topic Re: 2009 rebate question in Mortgage Loans

2009 rebate question

Anonymous — Wed, 18 Feb 2009 19:30:58 GMT

First off...I want to thank you all for the help and guidance you have given me to clean up my credit and FINALLY be able to buy a home. I have been preapproved for 5.5% from FHA and I am currently awaiting word of whether or not my offer has been accepted. I can not tell you how much hard work it took to finally get here where I am today.

I do have a question about the tax rebate of $8000.00. How do I get that? My realtor says I should change exemptions to get it each week in my paycheck, but that seems like it could be a huge mistake with a calculation error somewhere that I would find at tax time next year. Anyone have any ideas?

Re: 2009 rebate question

Anonymous — Wed, 18 Feb 2009 19:43:11 GMT

Your realtor is wrong. You file it on your taxes.........It will probably be a few weeks until they get the credit updated (right now it probably still calculates at a $7,500 rebate). Then you get a one lump sum check for $8,000 like it was a refund.

I already filed my taxes, so I have to file an amended Tax Return which is a 1040X. If you go to IRS.GOV and type in first time home buyer tax credit it will show you what forms you need. There is a specific form you add on to your taxes that asks home price date of purchase etc. to show you qualify for the $$.

Edited to add: File it on your 2008 taxes so you don't have to wait until 2009 to get your money.

Message Edited by 1111mel on 02-18-2009 01:43 PM

Re: 2009 rebate question

Anonymous — Wed, 18 Feb 2009 19:44:41 GMT

I already filed my taxes also. Can I file a 1040X also right now...even though I had gotten back almost $6000 a week ago?

Re: 2009 rebate question

Anonymous — Wed, 18 Feb 2009 19:50:15 GMT

YES AND YOU WILL GET ANOTHER $8,000! The 1040X form is on the website....I plan on using a tax office and paying $30 to make sure my amended taxes are filed correctly!

Of course assuming you are under the salary cap.

Good Luck!!!

Message Edited by 1111mel on 02-18-2009 01:50 PM

Re: 2009 rebate question

Anonymous — Wed, 18 Feb 2009 19:53:40 GMT

Well, that is the next issue I need to figure out. I made $96000 in 2008, my husband who is just beginning a job after being laid off and off work for almost 3 years made only $7000. The mortgage has to be in my name only since he hasn't had his job for 3 years or more. If his name isn't on the mortgage, but IS on the deed...does that make us fall under just my income or both of ours? I make too much to get the whole amount back, but together we are eligible. Any ideas?

Re: 2009 rebate question

Anonymous — Wed, 18 Feb 2009 23:58:48 GMT

Any ideas anyone?

Re: 2009 rebate question

Anonymous — Thu, 19 Feb 2009 00:41:55 GMT

I believe the IRS describes it as "ownership interest" and if he is on the dead, he certainly has ownership interest.

Re: 2009 rebate question

Anonymous — Thu, 19 Feb 2009 00:54:02 GMT

I think what the broker was trying to say is that if you changed your taxes to take $150 less each week in federal taxes, you'd essentially be getting the $8,000 at $150 a week, instead of $8,000 all at once.

Re: 2009 rebate question

Anonymous — Fri, 13 Mar 2009 16:13:32 GMT

Sorry to bring up an old topic here...

Just to clarify....

I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

Re: 2009 rebate question

Anonymous — Fri, 13 Mar 2009 16:34:17 GMT

@Anonymous wrote:
Sorry to bring up an old topic here...
Just to clarify....
I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

That's my understanding.

Has anyone actually gotten the rebate? I'm curious to know how long it takes. We certainly wouldn't count on it being delivered at any certain time, but it's always nice to have money in the bank!

Re: 2009 rebate question

itsjustmeibe — Fri, 13 Mar 2009 16:38:36 GMT

@Anonymous wrote:
Sorry to bring up an old topic here...
Just to clarify....
I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

yes, you can file an amendment under 2008 and I suggest you do that. Your taxes will be filed jointly so that means you have up to $150k to qualify. Don't wait for 2009 taxes, because his 2009 income would be used and you don't want that.

you will get an additional $8k aside from any refund you already got. this tax credit is completely separate from what you already were refunded for.

Re: 2009 rebate question

Anonymous — Fri, 13 Mar 2009 17:14:02 GMT

Thanks!

Has anyone gotten this refund yet? I am also curious as to how long it takes as previously mentioned by another person

Re: 2009 rebate question

twoaklawn — Fri, 13 Mar 2009 17:16:15 GMT

As far as when you will get your money, I asked a tax accountant friend about that. She told me that when you file an amended tax return and the IRS owes you money, they have 90 days to get the additional refund money to you. She also remarked that without fail, the IRS will mail or direct deposit the money on day 89, every time!

Re: 2009 rebate question

Anonymous — Fri, 13 Mar 2009 23:23:52 GMT

@itsjustmeibe wrote:
@Anonymous wrote:
Sorry to bring up an old topic here...
Just to clarify....
I filed my 2008 taxes and received my money back. If I buy a home in 3/09 I can still file an addendum under my 2008 taxes. Is that correct?

yes, you can file an amendment under 2008 and I suggest you do that. Your taxes will be filed jointly so that means you have up to $150k to qualify. Don't wait for 2009 taxes, because his 2009 income would be used and you don't want that.

you will get an additional $8k aside from any refund you already got. this tax credit is completely separate from what you already were refunded for.

I am a little confused on the tax credit. I thought it worked like this.....If I paid $4000 into the feds and my tax was only $2000 I normally would get a refund of my original $2000........ 4000-2000=2000 but because of the credit I would actually get the full 4000 but not more than I paid in. Is this correct?? Thanks in advance.

Re: 2009 rebate question

Anonymous — Sat, 14 Mar 2009 00:08:45 GMT

This is a refundable credit. You'd actually get back $10k!

Re: 2009 rebate question

Anonymous — Sat, 14 Mar 2009 00:33:41 GMT

Are you saying that if you buy your home in 2009 before the July cutoff for the $7500, you get both credits?? You can get 7500 now and claim the 8000 also??

Re: 2009 rebate question

Anonymous — Sat, 14 Mar 2009 01:22:28 GMT

No, you can only receive one not both. As I understand it if you purchase in 2009 before Dec 1st you can get the 8000 credit.

Message Edited by love2golf on 03-13-2009 06:22 PM

Re: 2009 rebate question

Anonymous — Sat, 14 Mar 2009 00:46:26 GMT

@Anonymous wrote:
This is a refundable credit. You'd actually get back $10k!

Wow that is great news!! Thanks.