Now IRS tell me I have toget married to qualify, I called and talked to first IRS lady, said that it didnt matter who I talked to and how many times that I visited web site that the book on all requirements is at their office and no one can tell me what qualifies or not, that I had to own land and the trailer had to be somewhere other than my resident of the last 3 years.
Finally I called a realestate lawyer, after contacting my congressman and state rep. The lawyer suggested that my name be added to the property deed, which does not state a house on it and it will clear up the problem. Called IRS yet again talked to a real nice lady this time, took time answered questioned asked supervisor to ensure that I will qualify for money.
This is so frustrating and no one will give a straight answer I an glad I am not the only one who has a problem. My husband and I purchased our first home in April We filed an ammeded return for taxes.
Seek a tax professionals advice… we used my mother who works at HR block. No you do not get to claim this credit every year, however, we will be able to write of our interest on our taxes resulting in a greater refund. I am loaning money to my son so he can buy a mobile home on a lot. I am fairly certain the mobile home on real property will qualify for the stimulus money, but if I loan him the money, does that mean he is acquiring the property from a relative?
He has never owned a home before and I have no connection to the home other than the loan for it. Auntsuabelle, You are just loaning money,?
Suz: you are loaning him the money, but the title and all the responsibility — taxes, insurance, upkeep, etc.
Charley: The credit can be on any residence that will be your principal home for the next 36 months. I hope that clears up your question about why the credit is available. GReat for the info. I bought a home in april with a VA Loan, Do i still qualify? Also I hear something about you have to have the house as a primary residents for 3 years, is this true? My wife and I bought a house in April I am not a first time home buyer because I owned a house within the last 3 years.
Will my mom be able to claim this credit? Albeit, I will plan to live there as well, as my primary residence for three years. My husband and I were recently married and are in the process of purchasing a home expect to close by mid October I am a first-time home buyer. We will both be listed on new home mortgage. My father wants to buy me a house and pay for it cash, The house is going tobe be only under my name, but he is the one paying for it.. Do i Qualify to receive the Even though the money did not come from me?
If you have a unpaid balance on your credit report, will it stand in the way of getting preapproved. As far as I ahve read ad researched their is no credit check, as far as an unpaid balance.
Where can I check on it or track it? Thanks for giving info regarding the IRS Form The phone number I have is , that was the contact number on the first set of paperwork I recieved, stating that I needed to send MORE paperwork.
I tried the irs. I called last week, the serv. My husband and me purchase a house with two duplex in the back. We live on one property and rent the others ones. We are first time buyers. Do we qualify for the 8, tax credit? My 21 year old son lived at home in and for most of He purchased his home in July of He was still a student in living at home with his parents who claimed him as a dependant non their return. Will he get the money? I purchased my parents home…but not from them directly.
They both passed away and I bought it from thier trust as it was set to be sold and money split between all siblings. The trustee is thier lawyer who oversees all transactions. Does this still mean I dont qualify? I am a student and my parents are buying a house and we were thinking to put it in my name so we can get the 8k credit. I currently have no income and hence do not file taxes. Can we put the house in my name and get the credit? This is my first home purchase and I will have to pay for the home myself!
Does anyone know who I can contact or what I can do if anything to get the tax credit? Question about the new extension of the tax incentive for Home Buyers. Do you have to purchase something more expensive?
If yes, does it have to be more expensive than what you paid for the property or what you sold it for? My husband and I owned a home. We recently divorced. This leaves me buying my first home. My name, of course, was on our mortgage and deed of the home my former husband still owns.
Would I qualify for the stimulous when purchasing what will be my first home? We were looking at renting our home we have lived in for 6 years and purchasing a new primary home to live in.
I purchased a house on april 22 , I never file any credit of or on my tax return , will I still get if I file my ta return next year. I bought a house back in august of My first house and still live there? Does anyone know if this is true? Thanks to anyone who responds with answer.
Okay so we bought our house march of So they could verify I live there. It takes them almost 90 days to review the documents you send them either via mail or fax. My fiance and I have gone through 3 layoffs between the two of us because of the economy. My fiance is in the plumbing union and is about to go through his 3rd layoff and the company I worked for downsized.
Luckily I found another job right away, though I did have to take a pay cut in half. We are completely frustrated because there is a lot we need to do to our house.
So the economy is garbage, you nad your soon to be husband are extremely young AND have several layoffs but you buy a house and dump all your savings into it.
Give me a break lady. Bryana, you sound like a carbon copy of my situation, call after call after call, the IRS lady told me they have to do this and that well LIke yall still no money. I found out that my case has been review and closed but their is not definate date when they will cut a check.
I can not draw unemployment, because Lowes only works their parttime people hr a week, so not enought to draw from my fiance might be able to draw from this new extension but not heard, yea I would like to sit down to a nice meal and celebrate my new house without having to wonder where the money is to pay for electric and whether or not I even have a job.
You are not alone, Iknow it doesnt help but we r in this together. My grandfather purchased a home for my husband and I in We pay him every month, and the land is in our name. We are currently looking at buying a new home, and we are not sure if we would be eligible for the 1st time home-buyer credit or not since our current home was not financed through a financial institution and it was bought buy a relative for us.
If someone can answer this question, please let me know. Excuse me Michael, not deserving of a home!? My fiance and I work hard for what we have. My fiances job was going great, until we bought our house.
I worked for a company that was suppose to make it through this bad time in the economy and they had to do a mass layoff. Just like so many other homeowners that are in this mess. I think I have came a long way for being 20 and owning a house, maybe you should rethink what you say.
I have to work 2 jobs to make sure our bills are paid but they are, so you to say I am undeserving is pathetic like I said before. I am paying off student loans, a house, and a car payment and doing it all on time.
I however do no deserve to be lied to by my government, and given false promises. By the way Charlycw, thank you. Its good to see there are decent people left in the world. We have money in our savings but we have a wedding coming up in June, and thats what that money was there for. I made sure our bills were taken care of before I spent any extra money on presents-thankfully we have parents that are supportive and understand what we are going through.
I feel for your family and you in my thoughts and prayers along with everyone else that is still waiting on their promised return. We could have fixed them no problem. The whole reason for the tax credit is to help those who are first time home owners buy the things they need in their house. To stimulate the economy. Which is what the money was intended for, to help people buy the things they need for their house.
Merry Christmas to all. I got 2 letters from IRS in the mail, what a waste of postage for the one, but anyway, said they are sorry that they did not get to my claim before the latetst deadline but ie will more weeks. Shoot at this rate I will have filed my return and got it back, before this gets here.
He borred money against the down payment and the rebate was to pay it back and it has to be paid back by the end of January. I heard the first-time homebuyer credit is available to someone who has owned a house for the last 5 years and builds a new one.
Do I have to pay back tax credit if I have to move to another state and sell my first home and buy a new home before the 36 month period is over?
The prices of the homes would be pretty much the same. Or do I just have to pay back the and apply for as a second time home buyer? Has anybody received their Credit? I called them in July before submitting in my claim and they told me that all they wanted was the and X. I called them and they told me that they are really backlogged because too many people applied for the credit.
They should have let us file it electronically. Poohbear: The only thing you have to claim on your taxes is if you received an interest. Frank the Patient one: send them everything you can to prove you bought this house and its where you live. Stay patient. Good luck to all. Father in law had a house that he had sold. The buyer abandoned the house, after one year the court gave him the house back since they had not made the payments.
My wife and I bought the house from him but financed it through the bank paying him the appraised value of the home. Also, does it matter which tax year we file it? Of course we have already filed for , and are waiting to find out more about this for I have posted before and never got an answer.
We filed for this last year in April and still have yet to get the credit. How long should this take? Not even the IRS. I must say.. It is the only house i own. I am moving down full time in June but making occasional trips down about 2 weeks at a time. I just bought the house. I just purchased my first home last month and I already electronically filed my taxes.
When you get your taxes back you have to amend them and send it back to IRS with the tax cedit forms via mail. We will get the 8K but have to wait 3 or 4 months before it comes. I am just wondering how this first time home buyers thing works? I bought a house from a co-worker and it is a old used trailer, will i still qualify? I live in Texas. My husband and I filed our taxes perfectly with a financial advisor and sent them in on January We called, were told we need to resubmit anyway, and did so the next day.
I called last week to make sure they were received and was told by the IRS person to call back in a week. I got off the phone with the IRS just now, it being a week later.
Have they received my information? Will I be receiving my refund tomorrow? Can you tell me when my refund will be received? Check back in 4 weeks. I wish I were kidding. Taxes submitted with all proper paper work on January 31, asked to resubmit paper work on March 22nd, and on April 5 told to check back on status in 4 WEEKS!
Not only that, but my husband and I withdrew from our IRA to pay for our house. Received a letter from the IRS in February 4 months later requesting we send them a copy of the closing contract which lists signatures of me and my wife, and the seller.
I spoke to a very helpful women and she verified that my file was being reviewed and the closing contract was all the additional information they needed.
So I sent them the information the next day. Received a letter 2 weeks later stating that they have received the information and will respond within 30 days. Just received another letter yesterday again stating that they will respond within 30 days. My accountant said that he has clients that have been waiting 6 to 8 months already and still have not received anything. It must be true that they are very overwhelmed by all of the paper work that needs to be reviewed plus all the tax returns for In any case, I think the IRS should have set up shop with more staff to handle the overwhelming task.
Hopefully they are working on it. Then 30 days later they will write to you with the approval. Then they will mail you your check in 6 to 8 weeks. My advice for you is that you might as well get your Utility bills, leases etc and just send them over to save you some time.
That would make it 8 months from the time I first filed for the credit. Finally received it a couple of days ago! It took 6 months to get it. After reading all these comments about long processing times I thought I was in for a long wait. Congrats, Nick!
It took 5 months for my husband and I to get out credit, no interest included. We have had two financial professionals go over taxes, receipts, etc. Granted we got our house credit, but that was all we got back, not a cent more. They did not handle the new tax laws for this homebuyer credit well. Like you, I also withdrew money from an IRA K in order to help towards a down payment for our house we closed on in October.
Not sure I followed that. So perhaps another check to you guys from the IRS is in the mail for your filed refund. Good luck to you guys. Andrew — Holy cow, good for you!
If anyone knows otherwise, please chime in. I purchased my home in Jan of , yes I purchased from a relative but I also paid fair market value for the home, I did not get any breaks on the cost, the purchase price as the appraisal price, what is the reason for not qualifying besides the IRS saying I do not qualify due to the purchase through a relative? You bought from a relative.
We recieved our refunds from State and Federal before. We should be getting it soon I hope, is there someone I should get in contact because it will be 2 months?
I would wait another few weeks before you start thinking about contacting anyone. We contacted the IRS directly. The number is Good luck. The IRS is killing me on this credit. A few years ago my wife and I bought a travel trailer and have been writing off the intrest on our tax forms. A few years later the housing crash hits and now we can afford to buy a home and the credit made it even better. We buy our first home and apply for the credit and we get a letter telling us we are disqualified because we claimed the interest on our RV.
We have already appealed and they sent this reasoning back to us. What to do? This is really interesting. I wonder, though, about how the IRS is handling these claims. It seems that many of the credits are getting lost or simply forgotten by the IRS.
When did you buy the new house? I understood that the latest version of the credit was for existing homeowners as well as new? I bought this house in and moved in to it in May This credit was for First Time home buyers. Both names are on the deed, but only mine is on the mortgage. I understand that you must have that first time home be your primary residence for 3 yrs or you have to pay that credit back.
But what if one of the two unmarried people move out, but one stays for 3 yrs? For instance, does it matter whose name is on the mortgage? What if my name is on the mortgage, I move out, and continue to keep my name on the mortgage while the other person lives there for 3 yrs? Do we still have to pay the credit back? I only wish they would have let the tax credit run longer to help people who wanted to buy a home take advantage of the low interest rates the banks are offering.
I just received a direct deposit into my bank account for Everything says that this will be a paper check. Is this legit? There is interest? I suppose that softens the blow a little bit. We bought our first house and were denied the credit saying we already owned property! Thank goodness most people here did eventually get the return so there is some hope. What if two individuals buy the house in Aug both names on title and mortgage — the woman gets the 8k and we split it.
If a got the 8, for my tax for my house can the restate ask for it for a down payment. Me and my wife purchased our first home and supposidly qualified for the credit. Its been 9 months and we got nothing. By americantax. Category: Credits Tags: , , , , insurance costs , mortgage interest , tax deduction , taxes , Trump Tax laws. If you recently purchased or built a new home, you might be wondering what tax incentives are available and if there is a new homeowners tax credit. While there is not a direct tax credit available for buying your home, there are tax advantages to homeownership.
This article will summarize some of these benefits as well as outline the tax changes from the Tax Cuts and Jobs Act of that will affect your filing as a new home buyer. The short answer is, unfortunately, no. Here are three scenarios:. To qualify for the credit, the purchase must be made between Jan.
Buyers may not have owned a home for the past three years to qualify as "first time" buyer. They must also live in the house for at least three years, or they will be obligated to pay back the credit. Higher-income buyers may receive a partial credit. Applying for the credit will be easy - or at least as easy as doing your income taxes. Just claim it on your return.
No other forms or papers have to be filed. The federal government defined a first-time home buyer in an odd way — it actually means anyone who did not own a home during the three years before the year in which they bought the home. So if you owned a home but sold it in , and then bought another home in or after, you would actually qualify as a first-time home buyer. You must purchase a single-family home from someone unrelated to you.
This can be a free-standing home or an attached home like a townhouse, a condo, manufactured or mobile homes, or even a houseboat, as long as you meet residency requirements. But multi-family homes like duplexes or apartment buildings do not qualify. Also, only U. Income restrictions apply, depending on your tax filing status, and are different depending on when you purchased the home.
If you purchased a home with your spouse and file as married filing separately , each of you can take a maximum of half the available tax credit as long as you both qualify to be first-time homebuyers.
If you purchased a home with one or more people who is not your spouse, only one of you has to be a first-time home buyer. This credit was applicable for home purchases where the sale was closed and the title transferred to you between April 8th, and December 31st, If you purchased the home in , you must live in the home for a year after the day you receive the title. If you built the home, your residency requirement would last for a year after the actual day you moved into the home.
0コメント