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The IRS mailed our $8,000 check today!

Moderator Emeritus

Re: The IRS mailed our $8,000 check today!


prioritybubble wrote:

DKJay,

 

I'm confused.   I thought per the http://federalhousingtaxcredit.com/2009/glance.php   the refund was only 10% of the purchase price.  Did you really get the $8,000 check?  Am I missing something with this tax credit law? 


$8000 is less than 10% of $127,500.

Message 11 of 20
Established Contributor

Re: The IRS mailed our $8,000 check today!

Dude, when will you get it?? you just have to purchase a HOME valued AT or ABOVE 80,000 to qualify for 10% of the price which equals $8000 (do this on your calculator: 0.10 x 80,000)
Message 12 of 20
Regular Contributor

Re: The IRS mailed our $8,000 check today!

Actually it's 10% UP TO $8,000. If you buy a house more than $80,000 that's great, but you still only get $8,000.

03/2009 - TU: 679 EQ: 670 EX: 670
7/2 - TU: 666 EX: 668 EQ: 673

"If at first you don't succeed...skydiving isn't for you."
Message 13 of 20
Highlighted
Established Member

Re: The IRS mailed our $8,000 check today!

Ah. I feel stupid.  I better stick with my day job!  Math was never my best field.  lol.  Sorry.  Now I get it.  Looks like they are going to extend the $8,000 credit for next year so that is good news for everyone. Hopefully they raise it to $15,000.  Thanks all.
Message 14 of 20
Established Member

Re: The IRS mailed our $8,000 check today!

We got our check yesterday. It took three days to get here (Pennsylvania) from Texas.
Message 15 of 20
Member

Re: The IRS mailed our $8,000 check today!

Got mine today...closed on June 8, didn't mail it out til June 10th...so I guess it fell right in the 8-12 week timeframe. I have to say that I was starting to sweat a little reading the many stories of individuals who closed on homes way back in March or April and still had not received a check. The IRS also gave me $96 in interest.
Bought my 1st home while in the 600's...look out 700's I'm a mission to knock your door down!
Message 16 of 20
New Member

Re: The IRS mailed our $8,000 check today!

so if you haven't bought a house yet and you about to and know that you can qualify for the 8,000 credit, can you claim it before buying the house?

 

Message 17 of 20
Established Contributor

Re: The IRS mailed our $8,000 check today!

Only people that have actually purchased are eligible, not people that are qualified to purchase.
Message 18 of 20
Established Member

Re: The IRS mailed our $8,000 check today!

lol Claim it before buying the house. That would be nice.
Message 19 of 20
Valued Contributor

Re: The IRS mailed our $8,000 check today!

I HIGHLY recommend anyone filing for this credit now, to just wait and file with your returns. It is such a big MESS! We are one that mailed ours May 7th, received by them May11th...and all we get is...ummmmm, call back in a week! We are over the 16 week time.

 

I think it will be less complicated if it is all filed together. It also said on a site I was on that an amended return ALWAYS takes longer.

 

Good luck.


Kathy


We are finally homeowners!!

Closed May 5th-30 yr fixed at 5.25%.

Message 20 of 20