The $8000 First-Time Homebuyer's Credit

  • marylan73
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Replied by marylan73 on topic Re: The $8000 First-Time Homebuyer's Credit

Brian23,

Congratulations on your new home, and you bought it just in time to take that bigger and better credit!

The $7500 interest-free loan was originally meant for homes bought before June 1, 2009. But you bought your home days before the stimulus package upgraded it to the $8000 freebie credit for homes bought in 2009 by December 1st.

The timing of it all complicates things for homebuyers who did their taxes before the stimulus package was passed. It would be nice if they automatically fix the credit for you since other homeowners are likely to be in the same situation. But I don't know, they probably won't since they don't know what "10% of the purchase price" is.

The IRS says to wait until you get your refund before you file an amended return. You can cash your check or spend the refund in the meantime.

You can get more info directly from the IRS website at http://www.irs.gov/newsroom/article/0,,id=204671,00.html , but I looked and didn't see anything addressing your specific issue. Their number is 1-800-829-1040.

Mary Lan Tomkins
10 years 7 months ago #1

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Replied by Brian23 on topic Re: The $8000 First-Time Homebuyer's Credit

Thanks for the great info.... Ok, now wait... I am confused, I closed on my house 2/19 and I ammended my tax return to get the first time homebuyer credit. So, basically I will need to re-ammend the already ammended return now to make sure that I don't have to pay back that money? Where can I go to get more information on this?
10 years 7 months ago #2

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