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Mandiek, Home Buyer in Saint Paul, MN

Filing amended tax return for first-time homebuyer credit

Asked by Mandiek, Saint Paul, MN Mon May 4, 2009

I am a first-time homebuyer and closed on my house on 4/24 last week. Does anyone know how I file for the first-time homebuyer credit, even though I already filed my 2008 taxes? The IRS website says you can file an amended return, but I couldn't find any advice on how to actually do that or what the steps are...

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The First Time Buyers form 5405 is used to calculate what you are entitled to receive for the credit- it is carried over on your 1040 federal tax form. It is then added as a credit at the end of the 1040 form and is used to calculate if you owe or due a refund. If you are doing an amended return it will go onto a 1040X then mail to the IRS. It will take about 6-8 weeks for the process. If for some reason you have something attached to your refund (back child support, back taxes, student loans) the IRS will use this money to pay off this debt first before they give you the remainder of the money (if there is any left)
2 votes Thank Flag Link Wed May 6, 2009
I bought my home on 5-15-09. I amended my return and called the IRS to make sure that I didn't need any additional forms or proof of purchase. A rep stated that all I needed to mail is two forms: the 1040 X and the 5405. The forms were super easy to complete! To find where to mail your amended return, click here: http://www.irs.gov/file/article/0,,id=109750,00.html. I mailed my forms on 5-19.



The IRS website states that you can't view the status of a refund on an amended return online; you have to call to get the status. On 6-24, I called the IRS at 800-829-0582 and pressed X462. After being on hold for about 20 minutes, a rep said that my return was received on 5-26. I called again on 7-6 and, after being on hold for about 20 minutes, a rep stated that a check was mailed on 7-3. It appears that the IRS will only issue a paper check on this credit/refund.
4 votes Thank Flag Link Mon Jul 6, 2009
Congratulations on your new home! You will find the amendment forms also on the IRS website. You might want to call the IRS help line. They really will assist you. It may also be that you would be able to wait, and file for the credit for the 2008 tax year. The IRS website or helpline, or the consumer affairs department of our MN attorney general's office is another resource you can use. Good luck! Liz, Associates Realty, LLC 612-986-4105
2 votes Thank Flag Link Mon May 4, 2009
how long does it take to get the $8000 tax credit refund.
0 votes Thank Flag Link Mon Jun 21, 2010
how long does it take to get the $8000 tax credit refund
0 votes Thank Flag Link Mon Jun 21, 2010
Hi Vanessa:

If your father does take the credit and ends up not living in the home for at least three years, the IRS will make him pay the credit back.

--Ginger
0 votes Thank Flag Link Sun Mar 14, 2010
Hi, my name is vanessa and my father in-law is closing on a house around the final days in april. He planned to make the home his primary residence but no is thinking of making it an investment property, because he doesnt want to retire yet ( we live in new york, he is a superintendent so he has an apartment). Can we still take advantage of the tax credit if its an investment?
0 votes Thank Flag Link Fri Mar 12, 2010
More information on the First Time Home Buyer Tax credit can be found on my informational website listed as a reference to this post. Please feel free to email me any questions directly.
0 votes Thank Flag Link Wed Jun 24, 2009
Thanks for everyone's input. I did an amended return with the 1040x yesterday, and it was actually pretty simple as long as you follow the instructions.
0 votes Thank Flag Link Thu May 7, 2009
I'd suggest that you speak with a tax preparer to make sure you get the credit quickly and correctly.
0 votes Thank Flag Link Mon May 4, 2009
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