Where Is My First Time Homebuyer $8,000 Tax Credit?
Have you amended your 2008 tax return so that you could receive your $8,000 first time homebuyer tax credit? You are probably
- $8,000 Tax Credit © Artur Gabrysiak – Fotolia.com
one of 1.4 milliion people who have filed an amended return and not received a check yet. What’s more, the IRS is projecting that they will have 5.1 million amended returns by the end of this year. These are just the ammended returns for the tax credit prior to the extension of the tax credit in November.
Apparently the IRS has to spend a lot of man hours going over these amended returns by hand rather than computer. If home buyers borrowed from some source thinking to have the money to pay back the loan when they got their credit check, it may be awhile. And though it isn’t certain, we’ve heard from buyers who received their credit that the check included interest for the delay.
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Tagged with: Buying A Home • First Time Home Buyer Tax Credit • First Time Homebuyers • housing recovery
Filed under: For Buyers • Home
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Marlin,
I’m sorry, I was a little vague on this one. I meant that if you borrowed the $8,000 in advance from a family member, or someone else to buy the home, it may take you a little longer to pay that loan back with the current delay in processing amended returns. You can amend your 2008 taxes to receive the $8,000 now, or you can wait to file your 2009 taxes and get the $8,000 tax credit next year. Unfortunately, anyone who used the $7,500 tax credit (loan) that was available from April 10, 2008 – December 31, 2008, does not qualify for the $8,000 First time home buyer tax credit. The term tax credit is confusing here, as the 2008 tax credit of $7,500 must be paid back, it’s really a loan and not a credit. The new $8,000 tax credit in effect from January 1, 2009 – December 1, 2009 (Now extended to April 30, 2010) is a true credit because it does not have to be paid back. It seems very unfair that someone who closed on their home in December of 2008 has to pay back the $7,500 tax “credit”, but someone who closed on their home in January of 2009 gets $8,000 with no strings attached.
Please note that I am not a tax professional and this information should not be construed as tax advice. Please contact your CPA for any, and all, tax advice.
Brad
I guess I do not understand this article. Are you stating that by amending your 2008 taxes you can file for the new $8000 credit and use it to pay off the $7500 credit (loan) from 2008?