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

[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.

[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/...206293,00.html