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View Full Version : Who's getting the $8,000 first-time home buyer tax credit?


bostonaholic
May 6th, 2009, 02:25 PM
We're closing on our house June 12th! I've been doing a lot of research and here's some info to help you first-time home buyers.

1) You don't have to wait until next year's tax filing to get the $8k tax credit. You can get it this year. All you need to do is file an Amended 2008 tax return. Use the 1040X form from the IRS. You'll need the 1040 (or 1040EZ or whichever 1040 you used) from your 2008 tax filing. Also, you'll need the 5405 tax form to figure out how much of the $8k you can receive.

2) To get the 1040X and 5405 forms, go here (http://www.irs.gov/app/picklist/list/formsInstructions.html). Search for the 1040X (by searching 1040--it's the very last item on the 3 pages of results). And search for the 5405.

3) If you used an online tax preparation software, I used TurboTax, they will allow you to file an amended tax filing through their site. I'm not sure if they'll charge for it though--the original federal tax e-file was free.

Websites
Federal Housing Tax Credit (http://www.federalhousingtaxcredit.com/2009/index.html)
IRS.gov (http://www.irs.gov/)

So, is anyone using the $8,000 for anything special?
Ms_Angel_D
May 6th, 2009, 02:30 PM
Congrats on the home, wish I could get one... ;). Anyway useful info you posted.
Kareeser
May 6th, 2009, 03:24 PM
*eyes glazed over*

So many forms... It's no wonder why tax attorneys make a killing :)
LowSky
May 6th, 2009, 03:33 PM
why dont you use the 8K on your house payment, the more money you pay back the less the interest will be later. therefor making you mortgage cheaper.

personally I dont know why the Governemnt just doesn't suspend taxation up to 8K instead of issueing refunds, seems like an extra process and government spending to get a citizen to save some dough.
bostonaholic
May 6th, 2009, 04:14 PM
why dont you use the 8K on your house payment, the more money you pay back the less the interest will be later. therefor making you mortgage cheaper.

personally I dont know why the Governemnt just doesn't suspend taxation up to 8K instead of issueing refunds, seems like an extra process and government spending to get a citizen to save some dough.

We are putting the $8k away into savings as a buffer. I was just wondering what other people plan to do.

I mean, I'm glad I'm getting $8k, but don't get me started on gov't spending.
chris200x9
May 6th, 2009, 05:54 PM
I didn't know about this...I should go buy a forecloser house for 8K (there out there) and be sitting pretty in a FREE house :D
bostonaholic
May 6th, 2009, 05:58 PM
I didn't know about this...I should go buy a forecloser house for 8K (there out there) and be sitting pretty in a FREE house :D

It's actally the lesser of 10% of the home or $8,000. So if you buy an $8,000 home you'll only get $800.
chris200x9
May 6th, 2009, 06:05 PM
It's actally the lesser of 10% of the home or $8,000. So if you buy an $8,000 home you'll only get $800.

it's miss leading titles like this and sensationalized news that's ruining the intertubes...
will1911a1
May 6th, 2009, 06:20 PM
Bought my house last year so I got $7,500 and I have to pay that back. :mad: