$o I just received my First Time Homebuyer tax credit, BUT...

Congrats OP on getting a house.

I'm still waiting on my tax credit.  Moved in April '09.  Filed an amended tax claim first week of November.  Got a letter a month ago saying they needed some more documentation from me ( I guess they're being more thorough due to a lot of fraudulent claims) Hopefully I'll get mine soon.
 
I amended my taxes and was supposed to get like $250 and got back $519
 
man, i need a reall job i see, BADLY

congrats to the young dudes out there gettin it.
 
Originally Posted by DublBagn

Originally Posted by demonbasketball04

Originally Posted by DublBagn

when did you buy the house?????? for example if you were living in the house but did not file for the homeowners tax credit until after your original return (you filed an amended 1040) you might be getting some property tax/home owners insurance back with your tax credit...(7400+4200=11600......14800-11600=3200) look for sums equaling $3200 that you have paid....closing costs on your house, maybe you rolled those into your mortgage, they are deductible, as are any points you paid to buy your mortgage rate down. But if you moved into the house after after 2009, I dont know where that extra money came from.....


I moved in to the house in May of 2009, and yes, I filed an amended return with a 1040 form attached. But I already received my original return in January.
then that money is yours, i would say this 99% confidence....so let me get this correct, you closed on the house in may of 2009, you filed your tax return for 2009, and basically just forgot to claim the home buyer credit on your original 2009 income tax, so you filed an amended 1040 for 2009 and you got a new check.......

did you get a check already for the tax form you filled out for 2009?  if so you were expecting an additional $7400 and you really got $14800? (did you get one check or two checks from your federal return???) 

still look at your closing costs, property tax and see how much those were....and did you pay any "points" to buy your rate down????


Yeah, that's pretty much how it went down.

I went to H&R Block January 15th, filed my e-return thru them. Received that $$ two weeks later thru direct deposit.

On February 1st, I went back and amended my return and added my 1040 form.

March 29th, received a check for $14,800 instead of the $7,400 H&R told me I'd be getting.

As far as closing costs, they totaled roughly $3,500. Property tax was $1,200 and paid by the escrow company. Not sure if any points were bought/used/paid?
 
just dont do anything with the extra 7,400......My mom lost her job and they sent her the 401k check and uncle same came back a YEAR later taking the taxes out on that "income"
 
^^^if you got 2 separate FEDERAL INCOME TAX CHECKS (please note federal not state), then something is fishy, and its odd how the 2nd amount is exactly double the amount your were expecting........only thing I can think of is, did you do the H&R block advance money thing? Find a free online site to estimate your taxes, type in some BS name and ss# and fill out your taxes and see what they say you should get back......

so to clarify again, you received a payment from the federal government, then after amending your 1040 you received 14800? if this is the case they screwed up and you might have to end up paying that back...keep it in the bank or some where you can pay it back if need be....but I would keep on the look out for a letter for the next 12-24 months...
 
I would still be cautious, man. You never know what the IRS is up too....

Long story short - I was talking to a lady from the IRS on the phone about a month ago and she told me that one of the reasons that they were letting people claim 3 kids this year is so that they can bust previous years cheats and they are all falling for it...

Look at the people who claim 3 kids, look up which 2 they claimed the previous year, then look up if anyone claimed the 3rd kid. Not only for the previous year, but every year the child was claimed. Then, they would go after the parents and the people who claimed them for all the previous years money. Going years back, that's a lot of money...

I know this has nothing to do with your situation, but you never know. You would figure that you wouldn't be the only one in this situation, but a Google search brings back nothing....
 
Originally Posted by OGMIKEY

Tell them before they come looking for it and try to charge you interest for how long you held onto it.
QFT.  The internal auditors will catch mistakes.
 
Be careful. The IRS will charge interest if they overpaid you, even if it is partially their mistake. That happened to me once and I think I got the penalty cleared but I still had to pay interest on the amount they overpaid.
 
Originally Posted by DublBagn

^^^if you got 2 separate FEDERAL INCOME TAX CHECKS (please note federal not state), then something is fishy, and its odd how the 2nd amount is exactly double the amount your were expecting........only thing I can think of is, did you do the H&R block advance money thing? Find a free online site to estimate your taxes, type in some BS name and ss# and fill out your taxes and see what they say you should get back......

so to clarify again, you received a payment from the federal government, then after amending your 1040 you received 14800? if this is the case they screwed up and you might have to end up paying that back...keep it in the bank or some where you can pay it back if need be....but I would keep on the look out for a letter for the next 12-24 months...


I received DIRECT DEPOSIT in January for my original tax return, and now a CHECK this time for my amended return.

I did not do the H&R Block advance refund either.
 
Originally Posted by magneto621

isnt the homebuyer credit supposed to be paid back anyway?


In previous years, yes, but they changed it from a loan to a full on refund. My GF's mom bought a house in '08, and she got the loan at the time which was $7,500. The IRS deducts $500 every year from her tax return until it's paid off.
 
Originally Posted by SIZE TENS

Originally Posted by UnbornSeed

I put 300k down on my house.
I need to do whatever it is that you do.
I teach. My mom passed and left me money...instead of tricking it off I bought a house (duplex) so now I live mortgage free because my tenant renting the downstairs home pays the mortgage for me.
 
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UnbornSeed wrote:

Originally Posted by SIZE TENS

Originally Posted by UnbornSeed

I put 300k down on my house.
I need to do whatever it is that you do.
I teach. My mom passed and left me money...instead of tricking it off I bought a house (duplex) so now I live mortgage free because my tenant renting the downstairs home pays the mortgage for me.




wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?

in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
 
UnbornSeed wrote:

I teach. My mom passed and left me money...instead of tricking it off I bought a house (duplex) so now I live mortgage free because my tenant renting the downstairs home pays the mortgage for me.


Man, I would have moved to the south, dropped $160K on a house all cash, invested $100K, and dropped $40K on a 2007 S500 sitting on dubz.

  
 
Originally Posted by eod0807

wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?
in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
but then he'd have to live down south
ohwell.gif
 
Originally Posted by ThunderChunk69

Originally Posted by eod0807

wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?
in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
but then he'd have to live down south
ohwell.gif


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Originally Posted by eod0807

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UnbornSeed wrote:

Originally Posted by SIZE TENS

Originally Posted by UnbornSeed

I put 300k down on my house.
I need to do whatever it is that you do.
I teach. My mom passed and left me money...instead of tricking it off I bought a house (duplex) so now I live mortgage free because my tenant renting the downstairs home pays the mortgage for me.


wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?

in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
In Texas, though.......
roll.gif
 
Originally Posted by ThunderChunk69

Originally Posted by eod0807

wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?
in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
but then he'd have to live down south
ohwell.gif

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i thought about moving to either stl, atlanta or texas but its the house i grew up in so i was able to buy something in l.a. for a steal at the time.house appraised at 850k but paid 450k (bought it off my moms husband before he let it go into foreclosure. long story short..he left my mom on her deathbed but she named me beneficiary the week she went into hospice so he got shafted)...put the 300k down and have a 800 mortgage. my tenant pays the year up every january (parents are rich..he goes to usc) so im straight.had plans to make the duplex one big +*$ house but after talking it over with one of my boys who also owns a duplex the math just made sense.i also live is a historic overlay zone and usc incentive zone so my property value will eventually hit that 850k again (500k now) and usc offers me money to rent to their students on top of what i charge for rent.
 
Originally Posted by ThunderChunk69

Originally Posted by eod0807

wow.  you paid 300k so you could live rent free in a DUPLEX because the neighbors would pay your half?
in TX you could have bought and paid for a 6 bedroom house in a very upscale neighborhood, and not have to deal with landlord duties, or worrying about you downstairs neighbors making their rent to cover the mortgage. 
but then he'd have to live down south
ohwell.gif
hardy hardy har har...im guessing you are from deutschachusettes?

the women in texas are arguably the best in the country.  true there are some small redneck towns, but like I said for $300k you could like in a pretty wealthy upscale neighborhood
 
Originally Posted by UnbornSeed

i thought about moving to either stl, atlanta or texas but its the house i grew up in so i was able to buy something in l.a. for a steal at the time.house appraised at 850k but paid 450k (bought it off my moms husband before he let it go into foreclosure. long story short..he left my mom on her deathbed but she named me beneficiary the week she went into hospice so he got shafted)...put the 300k down and have a 800 mortgage. my tenant pays the year up every january (parents are rich..he goes to usc) so im straight.had plans to make the duplex one big +*$ house but after talking it over with one of my boys who also owns a duplex the math just made sense.i also live is a historic overlay zone and usc incentive zone so my property value will eventually hit that 850k again (500k now) and usc offers me money to rent to their students on top of what i charge for rent.


Damn, that's actually not a bad deal on your end right there..
 
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