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

16 weeks and waiting

Just hit my 16 week mark on Monday.... Gave them a call on Tuesday since Monday was a holiday and found out it was still in "processing". This time the lady was nice enough to give a little more info and told me that it was in processing still because of a discrepancy with the dates. She said I provided 2 different documents with 2 different dates and they thought that was weird.... I informed her it was completely normal to open a contract one day and close 30 days later... it would be strange if someone were able to sign a contract and close on the same exact day. She said "of course" and realized someone made a mistake. However, after being on hold for a short bit she came back and said they had already sent my credit to "exams" which could lead to an audit. After realizing the reason it was sent to exams was a mistake, she said she would file a "referral" to take it out of exams but that the people over in exams have 30 days to respond....
I guess I have another 30 days of waiting before I can call again. Wish me luck.

Mission accomplished

Rec'd my check today with $115 interest included. (I know the interest is taxable) I was very fortunate in that it took 12 weeks from the day the IRS rec'd my forms to the day I rec'd my refund check. Let me run down some details of what I did in the hope that it helps someone.

I was sure to include my name and social security number at the top of every page I sent. I know it's a pain but if anything gets seperated it helps get it back to the correct place. I used a yellow highlighter to highlight key information. I went down their list of requirements and highlighted my name, key dates, purchase amount, etc on contracts and HUD1. I used post it notes as tabs to mark the points where the various sections began. (5405, HUD1, contract, etc)

Not sure these things had any impact but they certainly didn't hurt. Best of luck to all. Hope the IRS gets these things caught up for everyone.

Took 13 Months

We closed on our home 7/31/2009. sent in the Hud statement ,filed on our 2008 taxes. After 16 weeks got a letter that they needed more,so we sent in more paper work , including signed bill of sale from the attorney. Would call once a month, it seemed every time we called.Our account was in limbo, but everyone we talked to was nice & would enter it back in the computer. so after sending in our paper work on 8/13/09. Today 9/07 2010 we got our check today, with $471.00 interest.

I feel so hopeless

I mailed my amended return in April and was told to wait 3 months. I did only to be told they NEVER received it (or they say they never did). I remailed it and called every 2 days with no new information. I finally contacted my local tax advocate who told me the first return doesn't count and I would have to wait another 3-4 months before THEY could even help me file a complaint. I finally called 2 weeks ago and they informed me they received it on July 17 ( I called before that- how ironic that now they have date) and I needed to allow 16 weeks to either get new information or receive the credit. This situation has put me into debt I have no prayer of getting out of without the credit as well as a "vacation" in a pyschiatric hospital to try to deal with stress. Is there ANYTHING to do or ANYONE we can contact to which our complaints will be heard? I'm toying around with idea of contacting major newspapers with the hopes that this nonsense will be put to a stop!!!!

21 weeks later and nothing!

My husband and I closed on our manufactured home/land the 9th of March, 2010. We filed our amended 2009 return and the IRS received it on April 11,2010. We included all necessary forms and had filled out for us at H&R Block to be sure it was done correctly etc.

I first called them at the end of April I called to make sure it was received and they verified that it was received April 11.

I called them in May and they stated there may be an issue because of the home/land prices being itemized and I may get a letter.

I called back in June after not receiving a letter. They said all looked fine. Just wait until the 16th week.

I called at then end of July, no info.

I called August 1st, they said they would request a review of the case and I needed to wait 30 days. Told me to call back August 31.

I called August 31 and they stated I needed to wait until September 2 and they would contact an advocate for me.

Called Sept 2 and they told me there was a discrepancy on the purchase price (again manufactured home plus land). But, I needed to wait 45 days not 30. I got upset and demanded they contact an advocate for me. I was told I would be contacted by the advocate within 7 business days.

So, I am hoping the tax advocate can help us. Going on 21 weeks tomorrow. I hope they actually contact us next week!

The most frustrating part is we have received nothing, not a single letter or any information at all in 21 weeks. If there was an issue why didn't they let us know so we could provide documentation!

A similiar thing happend to

A similiar thing happend to me where the IRS said they had sent out a disallowance letter and to this day ( going on the 7th month) i have not received it and my taxpayer advocate has not been able to trace it.

get ready to keep waiting

My wife and I filed on FEB 3rd! We got notice that our refund would come in April, but then was revoked. We got a letter in June asking for more info. We mailed it & never heard anything. Turns out, they lost that info. Then we had to send it again...faxed it this time. They recieved it on July 16 but didn't re-open the file until August 20. Now I'm told today that we've been approved, but a mistake has been made with the closing of the file so I should wait another 2-4 weeks. It's been 7 months since we filed! It seems everybody you talk to has a different answer. I called pretty much every week after the first mistake was made, but there is no hope in getting the straight story. All you can do is wait, unfortunately. It's really a joke, we had planned on using that money to make improvements using local carpenters, painters etc...you know, to help stimulate the economy like they told us to do. What a joke.

Reply to your 6 month delay on taxes

Hello, we are in the same boat you are in and very frustrated..we have not received any letters, made calls and still nothing. Waiting for the tax advocate to call us back but do not have much faith in this person because the first time we spoke, her computer would not come up to review our case and then interupted us everytime we tried to speak. What is their problem. Since we did all this on paper, we have not received amt. that is due to us besides the credit. We are really getting hit hard by this because as for many, we count on the return as much as IRS requires their money from us.Hope for relief to all of us soon!

Good News!

I filed my amended tax return on 8/18/10. The IRS received it on 8/20/10. I called today to make sure any mail would be sent to the correct address and to check the status. I spoke with a nice man who informed me that I was approved for the first time homebuyer tax credit. After reading the previous posts, I was worried to say the least. He said for me to call back on 9/17/10 and they would tell me when the check will be mailed. I can't believe the approval was processed in less than 2 weeks! I'll post an update after I call back regarding the issue date for the check.

I sent in the following documents:
1040 X
5405
Purchase Contract (showing I was under contract before April 30)
HUD Settlement (signed)
Utility Bill (showing my new address)

I can't believe how fast the process was. Hopefully this will be the same for everyone else. Good Luck!

Good luck

The IRS got my additional paper work on 8/2/10. I received a letter that it would take 30 days. Begining of Sept called them up. He said they are backed up and the wait time is about 90 days. So I should get my check the begining of Nov

Phone # ??

Can you please tell me what the # is that you called to find out when you would be receiving your tax rebate? My fiance and I filed in July and are wondering when it will arrive?
thanks!

800-829-0582 EXT 462

800-829-0582 EXT 462

On April 29th 2010 we signed

On April 29th 2010 we signed our binding contract, on June 29th 2010 we signed the papers and on August 10th I overnighted all paperwork to the IRS. I called 1-800-829-0922 a week later and they said that it was already processed to call back in 2 weeks. Well I called back in 1 week because that was my only day off work. The man that I talked to told me that it was being mailed out on September 3rd 2010. He said that it was going to take 2 weeks to get to us! We went to H&R Block and had ours done. I sent in extra bills, first Morage statement and etc. I also highlighted our names address and dates! The lady at the IRS said that it does help out when you mail extra things and highlight stuff for them. They have so many coming in its hard for them to look for everything. I was really worried with everyones post. Thanks to everyone that has been giving info. Good Luck to everyone.

Ours was to be mailed Friday

Ours was to be mailed Friday September 3rd also... The lady I spoke with told me that the two weeks is the time they are required to tell us and that it is usually a lot quicker. Hopefully we will see something this week :)

Filed at the end of

Filed at the end of January...been getting the run around ever since. I included my HUD-1 and all necessary documents with the return. They have since twice sent me requests for "more information" so we have sent them a copy of our mortgage bill, pay stubs (we're both active duty military), utility bills, blah blah. On the last document it says "send 2 of the following" then says to only include the HUD-1 if you didn't file it with your original return. Well since we filed it with our original return I didn't include it again. 45 days later we recieve a "you did not include your HUD-1"....WHAT THE HECK! I'm so frustrated I can't even put it into words. I have given up on getting this money until 2011. I've never felt like this about our government before in my life. I'm frustrated and saddened at the same time.

Disallowed due to Mortgage Interest & Schedule A Real Estates Tx

At the end of May of 2010 I purchased my first home and immediately went to H&R Block and submitted the exact requirements to IRS. It was received on Aug 3, 2010. On Aug 21 I received a letter stating that, "We have disallowed the First Time Home Buyer Credit claimed on this return based on the Mortgage Interest and Schedule A Real Estate Taxes for 2009."

I am furious at this! I don't know what this means, now I have to take time out of work to make phone calls and visit tax specialist to get a clarification on this.

Do you guys here have any idea what this means?

Note: My loan interest 4.875% through Regions Bank in Florida

Thank you,

Mercedes Cano

It was probably a consumer

It was probably a consumer loan you had at some point and the interest that was filed was filed under under that. This is a crap. I am so frustrated right now I want to scream.

Same thing

Mercedes Cano... I know that you do not know me.. but we got the same thing and we bought a house back in Feb.., We have gotten the run around from everyone at the IRS about that because we had no idea what that was or what to do.. If you want you can contact me directly on my email and we can even speak by phone to explain this more to you. Its more complicated trying to explain this way rather than by phone or email.. Even email maybe a bit difficult. Here is my email we can get into contact and if you want we can figure something out. Trust me we just got everything figured out.. My email is CL-Smith10@wiu.edu.. Hope to hear from you

Candace

First Time Homebuyer Tax Credit Disallowed

I am going through the same thing. Anything you can tell me to speed up the process of getting this credit paid would be helpful. I am absolutely sure that I am qualified and I provided all the documentation required for them to figure this out. What a waste of time. If it helps to speak to me directly then feel free to email me your number if you didn't mind.

Thanks,

Rich

Mortgage credit

What they are saying is that on the prior year you claimed mortgage interest on your tax return. You are supposed to be a first time homeowner to claim the $8000

It does not mean you had a

It does not mean you had a home before, if you have had a loan meaning any loan that they claim the interest as 1099 at the end of the year, it red flags them and your return goes to examination. At least for me it had. My husband is not on the house we file jointly though and he had a consumer loan through American General that came up as a 1099 interest but we have never owned a home before.

Denied credit

"We have disallowed the First Time Home Buyer Credit claimed on this return based on the Mortgage Interest and Schedule A Real Estate Taxes for 2009."

---------------------------
Sounds like you deducted either home mortgage interest expense or real estate taxes on your 2009 return. Since you bought your home in 2010 they have assumed that you previously owned a home. Did you itemize deductions in 2009? Did you deduct real estate tax or mortgage interest in 2009? Suggest you talk to your tax preparer if you're not sure.

HUD-1

I am having a hard time getting the IRS to beleive me that I went into debt to buy a house. Probably because I used a HELOC to purchase it and I just do not have a HUD-1 statement. This is the third time I sent it back. I am set to go there personally if it comes back without the check!

heaven forbid you are late

heaven forbid you are late sending them something. This system is totally screwed up

Our amazing government system...

First of all congrats to all you who have received your money!! I wish I could say the same. Here is my time frame so far...

Closed 12/31/09

Sent Amended 2008 return on 1/19/10. It included Form 1040X, Hud Stmt and Form 5405

IRS recvd ppwrk on 1/23/10

Called in February and was told to wait 12-14 weeks.

Called on the 12th week and was told to wait until the 14th week to call back.

Called several times in March and April.

Recvd a letter dated 5/14/10 needing more info. Called on 5/17/10 to ask ?'s about the letter. In the mist of my conversation with the Rep, I told her at that very moment I was not staying in the home because I had found some black mold on one of my walls.(Big mistake)

5/17/10 and 5/18/10 - talked to several supervisors telling me I did not qualify for the credti because I was not occupying the property. Later spoke to a Tax Advocate who told me that yes I did qualify for credit and to send in info to prove I bought the house.

5/20/10 - faxed 33 pages of proof that I bought and occupied property.

Between May and August I recvd several letters stating my claim was still being processed and they needed more time.

8/12/10 - 8/23/10 - spoke to seversal Tax Advocates telling me to send in Form 911 and fax over more docs.

8/23/10 - recvd letter stating IRS was disallowing my FTHB credit. (they sent a form for me to sign stating that I agree with their decision. FUNNY!!!)

8/25/10 - faxed 33 pages of docs to my personal Advocate.

8/27/10 - faxed 27 pages of docs to the examiner who denied my claim.

As of today, I am still waiting for my FTHB credit.

FINALLY!!!! Some GOOD news.

FINALLY!!!! Some GOOD news. My Advocate called Tuesday to let me know the IRS is mailing me a check on October 8th. Hopefully nothing else will go wrong and I will get the check.

I am having a very similar

I am having a very similar issue. however, i received my credit and now the IRS wants me to pay them back. I overnighted a booklet proving that i am occupying the property and it's my primary residence and i believe my next step is to go into appeals, if I do not agree with the appeals decision, i have to go to court!! IRS SUCKS!!!!!!!!

Please answer this...

A friend of mine needed to borrow money cuz her husband goes on drinking binges and puts them in the hole each time. She is supposed to have paid me back by now...haven't heard from her for 3 weeks...and she wont answer my calls or texts. She told me that they are supposed to be getting a tax payment that the government owes them sometime this month. I finally got curious & googled "taxes owed from government to be paid in sept?" And came up with homebuyer thing.
Could this be what she's talking about?! And how good are the chances that they will actually get their money?! Until they get it apparently they can't afford anything. She's not going to pay me back is she...??

Please respond
~Cole

Please answer this

if your friend just bought a home in 2010 and she is a first time home buyer she would be getting a credit of 8,000.00 dollars.. if she didn't buy a home recently then I have no idea if she is telling the truth or not..
lesson to be learned never let friends borrow money, trust no one!

Still waiting....and tired of being jerked around

We closed at the end of April and sent in our ameneded filing in May. Than, jsut alst week we get a letter informing us that we need tor esubmit everythign again PLUS additonal information.
When we called we were told since the address were we originally did our filing from is different that the amneded one they are investigating it?!?!? Of course it is different since we BOUGHT our first house.
Now we are told it could take another 2 months!!!!
i mean this is ridiculous. They promise people these refunds and when you send in all the proper paperwork and properly qualify they want to jerk you around.
the house we bought needed alot of work, and that money was set to pay off the costs for new windows and floors that we got, now we are struggling having to keep up with thsoe bills because the governemnt is busy being a-holes.

update

it is November and STILL no check.
I called alst week and was told that they ahve not even reviewed it yet! i finally lsot it and told them that theya re ridiculous, that if we were given a deadline to pay them and ignored it, we would get penalities and jail time, yet theya re allowed to jerk people around to no end.
They gave the "you will get itnerest" line and i told them i don;t care about that and how can i get itnerest on NOTHING since they will not process my return.

I finally gave up and called an advocate. A week later and now my return has been processed and the check is being finalized.
So, all you people who are like me and banging your ehads against the wall, call an advocate. it does make the difference.
the government will keep screwing us over for as long as we let them

common gimmy my $$

Still waiting. I bought my home a month befor the dead line. And filed the paper work the next day.. going on 4 months now and I am getting a little annoyed.. I got 3 kids to frikkn pay for. N all the utility turn on fees. N thank god for credit. Or wed ne livn in the dark.. but I kinda need that. Money to pay everyone back. So it,s b.s. that when you owe them man you better pay right away. But when they owe you theyl get to you when they feel like it... sigh. I hate the government..

IRS Needs Help

My wife and I, closed on our house in may 2010, we filed our amendment in June 2010. We sent in all the documents to prove as suggested by our agent and the IRS. and still as of aug 2010. We called up there and they say. your account is still in proccesing. They say they are backed up from all the people who filed amendments. I told her that unemployment was at a all time high surely they could find some help getting all these things out. She laughed and said to call back in two weeks, As requested we did, and still its in processing STILL.... I told them if they needed help that bad i could quit my job and help. again the person on the phone laughs, I just about had enough, when you owe the goverment money they just garnish your check, when they owe you money its in processing for 6 months or more, i believe in 2000 when i didnt pay my takes they was on the phone to me ever week, and even took part of my dam check, seems there is a double standard going on here, IRS, GIVE THESE PEOPLE THERE MONEY.

It's been 1 month - I already got a response from IRS

1st - I couldn't afford to pay a tax professional to file my amended return, I had to read up on it myself on-line and figure out how to complete the forms and what to send to the IRS.

2nd - The last week in July 2010, I sent all required paperwork to IRS.

Lastly- It's only been 4 weeks already, and I just received letter from IRS that the check will be in the mail within the next two (2) weeks. I'm thankful because I was prepared to wait until October 2010. Good Luck!

We applied for the first

We applied for the first time home buyers when we filed our taxes at H&R block. They helped us fill everything out and told us everything was there and to send it in. We did what we was told and then six weeks later we get ALL the forms back in the mail from the IRS telling us we are missing forms. So we took everything back to H&R block and they go through the whole packet and realize that the lady didn't include all the information that was suppose to have been there. So they added the forms that should have been included also. We were told to go ahead and send it back in, so we did. We get the forms back and it says we still do not have all the forms and it shows what forms we need and the forms are right there that they are asking for. H&R block said everything was there also. So the only thing we know to do is to get the bank to attach ALL the info along w/ the forms and to send it back. When my husband calls he says they just say the forms were incomplete and asks us what forms does the paper say we need to fill out. So my husband tells them and they say well thats the forms you need to fill out. BUT the forms are right in front of our face, it even has the title on the top. So we are still waiting back from them and it's almost been a year.

Almost SEVEN months and no First Time Home Buyers Tax Credit

Please help, I've done everything right and was denied the first time home buyers tax credit (FTHTC) and I don't know what else to do. I filed a paper copy of my entire return, including the FTHBTC , in February 2010. I attached HUD statement, Mortgage Statement and gas and electric bills. I've NEVER owned a home and met all of the other qualifications. Eight weeks went by and no return. I began checking online only to be told its being processed. I began to call and was told I would receive it in a few weeks. I continued to call and would get the run around. Finally both an operator and the online service told me that I would receive it no later than May 11, 2010. That day came and NO return. I called and after an hour of waiting and being given the run around, I was told by the IRS representative that my return was in the "unpostable" department. When I asked for an explanation I was told I'd get a letter from the "unpostable" department by June 2010. June came and NO letter and NO return. I made countless calls with NO answers other than you'll be getting a letter. When I asked for an advocate I was told that unless I was on the verge of being foreclosed or officially unemployed, I could not be referred to one. In the middle of July 2010 I received an IRS check for the amount of my personal return minus the FTHBTC with NO letter or explanation. I called and was finally told by a representative that the FTHBTC portion had been DENIED. I could not believe it, DENIED with no explanation or notice. I was even more outraged when the representative told me that it had been denied due to a mistake on their part. Apparently the IRS denied my claim because they determined I was already a “homeowner” since I had deducted mortgage interest on a home in my tax return. WHAT??? Are you kidding me? The home their talking about is the ACTUAL home I’m claiming the tax credit for!!! It is REAL proof that I actually own this home! Since this was their mistake I assumed it would be easily taken care of but that is NOT the case. I was referred to an out of state tax advocate. The advocate told me, once again, why I had been denied and to re-submit the ENTIRE RETURN to her with a letter via fax. I immediately did so and followed up in two weeks, as requested and guess what? The advocate told me my case had been referred to the Verification Department which should be sending me a letter with an update either upholding or denying my claim. Why? This is their mistake!! Someone please help, I don’t know what else to do.

reply

I am right with you and very frustrated...I am wondering why this is not in the news media. I have never been so frustrated as I am now with the government. Not sure what to do but looking into the matter for all of us. We just started with a tax advocate but do not have much faith in person just by the phone conversation. We have not had letters like you have but have called and asked if they needed anything else with them saying no and that they are just overwhelmed. WTH!

we are right with you too.

we are right with you too. Closed in Feb. Filed first week of march. Called IRS at least 30 times. Contacted our Senator and Congressman. Contacted taxpayer advocate numerous times and cannot get a returned phone call.

We want to go to the news media to see if they can put some pressure on the IRS. Have you gone that route yet?

Home Buyer Credit-Where does the money come from?

It is interesting reading the comments of everyone out there benefiting from the first time home buyer and repeat homebuyer credits. Many act as if you are entitled to this money and that it is a big disadvantage that you are not getting it fast enough. Where is this money coming from? Your neighbors pocket ... and your own! Everyone jumps on the "Free Money" bandwagon. Well, it is not free...we all are going to pay for it. I worked at a walk-in tax office during tax season and it sickened me to see how our tax dollars goes to fund these sorts of programs. One example: An individual came in who had earned a total of $6,000 for the year. He purchased a home (cash-probably someone elses money) and then filed for the 1st time homebuyer credit. Due to his low income - and children - he received additional federal funds - resulting in a return of $12,000. He only made $6,000! Thank you Uncle Sam and all us poor taxpayers out there. Something is really wrong with our tax system. All these special credits are making our society a bunch of government dependent whiners!

Well, sounds like you don't

Well, sounds like you don't qualify for the tax credit. I'm just searching for some of my tax money back that my wife and I get f***d on every year only because we did things the right way, School, work, Marriage then kids. Between my wife and I we get screwed out of $30,000 bucks in taxes. I'm getting mine weather you ***** or not!

really. Many decided to buy

really. Many decided to buy a house due to credit. Who the heck are you to make these comments. We are not on welfare, we simply made an decision to buy now, due to the credit.

Your example is idiotic. I bring in over $180,000 a year from working hard. and I decided to buy due to the credit. No everybody has an handout and hasn't worked hard for what they have.

Taxpayer dollars hard at work

The FTHBTC is a drop in the bucket if you look at all the government spending going on during these extremely hard times. For instance the 14 million people on the 99 week unemployment program. Half the people milking unemployment as a free vacation paid by you and I. The other half truly cant find a job and are desparate. The trillions of dollars spent to support the long operation iraq freedom campaign. And everybody is guessing that as soon as the US forces are withdrawn that iraq will turn back in to a mess (less hussan) that it was before. And its all falling within the emergency fund and piled on top of the national deficit.

Its horrible financial mess these days but nit picking about the FTHBTC is kind of odd.

I don't even want to hear

I don't even want to hear about whining of me trying to get my money. Especially when i see people down the street whom i know dont work drivin the cadillac with the biggest rims you can buy collecting food stamps an unemployment at my cost so F*** the government. I will give you another case that my pos mother in law does she collects food stamps for 3 kids who dont even live with her because 1 lives with me an the other 2 live with their grandparents an guess what she wont even give either of us some to take care of her dam kids but yet shes collectin same time every month just around 600$ she also is on her 3rd year of unemployment i mean seriously 3 years after you get fired an your still collecting so screw your comments an to everyone get what you can while you can because in the end you have no one but your family an the government will give to people who manipulate the system so F*** the Government im going to get mine while ill still can

still honest

You are sooo right.. I am a single mother who works my butt off with no assistance from our government... the people who cheat the system reap the better life it seems.. wth?? Welfare/state funded ins covered women with their 9 kids dropping 4 - 8 thousand on plastic surgery while driving away in their shiny 50000.00 Escalades?

Does not make any sense..

Ok I know my situation is not as bad as some.. But here it goes. My husband and I were ready to purchase a starter home, why not have done it with the FTHBTC going on? So we closed on the mobile home April 28, 2010. The next day I sent the amended returns and Purchase agreement off. On May 10,2010 the IRS stated they recieved my information and it was processing could take 12 to 16 weeks. No problem it wasnt a rush it was more of a bonus and there was/are/& still people out there that need it more than me. After following this forum I made an effort to call every monday to check up on the status. WELL during the wait my daughter, who was 4 months was diagnosed with having a tumor growing on her chin. We had testing for cancer the works. Finally found a solution we had to go out of state for a total of 7 treatments. May I say costly treatments to remove it. At that point I was really stressing for this money. My husband and I went ahead and took out a loan to pay for the treatments. Instead of going a few years we did a few months expecting to have our check. But now the loan is due my 16 weeks is up. I called monday and the IRS told me oh on Aug 17 it went to exams they might contact you, just wait till Sept 17.. ok seriously WTF. If i dont hear from them by then then to contact back and itll be another 30 days given to be contacted. This is so stupid. I tell you I might sure I pay them every year for what we owe because if not they would take everything we would own. But now its the other way around and there is nothing we can do. I just need to vent... Sorry for this and the ones who are like us maybe one day... but we sure learned a lesson here.

Things getting better, part 2

Just wanted to share info. with all of you who are filing for the FTHBTC. You can see my previous post for specifics.

IRS received my Amended Tax Return on 8/11/10. Called today and they said my return had been approved and completed. That I should expect to have a check mailed out in 3-4 wks.

I asked to double check that they had my new mailing address and they did. They told me that when you change address with the post office that they notify the IRS. The girl I had on the phone was very nice and helpful. Was on hold only 10 min.

Have to admit that was getting frustrated waiting to get my 1st monthly mortgage statement so I could file. But filing now seems to be a lot faster. After reading other posts it seems like a lot of people didn't send in a lot of info like I did yet they still got there returns really fast. I was just thinking better safe than sorry so I sent in everything.

Will do a followup when I receive my check. GL to everything who is getting ready to file.

Rip Off!

I bought my home 03/26/2010. The government lied that they sent back my paper work on 06/10/2010, I received my paper work back on 07/26/2010. I was missing one form. Filled out the form and sent it back on 07/29/2010. Today 08/24/2010 I received a "Decline Form" from the IRS stating I claimed mortgage tax last year. I never even had a house. I did not claim any mortgage tax ever. When I tried calling them to ask them for an explanation... they said "the system is down"... convinient.

Good News!

I closed my home on June 11,2010 and filed the amended tax return on July 16,2010.I was very afraid and depressed after reading everybody's comments that how lazy the IRS people are?? But guess what I think not in my case I called yesterday i.e.August 23 to get the status and after a brief hold they told me that your tax has been processed and the refund check will be mailed on August 27 with a 70dollars interest Sweeeeeeeeeeeeet!!!! I ,m very excited.Just please be patient and I ,m sure everybody will get their sooooooon.I will post again as soon as I get the check.Good Luck

Just curious if you have

Just curious if you have received your check yet? Ours was mailed Sept. 3rd.

ANTICPATE "DENIED" PARENTS ASSISTED WITH PURCHASE

Does anyone with some tax knowledge have an opinion about my case?

I closed June 2009. I applied for the first time home buyer credit, Form 5405, on April 8th 2010 with my 2009 1040 . (RIGHT - I "should have" amended my 09 Taxes but I did NOT so let's get past that)

Mid June 2010 I received the standard letter from IRS - "CLAIM IS UNDER REVIEW" and "send more info" and "EXPECT ANSWER 30 DAYS FROM TODAY"

I sent required documents immediately.

A new letter arrives MONTHLY SINCE JUNE, "...UNDER REVIEW..." ....."EXPECT ANSWER 30 DAYS..."

I JUST KNOW THE Internal Robbery Service is going to CRY FRAUD

My income was (and still is) not enough qualify for home loan so I cashed a college fund CD and my parents loaned me the rest in cash.

I did not acquire the home from my parents. I paid cash to a developer.

I have a written contract with my parents. The terms are very loose terms but similar to "BALLOON LOAN" agreement. Major caviat being - "....total due on demand or at age 25 or renegotiate agreement....".

This allows me about about 6 yrs to finish college, get job and start earning enough get a new loan and pay them back about the time they will retire.

So... that's my case;
Will the TAX PAYOR ADVOCATE HELP ME?
Aren't Tax Payor Advocates IRS employees?
Isn't that a bit of an oxymoron?

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