Home buyer credit

[xkaosx]

What date is actually used to determine when you can claim the 8000 home buyer credit?

[tleventer]

I'm sure someone will correct me if my memory fails, but I remember it being a signed contract by April 30, 2010.... closed by June 30, 2010.  That's for the $6500 credit as well.

[xkaosx]

I mean if you want the credit you file it on your taxes right? So it would be filed for 2009 taxes or 2010?

How does the rebate actually get refunded I guess I am asking.

[Anonymous]

If your 2009 taxes haven't been filed your can claim them when you file before April 15th. If you taxes have been filed your options are to file a 1040x to ammend the 2009 return to claim the credit. You may be able to defer until 2010 return as well, but don't quote me on that.

I am not sure of the exact for mechanics, but you include the applicable form, the amount of the credit carries to your 1040. The amount of the credit will offset taxes owed for the year, or will increase the amount of your refund if you are already over paid.

[Anonymous]

Stupid question but, What if you did not enter a contract by 4/30, but you will be closed by June 30?  No dice?

[ShanetheMortgageMan]

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@Anonymous wrote:

Stupid question but, What if you did not enter a contract by 4/30, but you will be closed by June 30?  No dice?

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Not a stupid question, but you are correct, no dice.  There are exemptions to this if one is active military stationed overseas.

[beehive]

If you signed a contract, and are closing by June 30th...But have already filed this year.....can we 'amend' our return and re-file? And receive the $8,000 this year?

[Anonymous]

Yes, you can.   The amended return must be mailed in and the wait time is approx. 6-8 weeks from the post office stamp date, after that you can call or maybe check on-line for a deposit date (if original return was direct deposit) or the mailed date for the check (if you had a check mailed to you on the original).

[westcon5]

Just to throw my two cents in...I filed my 2009 taxes back in February. I closed on my house on March 15. I sent my 1040x (2009 amended tax form) in on March 31. I found out on Friday that it has been approved and they would be sending a check. The IRS people told me (other's might have experienced something different) that amended returns with a refund will all be sent via check. I received an electronic deposit for my original taxes, but the amended refund will be issues via mail.

I have read elsewhere of people receiving their refund electronically, but none specifically stated they were from an amended return. It would be nice if the IRS could do that, but that was not what I was told.

YMMV

[Anonymous]

Where in the country are you located, WestCon?  I hear that plays a big part.  I'm closing on Monday and just wanna try to get that amended return back asap!