Comments on: Homebuyer Tax Credit Questions Answered by Bob Meighan

By: margaret wenzel

margaret wenzel — Sun, 27 Jan 2013 18:37:35 +0000

i purchased my home in11/2009 and recieved the $8000.00 homebuyer credit. forclosure started in august 2012 but is not yet final. do i have to repay the credit

By: Suazo

Suazo — Wed, 14 Mar 2012 05:03:38 +0000

Hi @Mariusz, I’m not sure if I follow your qiutseon. If you owned a home in 2007 and were foreclosed on, then you wouldn’t be eligible for the first-time home buyer tax credit, since you would have owned a home you lived in within the past three years. If you lived in that home for more than five consecutive years out of the last eight, you could be a long-time homeowner. But if what you’re saying is that you BOUGHT a foreclosure in 2007, then it’s not likely you’d be eligible, again because you fail the three year test and most likely fail the five year test.

By: TurboTaxLisa

TurboTaxLisa — Wed, 02 Nov 2011 07:49:22 +0000

Hi Sang,
If you did not file your 2010 taxes by the April deadline, but filed an extension, your final deadline to file was October 17th. Don’t worry you can still file by using TurboTax desk top download. You will have to paper file your return, as TurboTax and the IRS shut off e-file to prepare for the 2011 tax season.

I hope this helps you!
Thank you,
Lisa Lewis

By: SANG TRAN

SANG TRAN — Mon, 31 Oct 2011 04:09:09 +0000

THANKS

By: SANG TRAN

SANG TRAN — Mon, 31 Oct 2011 04:07:38 +0000

I DID NOT FILE BY 4/15/2101; HOWEVER I DID FILE EXTENSION. SO WHEN WILL BE MY DEAD-LINE TO FILE MY REAL 2010 TAX RETURNS? IS IT BY THE END OF OCTOBER? PLEASE ANSWER ME.
THANKS A LOT FOR QUICK ANSWER FOR ME TO BEAT THE DEAD-LINE

By: mark savage

mark savage — Sun, 23 Jan 2011 14:35:15 +0000

if i added a wood burning stove to my home in 2010 can those expenses be used for the home energy credit?

By: Melissa

Melissa — Tue, 30 Nov 2010 15:43:22 +0000

I owned a house for over 5 years with my ex-spouse. We got a divorce in January, and I had to refinance the house in my name. It was part of our settlement that I got the house. Does this count for the existing homebuyer credit?

thanks!

By: Helen

Helen — Fri, 08 Oct 2010 22:45:56 +0000

I file my amendment for the first time home Buyer Tax Credit four weeks ago by mail and did not receive any acknowledgement that they have received my paper work. Do I suppose to receive anything and how long does it take?

By: Sherry ramsey

Sherry ramsey — Fri, 08 Oct 2010 17:09:52 +0000

I got the tax credit but got married and moved out. Is the payback prorated for the year I have lived there or do I have to pay back the full $8.000??

Thanks for your help!

By: John Mosson

John Mosson — Tue, 21 Sep 2010 14:59:33 +0000

I rec’d the existing credit this past January and we are going to hve to move to another state. How do they charge in our payback of the credit due to our not staying in this home the 3yrs?
Thanks for your help!

By: Alex

Alex — Tue, 18 May 2010 20:20:47 +0000

In 2007 I bought vacant undeveloped land as an investment. I signed a contract for deed and when tax season came around I used turbotax and entered my W-2s and Form 1098 from the land deal. The land purchase was in another state, I lived in an apartment. In late 2008 I lost my land due to theft (long story), so I sued and won the case. In May 2009 I bought my first house ever and filed for first time home buyer’s credit. But, the IRS has just issued me a letter stating my Form 1098 in 2007 shows my primary residence as teh vacant land. I never stated this vacant land investment as a primary address. How can i show the IRS I qualify for the first time home buyer’s credit?

By: Teresa Smith

Teresa Smith — Mon, 03 May 2010 18:46:22 +0000

Thanks for the good information on homebuyer’s tax credit. I am planning on purchasing a home this year and this will really help. Thanks!

By: brenda

brenda — Tue, 30 Mar 2010 22:05:21 +0000

Hi,

Our second offer was intiated on Nov 06, 2009 and accepted on Nov 07, 2009. Was this a binding contract? The closing happened on Dec 01, 2009. The home price was $850,000. We are within the income limits either before or after Nov 6, 2009.

Do we qualify for the credit? Is it the binding contract or the closing that has to be on/before Nov 06, 2009?

It looks like we missed the deadline by a whisker and feel terrible.

One of the main reasons to buy the home in 2009 was the tax credit.

Thanks a lot

By: Shawn

Shawn — Fri, 19 Mar 2010 16:24:36 +0000

My 2010 Tax Refund came without first time home buyer credit. When I checked the IRS website, it said they send me a letter requesting more information. Is this usual? Do they give regular tax return first if they need more information for first time home buyer credit?

By: Jacobson

Jacobson — Thu, 11 Mar 2010 22:19:37 +0000

My husband and I are buying a “upgrade” house, but have only owned our current house for 4 years 7 months so we will not qualify for the tax credit, right?

That stinks!

By: Carrie Gibby

Carrie Gibby — Sat, 27 Feb 2010 15:38:27 +0000

We filed our taxes with turbotax online, and of course we can’t e-file because we need to send in specific paperwork. Out of the huge stack of papers we signed when we purchased our house, I’m not sure which one is the Home Purchase Settlement Statement. Can you advise me what to look for?

By: Mrs. C.

Mrs. C. — Sat, 13 Feb 2010 14:45:33 +0000

Sorry I missed the Facebook discussion yesterday. I have a relevant question for Bob Meighan.

My college age son (who is my dependent and goes to school in another state)& I purchased a condo in May 2009 near his university and allocated all the credit to him on a 2008 tax return filed in July 2009 (as allowed, 2009 purchase deemed on 12/31/2008). IRS first denied due to my address on son’s return. Fixed the address issue and submitted more documentation. Now IRS has denied credit again because “Records indicate your father claimed you as a dependent on his 2008 tax return. Therefore your primary residence is considered the same as your father. Since your primary residence is not the same as the property you are claiming, you do not qualify for the credit.”

I am going to stop fighting the 2008 return and apply for the credit on son’s 2009 tax return. I don’t want to not claim him as a dependent on my 2009 tax return for obvious reasons. I believe the IRS is in error in their position. The purchase was before Nov 2009, so the dependent status does not apply to our case. In the IRS published faq’s there are examples of parent’s helping children buy homes and giving all the credit to the child, but no mention of the dependency issue. I’ve read there has been fraud claims by others with young children getting the credit which is why they put in the dependency clause in Nov 2009, but in our case, the child is an adult.

However, the IRS taking the position about that college student’s personal residence is deemed the parent’s is nonsense. Being away at college meets the definition of temporary absence which is allowed in the steps to determine who is a dependent. The instructions for the form 5405 and FAQ section on the IRS website uses the terms “main residence”, “primary residence”, and “personal residence” interchangeably. We have plenty of proof that the condo is son’s residence.

I would really appreciate knowing if others who are trying to get the credit are having the same issue with the IRS denying credit to adult homebuyers before November 2009 who are claimed on someone else’s tax return. I am a CPA, but not a tax CPA, so I rely on TurboTax to guide me and it is allowing this credit to go through on son’s 2009 return.

Thank you.

By: Yajun

Yajun — Fri, 12 Feb 2010 20:52:39 +0000

We took the Home Buyers’ Tax Credit of $7500 in the Taxreturn in Jan. 2009. We need to pay $500 back from this year. Last week, I used the TurboTax-basic to apply the tax return. But I couldn’t find where to submit this $500 payment. Can you please show me where to pay this $500 through TurboTax?

By: TurboTaxAshley

TurboTaxAshley — Mon, 01 Feb 2010 20:58:42 +0000

Hey guys – if you have any other questions about the Homebuyer Credit you can get them answered for free of Twitter by tweeting @TeamTurboTax

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

Thanks,

Ashley

By: Jeannie Mitchell

Jeannie Mitchell — Sun, 31 Jan 2010 06:58:27 +0000

My 90-year old mother came to live with me this year. We are still trying to sell her Florida home but I am covering all her expenses – housing, food, unpd medical, etc. She does not file a tax return as her only income is monthly Railroad Retirement Benefits. Can I claim her as a tax exemption? What is the criteria – what proof do I have to provide.