First time home buyer tax credit

vas25tl · 10-30-2009, 2:54 PM

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.

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thunder04 · 10-30-2009, 5:24 PM

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)!

doopstr · 10-30-2009, 5:40 PM

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

thunder04 · 10-30-2009, 5:52 PM

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).

vas25tl · 10-31-2009, 10:40 AM

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?

thunder04 · 10-31-2009, 11:45 PM

Quote:

Originally Posted by vas25tl

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!

).

vas25tl · 11-01-2009, 10:25 AM

Quote:

Originally Posted by thunder04

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 $$$$

timmahh · 11-05-2009, 7:12 PM

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?!

moeronn · 11-05-2009, 7:19 PM

Quote:

Originally Posted by timmahh

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".

timmahh · 11-05-2009, 7:27 PM

Quote:

Originally Posted by moeronn

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!

hornyleprechaun · 11-05-2009, 11:31 PM

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.

BoBByLiGhT83 · 11-11-2009, 12:20 AM

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

vas25tl · 11-11-2009, 8:45 AM

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

10-30-2009, 5:24 PM	#2
thunder04 2004 Acura TSX My Garage Trader Rating: (0) Join Date: Jul 2007 Location: Tracy, CA Age: 23 Posts: 1,623	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)! __________________ '04 TSX AT /w Navi, mostly stock. (Now part of the 100k+ miles club!) Need webspace? Ask me!

10-30-2009, 5:52 PM	#4
thunder04 2004 Acura TSX My Garage Trader Rating: (0) Join Date: Jul 2007 Location: Tracy, CA Age: 23 Posts: 1,623	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). __________________ '04 TSX AT /w Navi, mostly stock. (Now part of the 100k+ miles club!) Need webspace? Ask me! Last edited by thunder04; 10-30-2009 at 5:55 PM.

10-31-2009, 10:40 AM	#5
vas25tl Err? 1996 Acura TL My Garage Trader Rating: (0) Join Date: Nov 2003 Location: Milwaukee Posts: 3,214	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? __________________ 245,XXX and counting

11-05-2009, 7:12 PM	#8
timmahh it's me, Alan Rickman. Trader Rating: (0) Join Date: Mar 2007 Location: noitacol Age: 25 Posts: 3,262	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?! __________________ Gone: 04 WDP NAVI 6MT :( <3 <3 Now: 05 BSM LGT 5MT :) <3 <3

11-05-2009, 11:31 PM	#11
hornyleprechaun Bent = #1 Trader Rating: (0) Join Date: Dec 2001 Location: Marietta, GA Age: 25 Posts: 10,598	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. __________________ 97' Black Acura 2.2 CL

10-30-2009, 5:40 PM	#3
doopstr Registered User Trader Rating: (0) Join Date: Jan 2001 Age: 38 Posts: 11,649	Do they send you a check right away or do you have to wait until you file your 1040?

11-11-2009, 12:20 AM	#12
BoBByLiGhT83 RED DRAGONS!!!!! Trader Rating: (1) Join Date: Aug 2008 Location: NC Age: 26 Posts: 526	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 __________________ 05 NBP 6MT,19" Raven Black Ron Jon Inspyres,Tein SS w/EDFC, RV-6 Strut bar, 35% tint, Debadged, Sarona rear window spoiler, OEM Window visors, Shaved Keyhole, Custom White LED front sidemarkers, JNC custom headlights with REAL ZKW swap, Nokya hyper yellow fogs, Kaixen 6000k HID, Switchback turn signals

11-11-2009, 8:45 AM	#13
vas25tl Err? 1996 Acura TL My Garage Trader Rating: (0) Join Date: Nov 2003 Location: Milwaukee Posts: 3,214	It's my gf and I that bought the place, do we both need to send our paperwork in and we get $4K each? __________________ 245,XXX and counting