Comments on: First Time Homebuyer Tax Credit: When a credit isn’t a credit but it’s still free money

By: Michael

Michael — Wed, 17 Feb 2010 12:46:17 +0000

@Tom: There is no federal first income tax credit for homebuyers purchasing in 2007. You can check with your state to see if there were any incentives (highly unlikely.)

By: Tom

Tom — Wed, 17 Feb 2010 03:20:04 +0000

Is there anything out there for first time homebuyers from December of 2007, as far as a tax credit goes?

By: Michael

Michael — Mon, 01 Feb 2010 14:20:12 +0000

@Jessica: You have a rather confusing set of facts so I might suggest contacting the IRS directly for guidance. I would say that if you were obligated to buy the home in 2008 and you moved in during 2008, it’s likely you’d qualify for the 20008 contact. But worth double-checking.

By: JESSICA

JESSICA — Sun, 31 Jan 2010 18:58:03 +0000

MY HUSBAND AND I BOUGHT OUR FIRST HOME ON A LAND CONTRACT ON OCTOBER OF 2008 AND THEN WE SPOKE WITH A BANK AND DECIDED TO BUY THE HOUSE AFTER WE HAD DONE SOME REMODELING TO THE RESIDENCE THE DATE ON THE HUD 1A FORM IS DEC 30 2008 HOWEVER OUR LOAN DATE STARTED ON 01/05/2009 AND THE DEED WAS NOT PLACED IN OUR NAME UNTIL 01/26/2009. WOULD YOU HAVE ANY IDEA IF WE WOULD QUALIFY FOR EITHER 2008 OR 2009 TAX CREDIT?

By: PZ

PZ — Wed, 11 Nov 2009 21:27:01 +0000

When I did my taxes for last year, I wondered why they asked if I bought a house after April 10. Now I know. We closed April 3. However, besides the initial tax refund I would have received last year, I don’t see that we missed out on much…besides the “time value of money.” Chances are we wouldn’t have invested it so no real missed money.

By: Michael

Michael — Thu, 05 Nov 2009 13:55:06 +0000

@Lisa: I suspect you mean a 1040X since that’s what’s required and there is no 1040E. The instructions will tell you where to mail the form (the address is based on your state of residence). Expect to wait anywhere between 12 weeks and perpetuity, based on the rumblings reported elsewhere on this blog. Include your HUD closing statement for better odds.

By: Lisa Reagle

Lisa Reagle — Thu, 05 Nov 2009 11:37:10 +0000

We finally completed our 1040E and 5405 form. Where do we now send the completed paperwork (along with a copy of our closing statement) for our credit and how long can we expect to wait to receive the credit? (This is for the 2008 version)

By: Jasmine

Jasmine — Wed, 21 Oct 2009 02:17:18 +0000

Thank you Michael.

By: Michael

Michael — Tue, 20 Oct 2009 12:39:19 +0000

@Jasmine: I don’t know anything about problems with unit #s vs. apartment numbers but have heard that a good percentage of this claims are taking a long time because of suspected fraud. My guess is that you will only need patience before ultimately receiving your payment. Hang in there!

By: Jasmine

Jasmine — Mon, 19 Oct 2009 22:51:14 +0000

Brought a townhouse this past June and I also a first time buyer. Call the IRS today to find out the status of buyer credit and was told it was being audited. Because in my subdivision , we all have the same address but we have unit number. It can’t have an unit # because they think it is an apartment. I meant all the other requirements, but never know that I could not have an unit number. Have you heard of this happening before?