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8k tax credit??

SCbrideinTXSCbrideinTX
100 Comments
in Texas-Dallas and Ft. Worth
For all you lovely ladies that have bought houses this year or are in the process...I've heard that I should go ahead and file an amended tax return for last year, so that I can go ahead and get the tax credit because the government might run out of funds for this program by tax filing time next year. Does anyone know if there is any truth to this? Or are people just getting paranoid? Has anyone filed an amended return to get the credit? If so, was it difficult?Thanks!!
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Re: 8k tax credit??

  • kris928kris928 member
    100 Comments
    edited December 2011
    My loan officer gave me the form to fill out and send it, but I haven't gotten around to doing that just yet. I do plan on sending it in this week though. It doesn't seem that difficult. The ladies on the Buying A Home board suggest sending in the Hud-1 (I think thats what they called it) to get your return faster.
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  • stephl3055stephl3055 member
    500 Comments
    edited December 2011
    My dad is realtor and he didn't mention anything about the money running out.  He told us that we could file an amended tax return, but since DH and I were not married in 2008 and filed tax returns separately, that things might be too complicated and we might have to pay someone to do the tax return for us.
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  • SCbrideinTXSCbrideinTX
    100 Comments
    edited December 2011
    Hmm.. yea, we had just planned on doing it in February when we do our 2009 taxes, but if it's not to hard to file an amended return I was thinking I might do it now just in case there was any risk of it not being there. I'll have to dig around on the IRS site and see what I can find out.
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  • prlmrg08prlmrg08 member
    Knottie Warrior 500 Comments Combo Breaker
    edited December 2011
    All of my clients have already gotten theirs. They filled out the paperwork and had their money no later than 6 weeks after closing. Your loan officer should have the information and if not email me and I will get it from my loan officer.
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  • SCbrideinTXSCbrideinTX
    100 Comments
    edited December 2011
    Thanks Megan,I just e-mailed my loan officer, if I don't hear back from him, then I'll definitely check in with you to get that information.
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  • SCbrideinTXSCbrideinTX
    100 Comments
    edited December 2011
    FYI - I just dug around on the IRS website and it looks like new homebuyers just need to file a 1040X and 5405 (with supporting documents proving the purchase). It really doesn't look too difficult. I think I'll go ahead and try to figure it out.
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  • SCbrideinTXSCbrideinTX
    100 Comments
    edited December 2011
    Score - this website walks you through the process - http://tinyurl.com/yfe36sl
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  • TerriniskiTerriniski
    500 Comments
    edited December 2011
    Theoretically, I don't think there's a program to run out of money, so to speak. Since it's a tax credit, it's just supposed to lessen what you owe in taxes for the year. I'm guessing they estimate how much tax revenue they will forgo by offering the credit, but I don't think there's a cap since there's not a cap on how much they issue in tax refunds.
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