Once I have purchased a home, what steps must I follow to receive the $8,000 tax credit?

Question

$8,000 tax credit for first time home buyers and the necessary requirements to receive such credit

Answer 1

See a professional tax preparer.  Best to get it handled correctly.

Answer 2

you file your 1040 for 2009 along with a form 5405, which you can find at www.irs.gov
or you can file a 1040X for 2008 with the 5405

Answer 3

You can get the 8K for either 08 or 09 tax return with a form 5405.  For 2008 you would need a form 1040X (amended return) to attach aka process the 5405 with.  This close to the end of the year you could just wait and fill out and file the 5405 with your 2009 tax return and get the credit then.  The choice is yours; and how soon do you need the 8K?

Answer 4

The house must be your primary residence and its 10 percent of purchace price up to 8000. so to get the full 8000. house must be at least 80000. You must finalize your closing by Nov 30 and move into the house and make it your primary residence for at least three years or the money must be paid back. Once you sign your final papers you can either file an amended 08 return or wait until you file your 09 taxes for next year. If I was you I would wait and file with regular return you will probably get the money sooner. My son filed his with an amended retrurn Feb 20 and it took over 5 months for him to get his check. There was a lot of fraud with people claiming the credit who didnt buy a home so they are pulling alot of returns and asking for proof to be mailed back in.