dtrizzle asked:
My tax guy asked if I wanted to get the $8000 tax credit for first time home buyers. What if I don’t buy a house?
He said that I would just repay the $8000 at a rate of 500 a year starting with 2010′s taxes
Yvonne
My tax guy asked if I wanted to get the $8000 tax credit for first time home buyers. What if I don’t buy a house?
He said that I would just repay the $8000 at a rate of 500 a year starting with 2010′s taxes
Yvonne
Todd
You cannot claim it until “after” you close on the home, since applying for it requires purchase date (see IRS Form 5405). If you do buy a home in 2009, you can amend your 2008 return to claim the credit (form 1040X).
Comment by efflandt — April 5, 2010 @ 6:17 am
Bryan
The first answer is correct. Many “tax guys” are telling people to go ahead and claim it now and buy a house this year – I don’t know how they are filling in the paperwork, but I do know that their reasoning is that there are so many people doing it that the IRS won’t have the manpower to check up on all of them.
I wouldn’t want to be on the wrong side of the IRS for $8,000 plus penalties and interest and fines and prison and the unfriendlies in prison……
Comment by teran_realtor — April 6, 2010 @ 11:46 pm
Kathryn
If your tax preparer offered you that credit without you having bought a house prior to that, you need a DIFFERENT tax preparer. You cannot claim the credit until AFTER you have closed on a house in the specified time frame.
If he’s THAT stupid, how many OTHER errors is he making ?
Comment by acermill — April 9, 2010 @ 10:50 pm
Cory
actually u can recieve the credit even if u have not yet brought a home… for those who purchased a home in 2008, they are required to pay it back and they must show proof. for 2009 buyers, you are only required to pay it back if you dont purchase a home by dec.31 2009 and even than you have to keep it for 3 years…trust me i did my home work lol
Comment by D.DOT — April 10, 2010 @ 9:42 pm
Julie
You will probably end up audited and sometimes they tell you to pay all now or go to jail.
I would report your tax guy. There’s something seriously wrong with that.
Comment by That One Girl — April 12, 2010 @ 6:10 am
Rosa
It is a “TAX CREDIT”! You don’t get the money. You take it off of next years taxes!
Comment by Alterfemego — April 14, 2010 @ 10:19 pm
Angel
You need a new tax guy. I am sorry, but the irs is bound to find out and if you don’t buy a home and lie you will eventually be caught. I would not be able to live with myself
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Comment by unschoolymomma — April 17, 2010 @ 2:26 pm