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You can still amend the 2008 return but it will be "paper filed" and will take 90 days OR you can wait until 2009 and file electronically - where you get the money within 10-14 days
Congratulations!
I filed the amended return when I closed in mid-July. I was told 120 days (by the IRS in early September), whether I filed electronically or by mail. Still waiting on my check.
Wow I'm scheduled to close Nov. 10th so looks like I'm gonna be waiting a while for my credit. That sucks cause I was definitely wanting my new TV for the Super Bowl not to mention I've got some extra costs incurred in the construction of my home that this will help to offset. Wish there were a way to electronically amend the '08 return and speed it up.
Wow I'm scheduled to close Nov. 10th so looks like I'm gonna be waiting a while for my credit. That sucks cause I was definitely wanting my new TV for the Super Bowl not to mention I've got some extra costs incurred in the construction of my home that this will help to offset. Wish there were a way to electronically amend the '08 return and speed it up.
The purpose of the credit is to stimulate the economy so...the right thing for you to do would be to BUY your big screen TV on credit and then pay it off when you get your check from the gov't!! So you not only make a large purchase ($$$) but then with the beer and wings for the Super Bowl you will be doing more than your share of economic stimulation.
I was told by my accountant the amended returns are reviewed by hand and are actually taking longer than if you just waited until 2010.
The IRS has already stated there will be scrutiny and review on the tax credit, that there appears to be signs of early abuses. Such as a married couple where one owns, but the other's name is not on the mortgage. Then the one that does not own, buys and takes the credit. If they have been filing jointly, they should be prepared for an audit.
I have a feeling this is going to wind up costing many, more than the 8K credit they thought they were getting.
I closed Tuesday and am mailing the forms in today. I'm hoping the fact that my situation is very simple (25 y.o., never owned a home in my life, single, no dependents, no itemizing, etc. on taxes) will speed up my process but who knows. I'll let you guys know how quickly everything goes.
We closed today on our first house and I wanted to know what the next step was. My lawyer told me I need to get some paperwork to my accountant before november 30th. I thought I could just wait to do my taxes as long as I closed before the 30th?
you could wait tell next year... we just got our house also.. we did our adendum and got the money 6 weeks after. but you could wait tell 2009 income taxe
I closed Tuesday and am mailing the forms in today. I'm hoping the fact that my situation is very simple (25 y.o., never owned a home in my life, single, no dependents, no itemizing, etc. on taxes) will speed up my process but who knows. I'll let you guys know how quickly everything goes.
yeah it will speed it up.. in 6 weeks exactly you will have your money... thats what happend to me
Just closed on my home on Friday......Because i'm close to the new income guideline, i will be amending my 08' tax return. Dont want to take any chances.
I was told by my accountant the amended returns are reviewed by hand and are actually taking longer than if you just waited until 2010.
Based only on the fact that my amended return didn't take very long I think this is not correct.
I think my turn around was just under 30 days til we had a check in hand.
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New Home Owner
