Comments on: Taking Advantage of the Homebuyer Tax Credit

By: Ieq

Ieq — Sun, 11 Mar 2012 19:05:32 +0000

Hi @Madalina, thanks for ptnsiog. The IRS rules on new construction make it clear that if you are building the home yourself, you need to have a certificate of occupancy by June 30th or you cannot claim the credit. The fact that you might close a loan before June 30th does not mean that you have closed within the meaning of the legislation. It’s not clear to me that you’re actually building the home, though. If you legitimately close with a builder, and your closing is irrevocable such that you own the property and the builder is going to continue to build the house on it, then you might qualify if you close with the builder by June 30th. But it seems to me that you’re saying that you are going to be building the home, that you already own the lot, and your only closing is for the loan to actually start construction. That seems to fit within the IRS requirements that you actually move in by June 30th.

By: TurboTaxLisa

TurboTaxLisa — Sat, 04 Feb 2012 18:19:24 +0000

Hi David,
Go to the Federal Taxes Tab, Deductions and Credits, Click Explore on My Own, On the 2011 deductions and credit screen scroll down to Homebuyer Credit under the Home section, click start. The program will guide you through the entries.
Thank you,
Lisa Greene-Lewis

By: David

David — Sun, 29 Jan 2012 06:58:24 +0000

How do we go about repaying the 500$ on our taxes We filled out our forms online yet we can’t find the place for the repayment.

By: Joe

Joe — Wed, 09 Mar 2011 03:38:39 +0000

Pam, life is unfair. The people who bought a house one year before you didn’t receive an interest-free loan as you did. Neither do the people who buy a house this year.

By: pam

pam — Thu, 17 Feb 2011 17:15:21 +0000

I am really upset when I found out I had to pay back my loan from a home purchase in 2008 and the following year they get even more money and don’t have to pay it back. I would of gladly waited 1 year to of got the better deal. They need to change this to make it fair to everyone.

By: Robert Kelly

Robert Kelly — Tue, 31 Aug 2010 17:15:12 +0000

I sold a home in July 2006 and purchased a new home November 2009. Now if the law defines a “first time home buyer” as someone who has not owned a home within 3 years prior to the purchase of the new home, I should qualify, correct? Would it make a difference in whether I was approved or denied if I opted to amend my 08 return to claim the credit rather than claiming it on my 09 return? I can’t read anywhere that it would but I need to clarify.

By: Wayne Bandy

Wayne Bandy — Thu, 29 Jul 2010 21:23:17 +0000

I bought a home in April 2010, meeting the June 30, 2010 deadline for the Home Buyers’ Tax Credit. Does this apply to my tax return for 2010, filed in early 2011, or can I apply for it now?

By: Gary

Gary — Fri, 26 Feb 2010 16:23:46 +0000

I am using TT online to try and file for a 2nd time home buyer credit. I click the radio button for 2nd time buyer not first time buyer, and I end up being congratuatulated for qualifying for the first time home buyer credit for $8000. I can not get TT online to accept that I am a long term repeat buyer going for the $6500 credit. It forces me to be a first time buyer. What am I doing wrong?

By: John Bayerl

John Bayerl — Wed, 24 Feb 2010 22:30:44 +0000

I bought a home in Feb 2009. I’m a “long-time” resident (lived in last house 6 of last 8 years). I understand that I do NOT qualify for the $6500 tax credit. However, when I run “error check” it forces me to first enter “no” for related party purchase, and then enter the value of my home. It then gives me the $8000 FIRST TIME buyer’s credit (That box is checked on form 5405 and there’s no way to UNCHECK it. This raises my refund by $8000 that I don’t deserve. I can find no way out of this unless I LIE and state that I did NOT purchase a house in 2009…which I did. Help?

By: Eric

Eric — Sat, 20 Feb 2010 15:30:07 +0000

I bought my house in 2008. I received my first time home buyer credit. I’m really pissed off that people from 2008 have to pay if back when everyone else does not. Please help me understand why people buying homes in 2008 have to pay this “credit” back. I think it’s only fair to make everyone pay it back or to make no one pay it back.

Personally, I think this is a crock.

By: TurboTaxAshley

TurboTaxAshley — Wed, 10 Feb 2010 18:36:56 +0000

Hi Jill and Nate,

The 2008 credit will start paying back the credit over 15 years starting in tax year 2010, not on this year’s taxes. This FAQ from the IRS should answer your Qs http://www.irs.gov/newsroom/article/0,,id=206292,00.html

Ashley

By: marty

marty — Tue, 09 Feb 2010 03:13:44 +0000

As far as I can tell I qualify for the $6,500 home replacement credit, but turbo tax says i do not.. Bought a new home on 12/2/2009, lived in my previous home for 9 years, meet the income for filing jointly, and house is less than $800K…Anyone have any thoughts as to why i do not qualify,..?

By: Nate

Nate — Mon, 08 Feb 2010 23:05:02 +0000

I second Jill’s question. I also took the $7,500 first time home owners credit for my 2008 tax return. Where is the option to pay it back in 2009 TT? I can’t seem to find it.

Thanks.

By: TurboTaxAshley

TurboTaxAshley — Mon, 01 Feb 2010 23:56:53 +0000

Hey Chris – you can get your tax question answered for free on Twitter by tweeting @TeamTurboTax

http://blog.turbotax.intuit.com/tax-tips/turbotax-tweets-tax-and-tech-answers-on-twitter/

Hope that helps!

Ashley

By: Chris

Chris — Mon, 01 Feb 2010 23:48:24 +0000

I have a question regarding my 2009 state return using TurboTax. At one point TurboTax asks me to “Enter Your Federal Info” and it says “Enter the following numbers if they apply”. One of the numbers is “2008 First Time Homebuyer Credit”. Now, I received an $8,000 first time homebuyer credit for a home purchased on Sept. of 2009 but I amended my 2008 return to get it faster. Would I enter that tax credit I received here or is it asking for the $7,500 2008 non-refundable tax credit? I am wondering because this increases my state refund by about $300 so I want to make sure I am entering the right information here! Please help! Thanks!!

By: Jill

Jill — Mon, 01 Feb 2010 01:26:06 +0000

Turbo TaxBob,

I have a question related to the one posed by james (November 24th, 2009; 10:13 am). I took the $7,500 first time home owners benefit for my 2008 tax return. Has Turbo Tax 2009 calculated in the $500 I need to pay back this year?

Please help, so I can file.

By: TurboTaxAshley

TurboTaxAshley — Sun, 31 Jan 2010 00:36:49 +0000

Kim – If you claim the Homebuyer Credit the IRS requires you to print out and mail in your return with the required documentation. Check out this post http://blog.turbotax.intuit.com/economic-stimulus/making-sense-of-the-homebuyer-credit/

Ashley

By: Kim

Kim — Sun, 31 Jan 2010 00:11:01 +0000

If I bought my home in Feb of 2009 will I be able to e-file form 5405 for the $8000 credit? If so when is that option available?

By: Maria

Maria — Tue, 26 Jan 2010 06:45:08 +0000

I purchased my manufactured home in September of 2004. My husband and I married in August of 2006. We sold our home in July of 2009 and purchased our new home in October of 2009. Do we qualify for the homebuyer credit?

By: Beth

Beth — Wed, 06 Jan 2010 16:38:10 +0000

If I use TurboTax and get the homebuyers credit, does it allow me to print and send in a paper copy? Somewhere I saw that you have to mail in your forms this year along with proof of closing. Just want to know if I’d be better going to someone in person to help me (since I can’t seem to do my own taxes at all!)