First time home buyer 8k tax credit..!!!

[AMD_Civic]

Did anyone buy a house this year, and your qualified for the 8k tax credit??
Well anyways have a couple of co-workers went to go do theirs and they were told something about the govt. or something hasn't even approved or made a spot to give out the 8k to the first time homebuyers. They were told if they file for it now they would have to wait for at least 16 weeks before they even see their regular taxes.
Well point of this all is, how the hell they gonna tell us that we will get our 8k tax credit for buying our first home and now its like we hear all this about having to amend for it in late feb. early march...Do they not know we have shiets to pay off and things we were hoping to get with that 8k...And now have to F-ing wait longer than planned now too? FCUKING BULLSHIT..!!!

[punkr6]

one of my co-workers has been waiting for over 8 months and they keep giving him the run a round.....

[JennB]

I did. Luckily, I qualified even though I own a home in another state. I just haven't lived there in a while.

The way I understood it, last year there was very little documentation required and, of course, fraud happened. This year you have to fill out an extra form and submit some paperwork (I haven't done mine yet or I would know exactly what form and paperwork are required) and then there will be a wait. I thought 6-8 weeks.

I have no problem with that. It's a tax credit, I'm just very thankful for it's existence. The government doesn't owe me this, it's an incentive.

Besides, the money is already in my bank.. or was... I used it as part of my downpayment. I adjusted my withholdings in the middle of 2009 and had no federal tax withheld from my checks for a few months.

[5spdfrk]

I did. Luckily, I qualified even though I own a home in another state. I just haven't lived there in a while.

The way I understood it, last year there was very little documentation required and, of course, fraud happened. This year you have to fill out an extra form and submit some paperwork (I haven't done mine yet or I would know exactly what form and paperwork are required) and then there will be a wait. I thought 6-8 weeks.

I have no problem with that. It's a tax credit, I'm just very thankful for it's existence. The government doesn't owe me this, it's an incentive.

Besides, the money is already in my bank.. or was... I used it as part of my downpayment. I adjusted my withholdings in the middle of 2009 and had no federal tax withheld from my checks for a few months.
Repped for being level-headed!

[Jblizzard]

I have no problem with that. It's a tax credit, I'm just very thankful for it's existence. The government doesn't owe me this, it's an incentive.




This. :goodjob:

[Bigt8aford]

I did. Luckily, I qualified even though I own a home in another state. I just haven't lived there in a while.

The way I understood it, last year there was very little documentation required and, of course, fraud happened. This year you have to fill out an extra form and submit some paperwork (I haven't done mine yet or I would know exactly what form and paperwork are required) and then there will be a wait. I thought 6-8 weeks.

I have no problem with that. It's a tax credit, I'm just very thankful for it's existence. The government doesn't owe me this, it's an incentive.

Besides, the money is already in my bank.. or was... I used it as part of my downpayment. I adjusted my withholdings in the middle of 2009 and had no federal tax withheld from my checks for a few months.


Where did you go to school? You really seem to know what you're talking about. Rep'd.



I think government just got a little I over whelmed with all the people trying to buy homes for the 8k credit. Good luck to anyone who is trying to get it.

[AMD_Civic]

well lets hope they don't find out that your not living at that other house anymore or are you still?? b/c supposedly your to live at the house for 4-5 yrs or else you pay back that 8k...


I did. Luckily, I qualified even though I own a home in another state. I just haven't lived there in a while.

The way I understood it, last year there was very little documentation required and, of course, fraud happened. This year you have to fill out an extra form and submit some paperwork (I haven't done mine yet or I would know exactly what form and paperwork are required) and then there will be a wait. I thought 6-8 weeks.

I have no problem with that. It's a tax credit, I'm just very thankful for it's existence. The government doesn't owe me this, it's an incentive.

Besides, the money is already in my bank.. or was... I used it as part of my downpayment. I adjusted my withholdings in the middle of 2009 and had no federal tax withheld from my checks for a few months.

[5spdfrk]

well lets hope they don't find out that your not living at that other house anymore or are you still?? b/c supposedly your to live at the house for 4-5 yrs or else you pay back that 8k...
It's actually 3 years that it has to be your primary residence.

Q. When must I pay back the credit for the home I purchased in 2009?

A. Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009 or early 2010. The obligation to repay the credit arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html
:cheers:

[S2KJD]

what i would do to of been in this economy 5 years ago! buy a 60k home that wont need much work done to be decent and only have a $400 a month mortgage pmt plus another 8k in my pocket for buying.

they should cap that crap to homes over 150k or something to keep the "nice" neighborhoods still nice by not having foreclosures in them...oh well.

[JennB]

It's three years, I will live there for at least that long. I haven't lived in my other house for seven years. I'm an accountant, I know the rules ;) :tongue1:


As for capping it, which if I"m understanding what you're saying it would be setting a minimum, not a cap. A cap would be setting the upper limits, not the lower. There is more to it... it's 10% of the purchase price with a maximum of $8,000. You can't buy a $50,000 house and get $8,000. I'm not sure I see your points as to how this would effect foreclosures though.

[S2KJD]

my bad didnt know it was by percent. I just have lots of friends that have been buying homes and bragging about the Obama check of 8k but guess they are buying more expensive homes to be getting that size of return. honestly never really paid attention what they paid for their houses. And yeah since there is a percent regulation set in place that would eliminate my "minimum" idea lol! in either case this still doesnt change my wish that to bad this all didnt happen 5 years prior :D

[BB6dohcvtec]

I too just bought a house in early November and am eligible for the tax credit. The form you had to fill out was really simple asking you basic questions like purchase price, when you purchased it and if it was your first time buying a home. You will have to mail your taxes in and attach a copy of your settlement statement.