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Thread: Tax Credit help

  1. #1
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    Default Tax Credit help

    I just bought a house and I qualify for the first time home buyers tax credit. Unfortunately, I've already done my taxes this year so I'm not really sure how to do an amendment or whatever it is that I need to do. Does anybody know how to go about getting this done and taken care of?

    Thanks.

  2. #2
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    Default Re: Tax Credit help

    In case anybody is wondering, I just called H&R Block...they told me

    Fill Out:
    Form 5405 - Tax Credit Form
    Go to IRS.GOV and search for:
    1040x – amendment
    Amending for the home buyer credit

    Send them the forms and:
    Copy of the HUD with Signatures
    2009 Return

    Mail To:
    Dept of Treasury
    Internal Revenue Service Center
    Austin, TX 73301

    Please let me know if anybody else has anything to add to this. Thanks.

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    Denim Chicken duke dynamite's Avatar
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    Default Re: Tax Credit help

    This information is extremely beneficial. I am working on buying a new home this month. Thanks, Cramerica!

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    Default Re: Tax Credit help

    Quote Originally Posted by duke dynamite View Post
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    This information is extremely beneficial. I am working on buying a new home this month. Thanks, Cramerica!
    Congratulations. A "starter" home in DC costs about 250-400k so it looks I'll be renting at least into my early 30's

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    Junior Member The Toxic Avenger's Avatar
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    Default Re: Tax Credit help

    I qualified for a $200 Renter's Credit due to the stimulus, but when I asked a co-worker if he took advantage of the similar $500 Homeowner Credit he said he'd never heard of it?

    I used Tax Act online and he used H&R Block so how did THEY miss that? OR how did TaxACT just make something up and me actually get money?

    I got my main refund as "Dept of Treasury Tax Refund" and my Renter's Credit as "DEPT OF REVENUE TAX REFUND".

    Thoughts?

  8. #6

    Default Re: Tax Credit help

    Quote Originally Posted by The Toxic Avenger View Post
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    I qualified for a $200 Renter's Credit due to the stimulus, but when I asked a co-worker if he took advantage of the similar $500 Homeowner Credit he said he'd never heard of it?

    I used Tax Act online and he used H&R Block so how did THEY miss that? OR how did TaxACT just make something up and me actually get money?

    I got my main refund as "Dept of Treasury Tax Refund" and my Renter's Credit as "DEPT OF REVENUE TAX REFUND".

    Thoughts?

    Dept. of the Treasury is the Internal Revenue Service, which is the federal agency responsible for your Federal taxes. Department of Revenue is a State of Indiana Agency that is responsible for your State taxes.

    The renter's deduction/credit has been a part of Indiana tax policy for quite a while, as has the homeowner's credit, I believe. The IRS, however, offers nothing for being a renter, and homeowners get a deduction for mortgage interest, points paid at closing, and property taxes paid.

    To answer your question, most taxpayers know very little about how their State's tax return works. This is because the amount due or refund is typically much smaller than the Federal return, so people essentially ignore it. Likely your friend got his credit, but simply didn't pay enough attention to notice. He could check his State return to verify this.

    Also, to comment on the OP, I'm glad H&R Block got something right for a change! Keep in mind that amended returns are a bit slower to process than regular returns, and they always mail a paper check (no direct deposit), so at minimum you're looking at 6-8 weeks before you see a refund on the 1040X.

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    Default Re: Tax Credit help

    Time really isn't a factor although 6-8 weeks takes forever. I wish there was a way they could have a website to keep track of the progress of things like that. Kinda like UPS/Fedex does with their packages.

    I mailed it off 2 days ago so I'll post in here when I got it.

    Duke, the deadline for the tax credit is April 30th, so make sure you close before then if you can. Now, that's not to say they won't extend it but as of right now it's April 30th (unless you are military currently deployed).

    http://www.federalhousingtaxcredit.com/faq1.php

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    Tree People to the Core! indygeezer's Avatar
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    Default Re: Tax Credit help

    Google Where's my refund it will take you to the IRS website where you can track the status of your return.
    If you get to thinkin’ you’re a person of some influence, try orderin’ somebody else’s dog around..

  11. #9

    Default Re: Tax Credit help

    Quote Originally Posted by indygeezer View Post
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    Google Where's my refund it will take you to the IRS website where you can track the status of your return.
    That's a good idea, Geez. Definitely worth a shot, just remember to put in the actual amount of refund on the 1040X not the amount you're expecting or the amount of the original 1040. I have doubts as to if the 1040X will be trackable, but I'm really curious to hear the results of trying it

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    Member SycamoreKen's Avatar
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    Default Re: Tax Credit help

    I took mine to an independent tax preparer last year and it was well worth the $70.

    By the way, if you use an independent preparer you may want to see how they are dealing with the new regulations the IRS is putting on them. My guy says he may get out because it will not be worth the hassle dealing with all the new paperwork and such.

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    Default Re: Tax Credit help

    I got a tax refund this year!! I have an accountant do mine each year and never have any problem...xcept this time. I was to get a return of X and when I received it the amount was X + $320...????

    Now I'm worried.
    If you get to thinkin’ you’re a person of some influence, try orderin’ somebody else’s dog around..

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    High Flyers ThA HoyA's Avatar
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    Default Re: Tax Credit help

    So Im set to close on a house on the 12th of this month and I am going to do the amendment for the first time homebuyers credit... But I heard that there are certain things that are part of closing that can be tax deductible... Does anyone have any idea as to what it is or can be?? Thanks

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