Home Buying in 32221>Question Details

Shirlee, Other/Just Looking in Florida

Is the tax credit applied to the purchase or do you get a check in the mail?

Asked by Shirlee, Florida Sat Mar 14, 2009

My son has the understanding that after closing you amend your 2008 tax return and a check will come in the mail for $8,000. Can you clarify, please?

Help the community by answering this question:

Answers

5
Hi Shirlee,

It is only for homes closed in 2009 and all you get is a credit on your 2009 tax return!

If you are due a refund, then you get the check sometime in 2010.
Web Reference: http://usaloanshome.com
1 vote Thank Flag Link Sat Mar 14, 2009
The tax credit is just that...... it's a benefit calculated into your 2009 tax returns.
0 votes Thank Flag Link Sun Mar 15, 2009
Hello Shirlee,

The $8000 is a tax credit. You will get it as part of your 2009 tax return unless you have already purchased and try to apply it to 2008. Also, I think you can get it this year if you file an extension for you taxes. You would have to talk to your accountant to know for sure. What is for sure is it is FREE MONEY. You are getting $8000 from the government to purchase a home in 2009. You have to be a first time home buyer or have not owned a home in 3 years to qualify. It comes with your tax return. Hope this helps.

Tobin Bossola
Vanguard GMAC Realty
(904) 910-8084
Web Reference: http://www.LiveJax.com
0 votes Thank Flag Link Sun Mar 15, 2009
Hi Shirlee,

Hope this helps!

***Up to a $8000 tax credit to First Time Homebuyers***

The provisions in the bill pertaining to the tax credit for first time home buyers are as follows:

* The $8000 tax credit is available only for first-time home buyers
(Definition of a "first-time home buyer" is a buyer who has not owned a
principal residence during the three-year period prior to the purchase)
* There is a $75,000 adjusted gross income limit for tax filers filing
separate and $150,000 limit for joint return filers.
* The $8000 tax credit is available only for primary residence purchases.
* The tax credit does not require a repayment for most cases.
* The tax credit does have a repayment provision if the homeowner
does not occupy the property for a minimum of 3 years from the
closing date.
* The home buyer must purchase a home between January 1, 2009 and
December 1, 2009.
* The $8000 tax credit is received when you file your tax return.
How does the credit affect the taxes you owe and the refund you get?
The credit reduces your tax liability, that is, the amount of taxes you are required to pay. Depending on your tax withholdings, you could get a bigger refund or owe less in taxes when you file.

Mary Beth Schillig
Realtor
Prudential Network Realty
(904)759-2259
(904)260-4300
Web Reference: http://marybethschillig.com
0 votes Thank Flag Link Sun Mar 15, 2009
Shirlee
If your son has a closing pending and has not yet done his tax return he can apply for the refund now and get his check or if he has done his return he can get it amended. He will be entitled to the full $8,000 as long as he is buying a property that costs more than $80,000, has not owned one for at least 3 Years and if he does not sell his new home for at least 3 Years he will not have to repay it either. (If his home costs less than $80,000 he gets 10% of the purchase price).Hope this helps.
Best Regards
Paul Whitehouse
Web Reference: http://www.paulsold.com
0 votes Thank Flag Link Sat Mar 14, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer