully insured/licensed contractor BEFORE you make an offer on a house.

 

Damn that sucks. Who's dropping the ball, your mortgage company, realtor?

 

I guess we all share in the blame... My realtor had no clue on what the process for a 203k loan was and still doesn't. This process is way more involved than a standard FHA loan and rather than him try to get help from other realtors he took "educated" guesses on what we should be doing. The mortgage company received my application and contract on 11/29 but didn't touch anything until 12/23, because they were moving offices. I called the Office of the President and go a lot of things resolved and taken care of. Lastly, I place blame on me as well because I didn't know how important having a qualified contractor before hand was, I spent about a month trying to find one. So I wasted a lot time that I wish I could have back now.

 

We looked at an insane amount of houses, for about a year and a half. Put offers on 3 or 4 short sales, but none worked out. We finally settled on the current house (regular sale), but the offer and counteroffers were the easiest part. Wells Fargo has been giving us a hard time about everything and taking forever to get everything done. You'd think they'd be begging for business right now, especially since we're putting down 50%. One of the annoying issues was the broker didn't lock in the rate when we said we'd go with the 15 year fixed mortgage (we had her get numbers for 15 and 30), so by the time she notified us she needed an answer (which we already gave), the rate had gone up and we ended up with the rate that was originally offered with the 30 year fixed (which was higher than the 15). Her mistake cost us $7000 over the life of the loan. And they've just basically been nitpicking every single thing you can think of, and asking for the same info 2x. It's extremely frustrating given the fact that they are STILL giving out loans to people who can't afford houses, and if they'd scrutinize their financial info as much as they are ours, they'd see those loans are a bad idea (same thing that got our economy into this mess in the first place).

So yeah....not going to recommend Wells Fargo. I'm sure all the lenders are about the same anyway, but we are just really frustrated at this point.

 

^ My mortgage is through Wells Fargo and the process sounds very similar to what I went though.

I had to provide proof for A LOT of stuff and provide it multiple times. I'd ask the loan officer, "Don't you have that already? I sent it to you on X date. I know I did." Apparently he needed it from me again. That, on top of having to prove where 20 or so deposits to my checking account came from was VERY annoying. I understand them getting curious about large deposits, but a lot of them were random and were less than $100. I was like, WTF?!

There is light at the end of the tunnel, I promise! It'll be over before you know it and you'll look back and go, "Yeah, that was f*cking annoying, but worth it."