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Old 03-04-2009, 06:55 AM
 
3 posts, read 4,263 times
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Quote:
Originally Posted by SadieLu View Post
I'm curious what date you entered on Line B? Thinking that perhaps, even when the system will accept e-filed Form 5405, yours would still be rejected due to a "future" date for a purchase that was to have already been made...
If you called the IRS and said "I'm buying my first house in 2009...can I claim the credit on my 2008 return" the answer is, of course, yes. If you said "I didn't buy my house yet but will buy it within 4 months...can I claim the credit now?" the answer will be "NO!"
But, as previously stated, you can amend your 2008 return when you close on your house, or file Form 4868 to extend the due date until 10/15 (you can file as soon as you close on the house) and claim the credit then. This credit was/is not intended to assist with ones down-payment!
You are exactly right Sadie. You can not claim the credit in anticipation of buying a house. Forcedx will be improperly filing a return if he tries to claim the credi before closing.
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Old 03-04-2009, 07:41 AM
 
Location: Tampa, FL
2,638 posts, read 10,518,822 times
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Quote:
Forcedx will be improperly filing a return if he tries to claim the credi before closing.
That's a nice way to put it. I'd have called it committing tax fraud.
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Old 03-07-2009, 11:30 AM
 
Location: Palm Coast, FL & Floral Park, NY
563 posts, read 2,284,762 times
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I have a question about this tax credit that was not on the website or FAQ section. How many people can be on the house mortgage and qualify for this credit. Lets say a son/daughter and a mother/father both were to apply for a home loan. Both meet the requirement of "first time homebuyer" and have not owned a home/primary residence in over 3 years. Would both get the 8k tax credit towards the home, resulting in a total of 16k? Or is it a max of 8k for the home, regardless of how many people qualify?
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Old 03-07-2009, 11:53 AM
 
Location: Palm Coast, FL & Floral Park, NY
563 posts, read 2,284,762 times
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Nevermind, I just realized the tax credit is equal to 10% of the home price, up to 8k. I answered my own question.
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Old 03-07-2009, 12:06 PM
 
596 posts, read 2,498,134 times
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So do people with a signed loan apply, or do you do you apply after you are running out of the bank with the keys in your hands? (or is this one and the same scenario)
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Old 03-07-2009, 12:29 PM
 
397 posts, read 736,113 times
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Quote:
Originally Posted by jctx View Post
So do people with a signed loan apply, or do you do you apply after you are running out of the bank with the keys in your hands? (or is this one and the same scenario)
Well, the rules aren't really written out in "simple" terms but it continually refers to "purchased on or before" so one could/should assume that you need to wait until you have the keys in your hand! Having a loan approval does not guarantee that the purchase will finalize before 12/01/2009.
Then again, who knows what kind of stimulus we'll see for 2010?
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Old 03-07-2009, 03:22 PM
 
596 posts, read 2,498,134 times
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Thank you SadieLu.
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Old 03-07-2009, 09:45 PM
 
14,835 posts, read 18,850,129 times
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Quote:
Originally Posted by jctx View Post
So do people with a signed loan apply, or do you do you apply after you are running out of the bank with the keys in your hands? (or is this one and the same scenario)
No keys = no money
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Old 04-03-2010, 09:44 AM
 
1 posts, read 767 times
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Im wondering if I owe $5100 to IRS this year on my taxes and make payments monthly, would this affect me getting a home loan? it is however another $425 that may show up as outgoing money per month for the IRS payment. i have 7000 but want to use it to get into a house, then do the tax credit for 8000 and file the amended return paperwork. thank for your help
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