Got our $8k today..

[edandcolleen1995]

We closed on our first house in late June. Wife does taxes for a living, so of course she had everything ready to go for the first time home buyers refund.

Check came in the mail yesterday

Buying the house was fine. All the stuff we just did not realize we wanted/needed was blowing though our back up cash more then we wanted. We finished, but still need a shed. So will use a little of the money for that, and rest is going to refill the emergency fund (yeah, we are into Dave Ramsey!) and savings.

Was quick though.. We expected another month.

 

[secretpantssam]

Awesome! That seems really quick!


Congrats on the new house!!

 

[TwoGirlsandDisney]

You have to tell me more about this

We closed on our house in April, but I thought we had to wait until tax time to get our refund. What do I need to do, to get it now.

Like you, we are blowing through money getting the house together. We could really use the $8,000 now.

Thanks for the info.

 

[Motherofboys]

You have to tell me more about this

We closed on our house in April, but I thought we had to wait until tax time to get our refund. What do I need to do, to get it now.

Like you, we are blowing through money getting the house together. We could really use the $8,000 now.

Thanks for the info.

You need to file an amended 1040, a 1040X and claim the first time homebuyer credit (assuming you qualify for it). File it now, don't wait until next tax time if you need the money now.

Ours took 10 weeks from when we mailed it in to when we got the check. However, when I did my sister's for her, it only took 6 weeks from when we mailed it to when she got her check!!!

I totally feel the "new house costs so much money in ways I didn't expect" vibe!

But it is totally worth it!

 

[SleepyatDVC]

You have to tell me more about this

We closed on our house in April, but I thought we had to wait until tax time to get our refund. What do I need to do, to get it now.

Like you, we are blowing through money getting the house together. We could really use the $8,000 now.

Thanks for the info.

Google it and go directly to the IRS site.

You can claim the credit either in 2009 when you file in 2010 OR amend your 2008 return and claim it NOW.

 

[TwoGirlsandDisney]

Thanks! We qualify, but I thought we had to wait, but I am going to claim it now. I'll print out those forms now.

 

[DisneyMomma81]

Yay! I purchased a home last month! I need to send in the paperwork!

 

[CandCMommy]

So glad to see this thread here. We closed on our house July 1st and have the papers printed and ready to go but we can't find any information as to what we need to send for proof we purchased the house, if anything. Can someone please tell me if you need to send something as proof so we can get this sent and get our 8000K!

 

[iheartdisney]

We went to H & R Block and they did the work. We just took in all of our closing papers, and we mailed off the envelope last week.
All the money is going right back into the house, so I'm not about it!
But after 10 years of apartments and military housing, it is so wonderful to be able to decorate! So far we have a Pirates room for my son, and a Littlest Pet shop room for the girls.

 

[MickeynMinnie]

Does anyone know when the last day to amend your 2008 taxes?? And do you have to close on the house before you can amend it?? We are looking to buy a house in the next couple weeks
Thanks in advance!

 

[gomagic]

This is good to hear. Hopefully mine will be arriving anytime now in the mail. I closed in mid June and filed immediately after so maybe it won't be much longer. (The lady at H&R Block figured it would be October at the earliest so who knows.)

 

[Motherofboys]

So glad to see this thread here. We closed on our house July 1st and have the papers printed and ready to go but we can't find any information as to what we need to send for proof we purchased the house, if anything. Can someone please tell me if you need to send something as proof so we can get this sent and get our 8000K!

You don't have to send any specific "proof" that you purchased the house, just the completed form 1040X and the completed form 5405.

The sale must be completed before you file the amended return claiming the credit.

Be prepared to show proof of purchase (closing documents) if the IRS asks for it. Haven't heard of it happening, but it could.

 

[Motherofboys]

This is good to hear. Hopefully mine will be arriving anytime now in the mail. I closed in mid June and filed immediately after so maybe it won't be much longer. (The lady at H&R Block figured it would be October at the earliest so who knows.)

After at least 6 weeks of mailing it out, you can call the IRS and have them check the status of it. They will hate me for posting that, but you call the 800 number and tell the operator that you need individual accounts and ask them to check the status of your amended 1040.

They get slammed with calls on this and usually ask you to wait 6-8 weeks before you start checking. But once it is processed, they can tell you the date your check will be mailed.

 

[gomagic]

After at least 6 weeks of mailing it out, you can call the IRS and have them check the status of it. They will hate me for posting that, but you call the 800 number and tell the operator that you need individual accounts and ask them to check the status of your amended 1040.

They get slammed with calls on this and usually ask you to wait 6-8 weeks before you start checking. But once it is processed, they can tell you the date your check will be mailed.

Thanks

 

[CandCMommy]

You don't have to send any specific "proof" that you purchased the house, just the completed form 1040X and the completed form 5405.

The sale must be completed before you file the amended return claiming the credit.

Be prepared to show proof of purchase (closing documents) if the IRS asks for it. Haven't heard of it happening, but it could.

Okay, that's what I thought. None of the papers we saw asked for anything but the tax forms so that's what we'll do. I guess if they need something more they'll ask. We closed on July 1st and it recorded on July 2nd so we're well past point of completion. Just need to mail it in.

 

[edandcolleen1995]

You have to tell me more about this

We closed on our house in April, but I thought we had to wait until tax time to get our refund. What do I need to do, to get it now.

Like you, we are blowing through money getting the house together. We could really use the $8,000 now.

Thanks for the info.

Sorry for late response. Was out working in the yard..



"You only need to file the 1040x and the 5405 but make sure on the 5405 you check the box on line C because you bought the house AFTER 12/31/2008 (this matters because the old FTHB credit was an interest free loan and not a true credit, the new credit put in place by President Obama is a true credit effective 1/1/09) Also if you are currently due a refund the IRS suggests you do not file the amended forms until you have gotten your refund currently due, they will hold your refund if it has not been paid to add the additional due.

Make sure you qualify for the FTHB credit with all the terms listed in the "who can claim the credit" section of the instructions for form 5405 and do not file anything until you have actually closed on your home!"


I got that from the net. My wife does taxes for a living and she handled this. You just have to amend your 2008 tax return to get the credit now.

Hope this helps!