2009 rebate question

Anonymous · ‎02-18-2009

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?

Anonymous · ‎02-18-2009

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

Anonymous · ‎02-18-2009

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?

Anonymous · ‎02-18-2009

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

Anonymous · ‎02-18-2009

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?

Anonymous · ‎02-18-2009

Any ideas anyone?

Anonymous · ‎02-18-2009

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

Anonymous · ‎02-18-2009

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.

Anonymous · ‎03-13-2009

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?

Anonymous · ‎03-13-2009

@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!