1st Time Home Buyers...$8000 Credit - Zilvia.net Forums | Nissan 240SX (Silvia) and Z (Fairlady) Car Forum

s14unimog · 06-04-2009, 09:04 AM

So I've been trying to find some information on this but it seems to get a little fuzzy when I get to the details. I just bought my first home,

, and I'd like to apply for the 7500 New Home Buyers Credit (I think its 8000 depending on when you buy) but I would like to amend my 2008 taxes so that I get the credit sooner. Has anyone on here done this yet? The best that I've heard is that you have until July 1st to amend your 08' taxes and get the credit. The only thing I'm unclear on, is whether or not I would have to pay it back. Originally the credit was an interest free loan that would be payed back over the next 10years; they've since then changed that to where you don't have to pay it back. I know I bought the house in 09', but if I try to get the credit with my 08' taxes, if I can, will I be subject to the first years rules where the money has to be repaid?

Any experience/ information on this would be great.

I want to be clear on this so that I don't have to pay it back. I will wait until 2009 return if that's the case.

Federal Housing Tax Credit for First-Time Home Buyers: Home

0wn3r · 06-04-2009, 09:13 AM

you did the FHA loan?

s14unimog · 06-04-2009, 09:23 AM

yeah, I did an FHA

BustedS13 · 06-04-2009, 09:25 AM

i got this, got my money on my '08 tax return. it's 10% of your home's cost up to $8k.

Slidin240Wayz · 06-04-2009, 09:33 AM

I'd contact your tax professional

s14unimog · 06-04-2009, 09:52 AM

I did, and she told me that we would just have to file form 5045 and I would be able to get the credit this year; as an amendment to my 08' return. Then my real estate agent told me that if I do that, I would be subject to 08' rules...meaning that it would be a no interest loan.

I paid 136k...so the full 8k then

Quote:

Originally Posted by BustedS13

i got this, got my money on my '08 tax return. it's 10% of your home's cost up to $8k.

When did you buy and how did you file. I've already filed my 08' return; obviously. My closing date is on the 25th of June.

BustedS13 · 06-04-2009, 10:22 AM

Quote:

Originally Posted by s14unimog

I did, and she told me that we would just have to file form 5045 and I would be able to get the credit this year; as an amendment to my 08' return. Then my real estate agent told me that if I do that, I would be subject to 08' rules...meaning that it would be a no interest loan.

I paid 136k...so the full 8k then

When did you buy and how did you file. I've already filed my 08' return; obviously. My closing date is on the 25th of June.

Bought it in november, filed through a tax prep service so I wouldn't have to deal with it.

fromxtor · 06-04-2009, 10:26 AM

fill out a 1040X and send that bitch in.

s14unimog · 06-04-2009, 11:20 AM

Quote:

Originally Posted by BustedS13

Bought it in november, filed through a tax prep service so I wouldn't have to deal with it.

So you'll have to pay yours back... I have a buddy that did the same thing.

Quote:

Originally Posted by fromxtor

fill out a 1040X and send that bitch in.

That would allow me to make corrections but will I be held to the 08' rules. That's the issue here. I want to make sure I don't owe it back.

BustedS13 · 06-04-2009, 11:28 AM

it's an interest-free loan, of course i have to pay it back. $500/year out of my tax return until it's paid off, or until the house is sold, then the rest is paid out of profit made off the house. if no profit is made, you don't pay it back.

...but i bought my house for 65k and just got the county appraisal for 110k, so i have a feeling it'll get paid back

s14unimog · 06-04-2009, 12:53 PM

^ Right, but they have since then changed it so that you don't have to pay it back. I want to make sure I take advantage of that. So I need to find out if I amend my 08' taxes will I be held to those rules.

BustedS13 · 06-04-2009, 01:00 PM

you don't have to pay it back now? that's a bunch of shit.

06-04-2009, 09:04 AM	#1
s14unimog Nissanaholic! Join Date: Dec 2003 Location: In a place, near a river, over a lake Age: 34 Posts: 2,415 Trader Rating: (22) Rides Gallery: s14unimog Feedback Score: 22 reviews	1st Time Home Buyers...$8000 Credit So I've been trying to find some information on this but it seems to get a little fuzzy when I get to the details. I just bought my first home, , and I'd like to apply for the 7500 New Home Buyers Credit (I think its 8000 depending on when you buy) but I would like to amend my 2008 taxes so that I get the credit sooner. Has anyone on here done this yet? The best that I've heard is that you have until July 1st to amend your 08' taxes and get the credit. The only thing I'm unclear on, is whether or not I would have to pay it back. Originally the credit was an interest free loan that would be payed back over the next 10years; they've since then changed that to where you don't have to pay it back. I know I bought the house in 09', but if I try to get the credit with my 08' taxes, if I can, will I be subject to the first years rules where the money has to be repaid? Any experience/ information on this would be great. I want to be clear on this so that I don't have to pay it back. I will wait until 2009 return if that's the case. Federal Housing Tax Credit for First-Time Home Buyers: Home __________________ Fuking ginger bread man stole my wallet... SHIFT*lock_slide to side d3m3rs0n: if i have a baby im naming it Brandons Fault Emerson

06-04-2009, 09:13 AM	#2
0wn3r Zilvia Addict Join Date: Oct 2007 Location: CT Posts: 676 Trader Rating: (4) Feedback Score: 4 reviews	you did the FHA loan? __________________ 97 240sx se

06-04-2009, 09:23 AM	#3
s14unimog Nissanaholic! Join Date: Dec 2003 Location: In a place, near a river, over a lake Age: 34 Posts: 2,415 Trader Rating: (22) Rides Gallery: s14unimog Feedback Score: 22 reviews	yeah, I did an FHA __________________ Fuking ginger bread man stole my wallet... SHIFT*lock_slide to side d3m3rs0n: if i have a baby im naming it Brandons Fault Emerson

06-04-2009, 09:25 AM	#4
BustedS13 Post Whore! Join Date: Jan 2004 Location: Phoenix AZ Age: 36 Posts: 10,287 Trader Rating: (0) Feedback Score: 0 reviews	i got this, got my money on my '08 tax return. it's 10% of your home's cost up to $8k. __________________

06-04-2009, 09:33 AM	#5
Slidin240Wayz Post Whore! Join Date: Jan 2005 Location: Everywhere Age: 36 Posts: 5,427 Trader Rating: (9) Feedback Score: 9 reviews	I'd contact your tax professional __________________ Support Zilvia by purchasing a sticker!

06-04-2009, 10:26 AM	#8
fromxtor Post Whore! Join Date: Aug 2005 Location: NC Age: 40 Posts: 3,012 Trader Rating: (23) Feedback Score: 23 reviews	fill out a 1040X and send that bitch in. __________________ Seller feedback>>http://www.zilvia.net/f/showthread.p...light=fromxtor

06-04-2009, 11:28 AM	#10
BustedS13 Post Whore! Join Date: Jan 2004 Location: Phoenix AZ Age: 36 Posts: 10,287 Trader Rating: (0) Feedback Score: 0 reviews	it's an interest-free loan, of course i have to pay it back. $500/year out of my tax return until it's paid off, or until the house is sold, then the rest is paid out of profit made off the house. if no profit is made, you don't pay it back. ...but i bought my house for 65k and just got the county appraisal for 110k, so i have a feeling it'll get paid back __________________

06-04-2009, 12:53 PM	#11
s14unimog Nissanaholic! Join Date: Dec 2003 Location: In a place, near a river, over a lake Age: 34 Posts: 2,415 Trader Rating: (22) Rides Gallery: s14unimog Feedback Score: 22 reviews	^ Right, but they have since then changed it so that you don't have to pay it back. I want to make sure I take advantage of that. So I need to find out if I amend my 08' taxes will I be held to those rules. __________________ Fuking ginger bread man stole my wallet... SHIFT*lock_slide to side d3m3rs0n: if i have a baby im naming it Brandons Fault Emerson

06-04-2009, 01:00 PM	#12
BustedS13 Post Whore! Join Date: Jan 2004 Location: Phoenix AZ Age: 36 Posts: 10,287 Trader Rating: (0) Feedback Score: 0 reviews	you don't have to pay it back now? that's a bunch of shit. __________________

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