Question about $8,000 tax credit and Homestead Exemption (Tampa: real estate, first time home buyer)

[mquintana]

Can someone give me the breakdown on the whole homestead exemption, what it does, where we file, how we file...??

Also, the $8,000 first time home buyers tax credit...I heard you can get that early-how? Is there penalties or fees or is there somewhere in the fine print that you would have to pay it back because you chose to take it earlier than tax season?

Any input would be great!

[Pragmaticus]

Just got mine. You can still amend the 2008 tax you filed. In order to cut unnecessary delay (this is what I learn in researching) attache the HUD statement (which I did) and the county filing, if it is ready along with the amended tax form. I got mine (with the interest) in just over a month..

[Keeper]

Congratulations Mquinta.. I know it was stressful.

You just bought your house this month right? I don't know if that makes a difference about filing this year.. You can ask on the real estate forum if you need more info..

You file for homestead exemption at the Hills courthouse. There is info here
Hillsborough County Property Appraiser

[mquintana]

Thank you!

I am still confused about filing the tax credit thing this year instead of waiting until tax season...

[bentlebee]

There is a lot of info on the internet about the tax credits, etc...also about the millions of fraud and how the IRS is checking on it and going after the people committing the fraud, so make sure you get good advise to avoid issues later on.

[TampaKaren]

Information on the tax credit for first time homebuyers including the necessary forms to file are on the IRS website here --> First-Time Homebuyer Credit: Answers.

[mquintana]

Thanks a bunch!

Another question: How long does it take the tax collectors office to change the owner name online through the public record search? It still shows under the previous owner and says it was updated on 11/01/09--we closed on 10/30/09

[TampaKaren]

It can take anywhere from 4-8 weeks.

[mquintana]

WHAT!? LOL-I wanted it to show up immediatly! Thanks! You're so helpful. I'd give you reps, but it won't let me give you more!

Originally Posted by TampaKaren

It can take anywhere from 4-8 weeks.

[BucFan]

news is that another tax credit will be given to new purchasers, even those who've owned a home previously. I think to be eligible, the buyer needs to have lived in their current home for greater than 3 yrs. The credit is about $6k, I think.