First Time Home Buyer Tax Credit

There has been a lot of talk (and confusion) about the economic stimulus bill and what it means to home buyers. Who qualifies? What year can I claim the credit? How much of a refund would I get back? What are the criteria to receive the credit? So I'm going to attempt to answer the most common questions about the bill. Keep in mind, I am NOT a tax professional or accountant and always recommend when it comes to your taxes to seek the advice of an accredited tax professional.

That being said, the bill states that first time home buyers can claim a tax credit worth $8,000 OR 10% of the home's value, whichever amount is less. So, if you bought a condominium for $65,000, your tax credit under the bill would be $6,500, not $8,000.

Qualifying

In order to qualify for the credit, the home purchase must be made between January 1st and November 30th of 2009 (so if you buy a home on December 1, 2009 you are not eligible). In addition, there are income restrictions as well. To qualify, a single person must make less than $75,000 a year. Married couples must make under $150,000 a year. However, higher income buyers may receive a partial credit. You must also live in the house purchased for at least three years or you will be required to pay back the credit. The property being purchased can not be owned by a close relative like a parent, grandparent or one of your children. The definition in bill for a first time home buyer is anyone that has not owned a home in the last three years.

Tax Filing

The credit can be claimed on your 2008 or 2009 income taxes. Now as I said you can claim the credit on your 2008 tax filing. If you have already filed them, you can file an amended return to claim the credit if you wish to do so. Based on the feeback we've been getting, the process takes about 12 weeks. Another great thing about the credit it that it is fully refundable, so even if your total tax bill (refund) is less than $8,000 (and you qualify for that amount of a credit), you would still receive the full $8,000 back plus the amount you had overpaid.

For example, John's taxes showed that he had paid $5,000 in taxes over the year. He filed his return and he actually only owed $3,000 in taxes. Normally he would have received a refund of $2,000. But under this bill, he would receive the full $10,000 instead! To claim the credit on your taxes is just a matter of filling out the form, without any additional paperwork involved.

This is a simplified breakdown of the economic stimulus bill. I highly recommend consulting a professional tax service regarding your taxes. You can download the tax form here: http://www.irs.gov/pub/irs-pdf/f5405.pdf

Thank you for reading our real estate blog and feel free to contact us for all of your Las Vegas NV real estate needs.  

Source: CNNMoney.com

Comments

After 36 weeks and about 20 calls... $8318.26

Credit approved 3 weeks ago, called today and they said they just released the funds today $8318.26, check coming soon.

I have been watching this board for months. I was worried after reading all the stories, but I got lucky.

I sent the return 8/12/09
They received it 8/14/09
Went to review and received letter requesting more paperwork 12/18/09
Credit approved 3/29/10
Funds released 4/19/10
Just waiting for the check...

what kind of paper work did

what kind of paper work did they request from you on 12/18/09

number

Just wondering what number you called? I have been waiting a while now!

still waiting!

we have been waiting over six months never received a letter no phone call, got a tax advocate at 4 months she keeps saying she knows nothing yet call back in 30 days. i thought getting a tax advocate was suppose to help get your money quicker? what else can we do?

Mine has been about 9 months

Mine has been about 9 months as well, me and my boyfriend bought a house we both claimed half. I mailed both the same day. He received his in like 5 weeks mine was set to release on the 16th yesterday according to my tax advocate nothing today hopefully on monday. I assume mine is coming from austin and I am next day from there. I also had constant communication with IRS because he received his so fast and I have yet to receive mine. Finally they assigned the advocate and she helped as much as she could. GOOD LUCK and hopefully I will get it soon.... I was told mine has interest and the reason it took so long was people were claiming this and using their dogs name, kids name, etc THANKS IDIOTS FOR MAKING IT HARD FOR US WHO ARE TRYING TO SCAM!!!

Denied As Previous Homeowner because we previously owned a home

Yes, that is the letter we got from the IRS yesterday. We completed form 5405 (rev 12/09) to claim the extended $6500 credit on the home we closed on in February. We sold our previous home last May and provided full documentation on more than 5 consecutive years of ownership. We even provided a copy of the deed. We selected box 2 in part 2 of the form 5405, noting that we were filing as previous homeowners. We entered $6500 on line 67 of the form 1040. And yesterday we got a letter from the IRS telling us that our New Homebuyers' tax credit was being denied because IRS records show that we previously owned a home! I spent 4 unsatisfactory hours on the phone last night trying to get someone who could explain to me and most of the time I was on hold. The few times I talked to people, they were not helpful. I have been transferred twice now to people who are supposed to help me determine my eligibility. They ask me the same questions, I provide the same answers, they declare me eligible and don't know what the problem is. Looks like our only hope is to file an appeal. I told my husband last night that by time we receive this $6500, we will have paid off all of our debt and it will be like a nice little bonus check! I am trying to keep a good attitude but when their hold message tells you the wait will be 10 - 15 minutes and it is an hour and a half before someone answers the phone, it is hard not to be frustrated.

Same Problem

I just got the same letter. Wouldn't you think that people at the IRS would know that you aren't a first time homebuyer if you apply for the $6500 credit AND mail them 5 years worth of 1098's proving that you have owned a home for the past 5 years? If I was a first time homebuyer, I would be asking for $8000. It just blows my mind that anyone that works for the IRS wouldn't know the difference between the two. When you call their hotline their employees pull up your information and even say that it appears that everything was there and you shouldn't have been denied. However, can they fix it??? Not a chance. Instead they say you need to mail your letter and all of your tax return information again for an appeal. When I asked how long it would take to solve this they said that they have no idea. It only took them 120 days to make an incorrect decision, so if I'm lucky someone there will have the time to look at my appeal by the end of 2010. Hopefully I'm lucky enough to get an IRS employee that is smart enough to figure out their own forms. Any other company in the U.S. that gives service like this wouldn't make it. I'm starting to think that the IRS just doesn't have the $ to pay out all of these credits and they are just trying to figure out how to delay/deny most of them. I understand that it is the fraudsters that caused the problem, but for those of us that actually do play by the rules this process sure does suck.

I sent my tax paperwork in

I sent my tax paperwork in the beginning of feb. the irs acknowledged that they received my paperwork in march and it has said i will receive my refund on April 20, 2010. I just checked it again and it still says it. Does that mean i am getting my refund by tuesday?

I find this pretty funny.

I find this pretty funny. My girlfriend and I received a tax refund for 2009 including interest paid on the house we purchased in September 2009. We are still waiting on the first time homebuyer tax credit though.

We haven't received any paperwork from the IRS, however a tax advocate has contacted us after I let my Senator know that I would find it pretty hard to vote for them this coming November if the government can't get things figured out.

Advocate has told us that the IRS decided to disallow our credit as our mail has been returned to them. Prior to this we have verified our P.O. Box is the correct mailing address on three separate occasions. Getting tired of the B.S. now after 6 months. After submitting additional paperwork, we're supposed to hear something by April 22 from our tax advocate. I am really hopeful.

10 weeks and no end in sight...

I mailed off my forms on 2/5/10. According to USPS they were received by the IRS on 2/12/10. After many calls the IRS finally was able to tell me that they received and processed my paperwork on 3/22/10. The lady then told me that I would be sent a letter stating that they needed more information from me however.

I faxed the info that they needed, and its been 2 weeks since I sent the fax. They still can not tell me that it has been successfully received.

Now they are telling me telling me its 11-16, when before it was 8-11 weeks from when I sent the original paperwork. Next week will be 11 weeks, and I have a sneaky suspicion that the next time I call it will be 17-21 weeks...

I cant believe how disfunctional the IRS is. its amazing they get anything don't there.... We really need to invest in our infostructure here... They are not going away...

10 weeks is nothing...u will

10 weeks is nothing...u will be luck if you get it within 5 months...I'm on 8 months...and counting...

Same here.I called today

Same here.I called today they said they were sending a letter and a form that needs to be filled out and returned. But they didn't tell me what. I filled- mail 2/22/2010. Wheres my refund reported today 4/27/10 but no deposit received, so i called. They said two weeks I'll get the paperwork and 4 weeks after they receive for processing. THIS IS CRAZY!!!! I need the money.

RE:can i still get tax credit if i owe

i am buying my first home and was wondering if someone can tell me if i owe back taxes which i am paying on,will i still be able to get the 8,000 tax credit?

Yes, you can still get the

Yes, you can still get the credit. However any back taxes that you owe will be deducted from the total amount you will receive. So say you owe $3,000 to the IRS, you will receive a credit of $5,000.

Confused

My husband and I purchased our home november 3rd, 2009. We are first time home buyers, we've never owned before. We met all the qualifications. We filed all paperwork and supporting documents (everything all at once so there'd be no reason to send anything else)--we sent it via certified mail (what a joke) february 3rd. April 3rd we received a letter from the IRS stating we don't qualify for the credit due to a "cancellation of debt in 2007". My husband and I are at a complete loss, because we've never owned a home, the cancellation of debt was in 2005 for a dirtbike he lost after losing his job!!!! What does that have to do with our first time home buyers credit!!!??? That is NOT one of the qualifications listed. I called the IRS was on hold for an hour, and finally someone got on the line and basically told me I needed to contact the person who did my taxes. What good is that going to do?? What is H&R block going to tell me!!!?? This was the "IRS'" decision!!! I have only one other option at this point which is to appeal. I'm completely disgusted, because as patient as I was planning on being (reading everyone else's horror stories on how long they've waited) I assumed I'd be waiting for a long time, but never denied!! I'm lost--what other options do I have?

Confused continued...... It

Confused continued......
It is now 8/11/10- I mailed a letter stating that I was going to contact a tax lawyer or advocate as their records are incorrect. I mailed all of our information all over again, every form, every proof of residency, along with my letter stating they have made a mistake. I included the cancellation of debt tax forms showing they were for ATVs and that we had claimed them on previous tax years to pay the interest on them. We have since received 3 letters that our information is under review. so the wait continues. 6 months later. I'm fine with that, I mean there are people who have waited over a year. I'm just glad to not be in denial stage, because my husband and I are not fradulent people and it sucks that people out there ARE and ruined this for people like he and I!!!!! We'll continue to wait patiently, call a few times, and involve a tax advocate if we feel necessary. We don't NEED the tax credit, it would be nice to have for some upgrades on the house, but we did NOT buy our house to get the money. It was just an added perk. So...that's my update. Thanks

I would think that as long

I would think that as long as the debt cancellation was less than $8,000.00 you should receive an adjusted refund. I've been waiting for over 15 weeks now and I had a debt cancellation back in 2007 for $800.00 and never claimed it on my tax returns (didn't know until recently that you had to). I was told three days ago that I'll be receiving a letter from the IRS requesting more documents. I did send in my settlement disclosure when I filed. I'm a single mom in extreme need of this refund. I did get in contact with my local IRS advocate and she is working with me to expedite this. I hope thing work out for you and myself as well.

We actually already claimed

We actually already claimed these cancellations on our 2007 returns, so we paid the taxes on them already. And again being that they were for ATVs we don't understand what the heck that has to do with our credit, it doesn't say anything about that on the irs website. Bottom line its bogus, i've mailed in copies of the 1099c for each one, so the IRS can continue to give us the runaround, but if they don't do something fast I'm going to get a tax attorney. My husband and I qualified for that money and the IRS is going to pay up!!!!! I'm sick of paying taxes only to find that when we qualify for a break we don't get it. BS!!!!

tax credit

it sounds like your tax person took your money because that is totally bogus why u wouldnt get it because of loan loss has nothing to do with it contact irs for falitity of letter from them it was hnr block they do just hire individual tax preparers ask about credability of the agent who helped you from the manager of the branch for hnr you did ur taxes mostly i would call irs and make sure that letter was real

I was approved for 8000

I was approved for 8000 credir on mar 31, i was told that it would take 6- 8 weeks before I can see my refund. does anyone has any idea why they are taking so long to release a check

Why is this taking so long??

I have been waiting since Aug 2009 for the 7500 tax credit.
Set form they got on the 29th of Aug. to ATL office.
Got letter end of Dec.saying need more info of course HUD1, paystub, car registration, certificate of occupancy, mortgage statement,ect..
Mailed all of that on Dec31 certified mail Atl signed for on Jan 4th.
Got another letter on Jan 25 papers for me to sign to waive the credit because they never got the additional info.(they signed for remember, for real)
Faxed on Feb 4 and also mailed again. They received on Feb9th.
Got another letter on MArch 1 stating they need 30 days. Called several times same answer "no one has looked at it yet"
Get another letter March22 stating they will reply by April 25.
Called yesterday same answer " no one has looked at it yet"
Faxed papers to to tax advocate. No one hs called yet.
This is redamndiculous.

Interesting

I closed on my home 11/18/09, filed a 2008 1040x, 5405 and sent a copy of the hud to the IRS the next day. Never received the refund, so I filed my 2009 taxes and claimed the entire credit again 2 weeks ago. 2 days later I finally got my amended refund for 2008. I then filed a 1040x for 2009 and sent in my tax payment (no more refund in 2009 of course). They cashed my check the same day they received it.

Funny how they take your money instantly but take forever to give it back. Just be patient - it will show up.

I'm purchasing my first

I'm purchasing my first condo. The contract with the home builder was done completed on March 22 and I'm scheduled to close June 24th. I have already filed my 2009 taxes. Is it still possible to get my $8,000 check this year or do I have to wait to file on my 2010 taxes?

Please help explain how everything works for a 1st time, young home buyer.

Thank you!

THIS MAY HELP!!!!!!

Purchased in Oct 09. IRS recieved in Nov 09. Waited 16 weeks no response. IRS sent request to see what was wrong which gave them another 30 days. No response. Referred to a tax advocate. Advocate: "yes i can help speed up the process but it would go faster if you have a "hardship" I wasn't being foreclosed and didn't have any disconnection notices. BUT my car wasn't working. They told me that would qualify. So I went to a auto shop told them I wanted a quote to fix a engine in my car and faxed that to the Advocate. I didn't take the car or pay to have someone look at it or anything. She called when she recieved the info. She called a week later saying they accepted it. Then called today saying a refund was issued for $8325.55..$325.55 of interest! If you have been waiting call the advocate cause I'm so glad this experience will finally be over!!!!!!

Well, I finally got it

After roughly 7 months, we finally got the check in the mail yesterday. Just a few bullet points:

TIMELINE
*Bought house on August 29
*Sent in first round of amended forms for the 2008 tax season first week of September
*Received a letter last week of November saying they needed more information
*Received a letter in December that we would receive a reponse in on February 23
*Received a letter in early March saying that they needed more time and should have a response by April 2
*Received a letter the last week of March saying that they approved the credit and we would receive a check in 6-8 weeks
*Received a check on April 12 for $8,311.88

OTHER NOTES
*2008 and 2009 we had our refund direct deposited but the credit came in the form of a check
*Could never check the status online via Where's My Refund
*Called the IRS 3 total times, twice to make sure they received the documents and once in February because we hadn't received any contact after the date they said we should

That's about it. It was pretty sucky waiting that long, but it finally got here.

9 months and $311.88 in interest

IRS received paperwork 7/21/2009. Did not receive ONE LETTER FROM THEM and kept calling and calling each month to verify the status. Finally called them in January 2010 and they alerted us that we were denied (but could not give us a reason). Called a tax advocate and they were very helpful and were able to find out that our letters were being mailed to an address we hadn't lived in for over two years! WE STILL HAVE NEVER RECEIVED ANY LETTERS FROM THE IRS - just the check. Got the tax advocate everything they needed and though it took a few months, our check was in the mail this morning, 4/13/2010. I highly recommend calling an advocate once you have waited the required 180 days.

Not here yet

I just wanted to add to what everyone else is saying. I bought my first home and closed on 10/23/09. I filed an amended 2008 return to claim the credit and the IRS received it on 11/5/09. I was told by my tax preparer that it would take 6-8 weeks, um no...I got a letter in January 2010 requesting additional information, so I sent them EVERYTHING I had and then some. Got another letter at the end of February 2010 saying they received the info and it was being examined.... Just got a letter on 4/9/10 saying it was accepted and that we were due the full refund of $8000 + interest and we should receive it within 6-8 weeks... So started in November 2009 and hope to see it by June 2010 - WHEW!! Just be prepared to wait.... but I am liking the idea of additional interest, that's always nice to get more unexpected money isn't it? Good luck to you all and congrats on your first home! It's a great feeling isn't it???

I got my refund today!!

I bought the house on October 2009, did my taxas together with my first time home buyer credit on March 10, they got it and with in the following week my status had change to my paper work beeing process if everything was ok I was getting my check on April 27, the following week it had change to April 9...I was surprise it was so fast after reading all this comments, I just got my check today April 12, 2010 Thank God!!! It only took them about a month..and the only paper I send was my HUD Settlement...

Received Refund in 7-8 Weeks

I closed on my house in November 2009. I waited to file with the 2009 taxes. I filed for my tax credit on February 19th, 2010. It was received certified a few days later. The status on Where's My Refund showed up a little over 3 weeks after the IRS received it. First it said I should receive it on or before April 20th then it was changed to April 27th. Then it said it was scheduled to be mailed (even though I requested direct deposit) on April 9th. On April 10th, it showed it was mailed on April 9th. I received the check on the morning of April 12th so around 7-8 weeks total time to receive the FTHB tax credit plus my income tax refund. Can't wait to start working on my home! Good luck to all of you still waiting.

I bought a condo in August

I bought a condo in August 2009, amended my 2008 return in October 2009.
The IRS received the return October 2009 and sent it to exams the end of January 2010. I called the IRS in February and again in March with not much explanation of the exam process and told to wait for 30 days after they sent a referal in March.
I finally was sent a letter asking for my HUD statement and other paperwork after it had been sent to my old address and forwarded to my new address I had less than 2 weeks to mail the paperwork back to the IRS. By the way, I am dealing with the Fresno office. Today I called to see if they received my paperwork, which of course they had April 5th and was told that they are just starting to review the last week of January 2010 amended returns and are reviewing numerically. At this point I 'm hoping for Christmas.

Still waiting 32nd week on

I had posted here couple months back in winter, and still have not receive my credit. I had closed in July, had my tax accountant to prepare all paperwork and amend my return. After numerous calls and correspondence from IRS, I got denied in December due insufficient proof of not having previous home ownership. I have never owned property before and I submitted my rent lease paperwork and yearly written and signed rent increases, which IRS accepted as a proof. In February I had receive letter that my case will be for review in 30 days. This week, I had received exactly the same letter, telling me that within the 30 days of February 22, I will find out status of my credit. Hello? It is already April. Any case, this is my 32nd week, I have not received anything at this point.

Settlement Statement (HUD-1)

I recieved a letter from the IRS asking to send them a Settlement Statement (HUD-1), can i send them the one I signed right before I closed escrow? It says estimated on it.

Gathering information

Ok...this forum has been very helpful, and my hope is to compile a lot of different information I've collected in one post. A lot of people are really frustrated, and while it doesn't speed anything up, I've found it reduces stress to read other people who are in the same situations. It's just difficult to separate the multiple layers of issues at work here.

Seems to be three groups of people:

1. People are still waiting for the FTHB credit when they purchased a home in 2009, and amended their 2008 return.

2. People are waiting for the FTHB credit when they purchased a home in 2009, and MAILED IN both their standard return AND the 5405 form.

3. People are waiting for the FTHB credit when they purchased a home in 2009, ELECTRONICALLY FILED their standard return, THEN mailed in a 1040X amended return. Those people will get a direct deposit for their standard refund, then a paper check for the FTHB credit.

For people in Group 1: That stinks, you're in the toughest spot of all of us.

For people in Group 2: You seem to be getting your money the fastest, although you had to wait for your standard return as well. Most stories I'm seeing indicate paper mailing both the standard return and the 5405 gets you all the money the IRS owes you in the least amount of time. Most of those stories also indicate they paper-mailed both forms around late-Jaunary/early-February, and got their money via a mailed check from the IRS by late March/early April.

For people in Group 3: I'm in this group as well. While my wife and I got our standard return cash very quickly, what I'm hearing is the amended 2009 returns are being put in the back of the line, which, I suppose, is fair. I don't think I've heard of anyone who electronically filed their standard return in Jan./Feb. 2010, then paper-filed the amended return, and have gotten back the $8,000 yet (April 11).

Our agent told us to do it so we'd get something back right away, which did happen. Anyone who has gotten that, please respond with the chain of events. We filed it Feb. 4, the IRS hasn't even confirmed they received it yet. They told me to wait until mid-May, then check back with them.

So I guess for anyone who hasn't filed yet, but bought a home in 2009, unless you really need money fast, paper-file both your standard return and the 5405. I wish I had done that, looking back on it. I wouldn't have had money right away, but it seems likely I would have gotten all of it by now.

Oh well...while yes, it's free* money, and I shouldn't complain, I don't see this as much of a gift as I do a show of bad faith on the part of the IRS. All will be forgiven when I get that check, of course, but I still don't see them outwardly advertising these problems. I would think for the sake of full-disclosure, they'd make more of an effort to let prospective buyers know to expect delays in months, not weeks, in processing this credit.

There is hope!

Here is my experience. Bought our home in November of 2009--wanted to ammend right away to get the money sooner but we DIDN'T. Waited to file with our regular 2009 taxes.

We had our taxes prepared and just followed the instructions, submitting the 5405 form and HUD-1 settlement statement. I also included a copy of my driver's license with the new address (and I believe my W-2s also showed the new address).

Sent taxes in priority, received by IRS end of Feb. When I first checked "Where's my Refund" the date given was April 20. Checked back later (it DOES update on Wednesdays) and it had been pushed back to May 5. I looked again the following week and it had been updated; "Your direct deposit is scheduled for April 9." !!!! And the best part is, I got the deposit April 9.

Hang in there!!!

OVER 9 MONTHS AND STILL WAITING...

I closed on my first home in July of 2009, filed an amended return right away, and was told by the IRS that I should receive my $8000 by the end of Nov, 2009. Beginning of Dec 2009, I called again, and was this time told I should be receiving the money by the end of Dec. Jan 2010, still nothing. I called again, and after the usual 45 minutes on hold, spoke to a very rude lady who said she had no record of me and then hung up on me!!! It has been over 9 months now and I am pissed! I am 35 weeks pregnant and am due to go on maternity leave next week, but I can't afford to without MY money that THE IRS OWES ME! Looks like I'll be working until the day I give birth. I finally contacted a tax advocate a month ago and she says she will have an answer for me by the end of this month. I also learned that the IRS has had my address wrong this whole time! They had me living at a random po box in a completely different state! Unbelievable! And these are the people running this country...

First Time Home Buyer Tax Credit

I bought this house in August 2009 and I filed an amendment on my taxes in Feb. I haven't heard anything yet. I was wondering when willl I know something . I was told 8 to 10 weeks it's been 9 weeks and I haven't heard anything. I would appreciate it if someone could tell me something . God Bless you and have a blessed week.

paying back the credit

I bought a house in October with my fiance and received the $8000 credit, however my fiance and I have broken up and need to sell the house. Anybody know if after I pay back the credit if I can get it again if I buy before April 30th? Thanks!

Fax number for Kansas City, MO Office??

Can anyone, anyone at all, please tell me what the fax number is for the Kansas City, MO office? I've read that many people are faxing back their additionally requested information, but I can't locate a fax number anywhere!! bljr0730@live.com

1 year...

I am a 21 year old Military Police Officer. I purchased my first house at the age of 20. After 3 months of waiting I contacted the IRS and was given a "guarenteed" date of return for 1 month later. It's been over a year now, and I am supposedly set up to get approval two weeks from today. I have worked with 2 tax lawyers, and my case is on it's 3rd tax advocate from the IRS. This women has actually been very kind, and is really pushing to get this through for me. The only reason for denial I recieved was just "not first time homebuyer". I had never purchased anything large other than my car in my life. It's a shame the IRS doesn't pay these things any more attention, or just by my age alone they should realize that just doesn't make since.

As for the man above who said people who needed the money were basically irresponsible:

I got myself into a mortgage payment I can easily afford. I wanted to pay my house off early so I put 20,000 down on it even though I didn't have to. After I purchased the home my heating and air went out, hot water heater, stove, garbage disposal, and dishwasher and required over 15,000 dollars and brand new duct work. I was not expecting this especially since I had a homeowners warrenty. The warrenty company claimed it was a pre-existing condition, the previous homeowner rented the home out so I could not sue him for the issues, and the man who did the inspection only refunded the cost of my inspection ($350).

I was able to pay for all of these things, but I did have to take out an additional 4,600 dollar loan because I only had 15,000 in my savings account and didn't want to be left with nothing in there in case something happened. While I'm waiting on the IRS I am now paying a loan at a 14.4% interest rate because of my age and lack of long credit history (even though I always pay my mortgage on time I have no credit cards so my history is short)

It's just a shame when those of us who are responsible still get the raw end of the deal. We aren't all irresponsible people living outside our means.

For those living in Indiana the tax advocacy office in Indianapolis has a woman there named Nikki Sealcox. She can only move as fast as everyone else moves getting her paperwork so I'm not saying she's an instant fix by any means, but it's nice to finally deal with someone in the IRS who really cares and takes the time to talk to you and to try to help.

Question: As of today the IRS owes me 12 months worth of interest on my 8,000. Does anyone know what the current interest rate is? Do they pay that interest out for every month the money is not recieved, quarterly, or yearly? I have heard varying oppinions on this.

Thanks so much, and goodluck everyone!

HUD-1

After waiting 2 months for my return, I was told by the IRS that the reason that they are now requesting my HUD-1or equivalent document, is that they weren't clear in the instructions regarding the need for this item. The letter I received said an additional delay of 6 to 8 weeks. The representative I spoke to said more like 12 to 18 weeks! Think about it, In doing so, they reduce the deficit and I have to make more $ to pay my 2010 tax. A double edged sword. What a concept!!! In the future, I'll balance it out; no amount owed and no refund. It isn't a savings account and I'll treat it that way in the future.

Are you sure?

Are you sure the IRS is to solely blame for the delay in getting these credits out??? I've been waiting for my credit since Aug09. I just received a call saying I would get my credit on April 19th. For the last 7-8 months I have been reading about how many people are trying to fraud the system by falsifying information in order to get this credit. I know a lot of you are frustrated and just want the money that was offered for purchasing a home. I'm just tired of reading about people blaming the GOVT for this delay. This agency has to weed out the crooks and the misinformed, sounds fair to me. Anyways, good luck to you guys. As soon as I receive my, I will post a timeline so people can get an idea of how long it took me to get my credit.

check refund status

I filed my FTHBC stimulus and my income tax for 2009 last February 2010. First it says I should get it on April 27th, then it changed to May 4th, and when I checked it now, it says check will be deposited on April 9th thank God!!! I just needed this money so bad. I wish the 8k stimulus is also included on it not just the income tax return. Keeping my fingers crossed. I will update you.

Did you get your refund?

Did you get your refund?

info

I filed my return and I am waiting for my 8000. I talked to a live person from the IRS today. They said wait 30 days from April 5th and I will receive a letter if they need more information. Has anyone else gotten this answer. Do you know what they will ask for and where I would send it. I sent my return to the Fresno office. Any help would be greatly appreciated.

disgusted

So far, Im hearing alot of the same feelings I have, about the Fresno, Ca office. First they have it and is being processed, then they cant even confirm they got it, then they claimed it had been sent back to me, but dont show it was ever even reviewed, and dont have an explanation as to why it was being sent back. I reviewed my paperwork over the phone with the IRS ( I got a really nice man on the phone) who claims everything is in order, but is still supposedly getting back to me. Then the guy actually told me my paperwork "slipped through the cracks", they have LOST it! So due to the lack of inattention on THEIR part, I am now stuck starting ALL the way over. The waiting period was 8-12 weeks when I started this. Now, its at least 16 weeks. I just filed a case with an advocate, so hopefully they will be able to help.. I personally think this program was a big scam: to get people to buy houses to boost their "economy", without having to uphold their end of the bargain. I NEVER wouldve purchased my home had it not been for this money. Between the expense of homeowners insurance, down payment, repairs, etc. I am further in the whole, with nothing to show for it.I have put other expenses on hold to take care of the house situation, and am just digging a deeper hole. Thanks Obama. Way to have my back-----THIS is definetely NOT the american dream! And a side note? Why do they actually have Taxpayer advocates? Its basically a program admitting their employees arent doing their jobs. Anywhere else in America, not doing your job would land you FIRED

GOT THE SAME THING

MY BOYFRIEND AND I BOUGHT A HOUSE, I CALLED AND I CALLED GOT LIVE REP, WOP (WOMEN ON PHONE ) SD THAT THEY NEED MORE INFO WAS GOING TO SENT PAPERWORK BACK, MY BOYFRIEND JUST NEED TO SING HIS COPY OF THE TAX PAPER THAT WE SENT, THEY WILL HAVE A X IN RED WHAT IS NEEDED. I SENT IT BACK 3-15. BUT STILL NO MONEY BUT MY MOTHER TOLD ME NOW THEY ARE DOING AUDITS ON THE HOUSE CREDITS, THIS IS GETTING CRAZY. IM LOCATED IN ALABAMA, BIRMINGHAM

Credit Crap

For all those griping, "You shouldn't have bought a home if you couldn't afford it and don't be so dependent on this money...." Do you know how difficult it is to build a house, purchase the items for that house and also work on the landscaping, buy a mower, etc? My fiance and I are middle class and we have returned to college to make even more money (since that is what the world revolves around) We still struggle even though we make ok money. This extra money will help us as we are starting out and now planning a very small wedding one which we CAN afford and within our price range, not even in the thousands like some people. We are talking cheap. It will also help us to buy a new mower for our new yard so we won't have to keep paying a guy to mow it and also to pay off minor bills so we will be debt free to start our life together. My fiance did the taxes with Jackson Hewitt on January 24th, mailed them out the next day, and the IRS didn't receive until February 1st. How? I don't know. We were told that everything needed to be paper, but he could do electronic signature. Last weekend, we get a paper requiring his signature and a notary. We did that, and over-nighted it back. Prior to this, the Where's My Refund site said that we were to expect the funds by April 6th. Now it is April 6th and we haven't heard a thing. What is going on? We can't even get married because, yes, we need this frickin' money! My wedding is to be May 8th and we could really use this money to buy food for our guests and to have a nice honeymoon. I can't even send out invites now! I feel like our wedding (my dream) is just hanging there within reach and we can't accomplish this. We have shed too many tears over this mess and trying to scrimp and save (while in school and working full time) We have a tax advocate and hopefully things will be straightened out. Who knows?

We are "griping" because

We are "griping" because this is ridiculous this is the IRS supposed to be qualified people and they are not. Sounds like you cant afford things either so dont talk bad about people you dont know

practice what you preech

Shouldn't plan a wedding if you couldn't afford it.

wow

sounds like you are depending on that credit just like everybody else is... my husband and i just bought a house too.. dont really need the tax credit but if they promise it to ya its nice to have... ours will go back towards the house.. we got married at the courthouse for 40 bucks.. with just two witnesses... no honeymoon.. but we are soo happy... we are married... it dont matter bout the honeymoon or buyin food for guests... you found the person u want to spend the rest of ur life with, u found a home that you can afford to start ur new life with ur love.... be happy congratulations and good luck!

Post new comment

The content of this field is kept private and will not be shown publicly.