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Has anyone bought a house recently and gotten their tax credit? One of DH's friends bought a house in January and is still waiting on his credit. Ugh... I was looking forward to doing some things for the new house this summer with the refund.
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When it's a tax credit, you don't get a cash payment, you get a credit on your actual taxes. The DC First Time Homebuyers credit worked like that- I didn't see any $ until I filed the following year. Unless I'm completely off-base, I believe that's how this one is structured as well.
Jenn -
I've heard the same as Jenn - we are planning on using ours towards a new car next spring!Jen
Wife of a PGY-4 orthopod, momma to 2 DDs, caretaker of a retired race-dog, Hawkeye!
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The DC credit worked so that if you were poverty striken, such as I was, since I didn't pay that much in income tax in the first place, I got the $5k stretched out over a few years (up to five I think was the rule at the time.)
JennComment
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Since we had a refund and did not pay taxes, we will actually get an $8,000 check cut to us by the gov't. Also according to the IRS, you can file this with your 2009 taxes. So we should be getting our refund this year.
From the IRS page:
First-Time Homebuyer Credit
For Qualifying Purchases in 2010
For qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.Last edited by Chrisada; 05-06-2010, 08:50 AM.Comment
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Did you already file your taxes for 2009? Or are you filing an amended tax return to get the money this year? And I had heard they were behind in issuing the checks?Originally posted by Chrisada View Post
ETA: I just read online and it answered my question, you can get the credit on a 2009 tax return on a home bought in 2010 if you file an amended tax return or if you had gotten an extension and hadn't filed them yet.Last edited by MarissaNicole; 05-06-2010, 10:41 AM.
Loving wife of neurosurgeon 
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We did file, so we will be amending it. I think they are slower with issuing checks now because a lot of fraud occurred last year.Comment
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Thanks for that info - we are definitely going to try and take advantage of this - even if it doesn't come for a couple months it will give me A LOT of breathing room as far as time to find a new job!Originally posted by Chrisada View Post
You just made my day!!!Loving wife of neurosurgeon Comment
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This tax credit is actually the only reason that I agreed to even buy a house. Glad this helped Marissa!Comment
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We're still going to wait
We are trying to hold off on buying a new car for as long as possible (I have a 25 mile commute to work each day). It's exciting that it's an option to do this year, though!
Good luck everyone!Jen
Wife of a PGY-4 orthopod, momma to 2 DDs, caretaker of a retired race-dog, Hawkeye!
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We're also planning on saving a big chunk for when DH's car completely breaks down. Hoping it will happen next year, so that we can just do a three year lease on a car, which would get us through residency. Thank goodness, our new house is only a few miles away from the hospital. DH also claims he will ride his bike to work sometimes.Comment
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We got our credit. But we bought last summer, so it was part of our regular tax refund this year. No delays.Julia - legislative process lover and general government nerd, married to a PICU & Medical Ethics attending, raising a toddler son and expecting a baby daughter Oct '16.Comment
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We bought our place in May. We filed an amended tax return at the end of July (I think) and just got our new home buyers credit (pluse a little interest) today! So I think it only took about 6 weeks!
Hoooooray - we really need this money!Loving wife of neurosurgeon Comment
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We did get ours about a few weeks ago too. Came just in time!Comment
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This is what happened when we bought our home, too. We just waited until the end of the year and filed it with our regular taxes. We ended up with a ridiculous refund.Originally posted by oceanchild View PostComment
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