How to File for $8,000 Tax Credit

Reblogger Vickie McCartney
Real Estate Agent with Maverick Realty

 

News regarding the Home Buyer Tax Credit and How to file for it......Owensboro, Ky home buyers as well as other home buyers,  please read this......

 

Original content by Leslie Ebersole

From CNNMoney.com, we have just learned that the way the IRS is "handling" the tax credit is turning into yet another stumbling block to helping the real estate market recover. This seems to me to be so unfair! Anyone who qualified for the credit probably could really use that money, whether to repay mom and dad for the down payment loan or as cash to repair that fixer-upper they bought. I'm going to email the article and link this out to my clients IRS Form 5405.

Home Buyer Tax Credit: No e-file and four month delays

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By CNNMoney.com Les Christie staff writer

NEW YORK (CNNMoney.com) -- Good news homebuyers: You can file for your $8,000 first-time buyer tax credit again. Bad news: You still can't e-file your taxes if you want the cash. And there are long delays.

On Thursday, CNNMoney revealed that buyers who purchased their properties after Nov. 6 were unable to claim the refund because the Internal Revenue Service had yet to release a new form and instructions. But on Friday, the IRS finally posted the new form 5405.

The two-month delay was frustrating to Florida resident Charles Teschke. "We are not broke or anything, but nevertheless we were still counting on getting the tax refund to help pay for the appliances and stuff we needed for our new home," he said. "The IRS told me they estimate it will take four months for me to get my refund!"

First-time buyers were able to immediately file for the tax credit after Congress approved it last February as part of the stimulus program. All they had to do was file an amendment to their 2008 tax returns (the ones they filed last April) and claim the promised refund of 10% of the purchase price, up to $8,000.

 

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Rainer
112,731
Lisa Schlitz
Home Run Real Estate, Inc. - Wellington, FL
Realtor - Wellington, Florida Homes 561-214-3216

Hi Vickie-thanks for the re-blog. This is unsettling news and I know my clients from the past 10 months will not be happy.

Jan 19, 2010 09:17 PM #1
Rainer
408,824
Gabriela Agostinelli
RE/MAX100 - Leonardtown, MD
your full time agent!

the delay should not be happening! that is horrible...

Jan 22, 2010 01:12 AM #2
Rainmaker
180,945
Paul Campbell Realtor Lexington
Rector Hayden, Lexington, Ky - Lexington, KY
Kentucky Homes for Sale

Hi Vickie,

This is off the subject but how do you get all those little icons to link separately when they are on the same line.  I was trying to add those to my signature last night and when I woul add a new one it would capture the one before it so that facebook became the same link as youtube when I did youtube as the second icon.  The only way I could prevent that was to put them on separate lines.

 

 

Jan 25, 2010 12:50 AM #3
Rainmaker
449,858
Vickie McCartney
Maverick Realty - Owensboro, KY
Broker, Real Estate Agent Owensboro KY

Hi Paul~  My friend, Barb Szabo from ActiveRain and her husband walked me though how to do it over the phone a while back.   I would be happy to help you, but I am afraid I may not remember how we did it! 

Jan 25, 2010 04:21 AM #4
Rainer
204,707
Jane Cross
Homes By Cross serving Charlotte NC Real Estate Needs - Charlotte, NC

Vickie, thanks for keeping us informed...GROAN...at least we can look informed as we fall on our Hero swords!

Jan 27, 2010 05:05 AM #5
Rainer
478,183
Not a real person
San Diego, CA

Just stopped by to let you, and anyone reading this, know that there's an ActiveRain Super Bowl Party going on. Stop by if you have a chance.

Feb 07, 2010 12:03 PM #6
Rainmaker
921,539
Larry Brewer - Benchmark Realty llc
Benchmark Realty LLc - Nashville, TN

Hi Vickie - This is great information that I'm sure will be used by many first time home buyers. Are you tired of the snow yet?

Feb 10, 2010 11:46 PM #7
Rainmaker
524,781
Kathryn Acciari
Century 21 Real Estate - Shrewsbury, MA
Brand Ambassador and Business Coach

Hopefully it will get easier for the buyers of 2010. 

Feb 13, 2010 03:30 AM #8
Rainmaker
1,607,599
Charles Stallions Real Estate Services
Charles Stallions Real Estate Services Inc - Gulf Breeze, FL
Buyers Agent 800-309-3414 Pace and Gulf Breeze,Fl.

Hi Vicki, I had not seen Leslie post but I am glad you reposted it. I was not aware of this.

Feb 13, 2010 04:08 AM #9
Rainer
273,383
Irene Tron
Valparaiso, IN

Great information to get out about the delay.  Thanks for the heads up.

Feb 15, 2010 09:22 AM #10
Ambassador
942,102
Suzanne McLaughlin
Sabinske & Associates, Inc. (Albertville, St. Michael) - Saint Michael, MN
Sabinske & Associates, Realtor

Thanks for this reblog.  I refer back to it often when people call me about the tax credit.  It can be so confusing for the general public.  And, I usually just advise them to talk to their tax professional anyway. 

Feb 16, 2010 01:42 PM #11
Ambassador
2,009,352
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

This has to be so frustrating to people who are buying and expecting to get the credit quickly.  Thank you for spreading the information.

Feb 16, 2010 04:17 PM #12
Ambassador
754,053
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Vickie,

This is a useful post!  thanks for reblogging it.

Mike in Tucson

Feb 18, 2010 08:00 PM #13
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2,009,352
Christine Donovan
Donovan Blatt Realty - Costa Mesa, CA
Broker/Attorney 714-319-9751 DRE01267479 - Costa M

I love Active Rain.  I had a client asking for this form just tonight, so I came back looking for it.

 

Thanks.

Feb 21, 2010 03:09 PM #14
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Vickie McCartney

Broker, Real Estate Agent Owensboro KY
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