topic Re: Federal Tax credit and Homebuyer Tax Credit forms in Mortgage Loans

Federal Tax credit and Homebuyer Tax Credit forms

Anonymous — Wed, 02 Jun 2010 12:43:44 GMT

Hello my wife and I just purchased a house. We are first time buyer. We would like to know what is the procedures and process to filling out the Federal Tax credit and Homebuyer Tax Credit forms and get them back in a timely fashion. We heard story's from people about individuals filling out the forms wrong which led to them waiting about 6 months to get their money. Can anyone tell us what to look out for when filling them out or should we have a tax advisor assist us?

Re: Federal Tax credit and Homebuyer Tax Credit forms

Anonymous — Wed, 02 Jun 2010 14:23:46 GMT

I'm just another first time homebuyer but I'd would say get the tax advisor. Thats what I'm doing.

Re: Federal Tax credit and Homebuyer Tax Credit forms

westcon5 — Wed, 02 Jun 2010 14:53:18 GMT

Congratulations on your new home! I too purchased my first one in the last three months. I tried filling out the 1040x to claim the credit on on 2009 taxes that I had already filed. I could not get the final refund number to come out to $8,000 for the life of me! I'm not sure how complicated your taxes are, but I purchased H&R Block's package on their website for $5.95 that included the 1040x form. It let me plug in all my information from the taxes I filed and calculated the amended form perfectly. It let me see what I was doing wrong. Like others said, maybe a tax professional might be your best option, but if you want to do it yourself and can't figure the form out, the route I went might be an option for you. I was happy to spend a few dollars to make sure it was filled out properly. I just received my refund yesterday, so I know it was accurate.

Re: Federal Tax credit and Homebuyer Tax Credit forms

Anonymous — Wed, 02 Jun 2010 15:45:36 GMT

Thanks stressedandhopeful & westcon5. Will follow both of your advices. Oh and thanks wstcon5 for the congrats.