Jump to content
B'sA

the 8k tax credit

 Share

26 posts in this topic

Recommended Posts

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

.png

UURI.jpg

Link to comment
Share on other sites

Filed: Citizen (apr) Country: England
Timeline

[/color]

Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Sal and Jay




K1 - Complete
AOS - Complete
EAD - Complete
AP - Complete
ROC - Complete

N400-Complete

I am a United States citizen!

Link to comment
Share on other sites

[/color]
Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

.png

UURI.jpg

Link to comment
Share on other sites

[/color]
Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

My wife and I just bought our house and also qualified for the $8000 tax credit. However, I was not aware that you could 'file early' for the tax credit. I thought that you could only take the credit when you did your year end taxes for the year.

Anyways, I suspect that the bank will want you to have 'your own funds' for closing (not borrowed/not tax credit). I know that my lender was very strict on this point...and it is considered normal.

But...here is something that 'feels like a trick' regarding the $8000 tax credit, but once your read the fine print you realize that it really isn't a trick...just misleading. The details of the $8000 tax credit are such that you can receive a credit of 10% of the sales price of your new home - UP TO $8000.

So, if you buy a $100,000 house, your tax credit is $1000. If you buy a $200,000 house, your tax credit is $2000. Only if you buy a $800,000 house will you get the full $8000. That is something to keep in mind.

Peace,

MarkNAam

“Acquire the spirit of peace, and a thousand souls around you will be saved.” - Saint Seraphim of Sarov

49893.gif

"The love of one’s country is a splendid thing. But why should love stop at the border?” - Pablo Casals

Link to comment
Share on other sites

Filed: Country: Jamaica
Timeline
[/color]
Hi!

So, has anyone here bought a house as first time buyer and benefited from this tax credit program?

Is it as good as it sounds?

No hidden tricks?

Were you able to use it as a downpayment and what bank bank did you take a loan from?

Thank you!

ps: really-really like this one house we found and thinking about buying it!

Hi there

We have bought a house as first time buyers and are waiting for the credit, it takes a long time they have a 14 week delay and you can only apply for it once you have closed on the property. I hope this helps.

Congratulations on your purchase!

So, your down payment came from your personal savings?

My wife and I just bought our house and also qualified for the $8000 tax credit. However, I was not aware that you could 'file early' for the tax credit. I thought that you could only take the credit when you did your year end taxes for the year.

Anyways, I suspect that the bank will want you to have 'your own funds' for closing (not borrowed/not tax credit). I know that my lender was very strict on this point...and it is considered normal.

But...here is something that 'feels like a trick' regarding the $8000 tax credit, but once your read the fine print you realize that it really isn't a trick...just misleading. The details of the $8000 tax credit are such that you can receive a credit of 10% of the sales price of your new home - UP TO $8000.

So, if you buy a $100,000 house, your tax credit is $1000. If you buy a $200,000 house, your tax credit is $2000. Only if you buy a $800,000 house will you get the full $8000. That is something to keep in mind.

Peace,

MarkNAam

You are basing your figures on 1%. It is 10%.

Life's just a crazy ride on a run away train

You can't go back for what you've missed

So make it count, hold on tight find a way to make it right

You only get one trip

So make it good, make it last 'cause it all flies by so fast

You only get one trip

Link to comment
Share on other sites

Filed: Country: Jamaica
Timeline

I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Life's just a crazy ride on a run away train

You can't go back for what you've missed

So make it count, hold on tight find a way to make it right

You only get one trip

So make it good, make it last 'cause it all flies by so fast

You only get one trip

Link to comment
Share on other sites

Filed: Citizen (apr) Country: England
Timeline
I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

Sal and Jay




K1 - Complete
AOS - Complete
EAD - Complete
AP - Complete
ROC - Complete

N400-Complete

I am a United States citizen!

Link to comment
Share on other sites

Filed: Country: Jamaica
Timeline
I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

Life's just a crazy ride on a run away train

You can't go back for what you've missed

So make it count, hold on tight find a way to make it right

You only get one trip

So make it good, make it last 'cause it all flies by so fast

You only get one trip

Link to comment
Share on other sites

Filed: Citizen (apr) Country: England
Timeline
I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

Yes thats correct, im not aware if it will non repayable next year so if you are entitled to it I would file for it as soon as you have the closing on your property.

Sal and Jay




K1 - Complete
AOS - Complete
EAD - Complete
AP - Complete
ROC - Complete

N400-Complete

I am a United States citizen!

Link to comment
Share on other sites

Filed: Citizen (apr) Country: England
Timeline
I bought a house this year myself and will qualify for about $6,500 in the tax credit. Yes, you can ammend 2008 taxes and apply for the credit now. Due to my divorce and name change, I am holding out till 2009 taxes.

It is my understanding that this refund is more of a loan and you have to repay over the next however many years till paid back in full. I am a little unclear on that part.

Usually you have to repay this but this year if you file as an amendment it is not repayable.

This year? As in amend 2008? Seriously???????

Yes thats correct, im not aware if it will non repayable next year so if you are entitled to it I would file for it as soon as you have the closing on your property.

I googled this and this is what i found may clarify things for you.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

Sal and Jay




K1 - Complete
AOS - Complete
EAD - Complete
AP - Complete
ROC - Complete

N400-Complete

I am a United States citizen!

Link to comment
Share on other sites

Filed: Citizen (apr) Country: Russia
Timeline
Usually you have to repay this but this year if you file as an amendment it is not repayable.

You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Edited by Rob_Lesya
Link to comment
Share on other sites

If you make too much money you don't qualify as well.

12/31/2009 - Marriage

07/21/2010 - AOS approved

08/04/2010 - Green Card received (and it's actually green!)

05/30/2012 - Sent ROC packet to VSC

06/08/2012 - Received NOA1 for ROC (Dated 06/04/2012)

Link to comment
Share on other sites

Filed: Citizen (apr) Country: Colombia
Timeline
You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Rob_Lesya have it right. Also it is 10% up to $8k. So in the example above if you buy a $100k home you should be getting $10k (10%) but since it's only up to $8k then that's what you get.

Diana

Edited by Mononoke28

CR-1

02/05/07 - I-130 sent to NSC

05/03/07 - NOA2

05/10/07 - NVC receives petition, case # assigned

08/08/07 - Case Complete

09/27/07 - Interview, visa granted

10/02/07 - POE

11/16/07 - Received green card and Welcome to America letter in the mail

Removing Conditions

07/06/09 - I-751 sent to CSC

08/14/09 - Biometrics

09/27/09 - Approved

10/01/09 - Received 10 year green card

U.S. Citizenship

03/30/11 - N-400 sent via Priority Mail w/ delivery confirmation

05/12/11 - Biometrics

07/20/11 - Interview - passed

07/20/11 - Oath ceremony - same day as interview

Link to comment
Share on other sites

We received this tax credit since we bought our first house in May. The sells price was $80,000 so we received the maximum of $8,000. Since we needed to do a lot of repairs on the house we went ahead and ammended our taxes of 2008 and received the credit within 2 months including interest!! Yes, they paid an extra $25 over the time we applied and they processed our request. I don't complain, but I thought it was a weird deal....

Anyway, the money is an interest free loan UNLESS you keep the house for at least 3 years and you don't have to pay it back. So if you sell it before the 3 years or rent the house out you have to pay it back. I haven't found any hidden tricks yet and are very happy with our new house.

Letty

You do NOT have to file an amended return.

As long as you are a first time homebuyer and close on the house BEFORE December 1st, you will qualify for the tax credit and will not have to repay it if the home is your principal residence and you remain in the home for 3 years.

Rob_Lesya have it right. Also it is 10% up to $8k. So in the example above if you buy a $100k home you should be getting $10k (10%) but since it's only up to $8k then that's what you get.

Diana

May 18, 2007 ... Married in the Netherlands

May 16, 2008 ... Entered USA

February 13, 2010 ... mailed I-751

February 16, 2010 ... 3.43 pm I-751 delivered

February 18, 2010 ... check cashed[/color]

February 24, 2010 ... received NOA dated 02/17/2010

March 4, 2010 ... received Bio letter

March 15, 2010 ... bio appointment

March 16, 2010 ... touch

May 12, 2010 ... card production ordered

June 1, 2010 ... card production ordered text message (again)

June 7, 2010 ... received green card

February 15, 2011 ... mailed N400

February 17, 2011 ... N400 delivered

February 18, 2011 ... check cashed

February 22, 2011 ... NOA dated

March 24, 2011 ... bio in Houston

May 20, 2011 ... interview San Antonio

June 30, 2011 ... oath ceremony Bryan

Link to comment
Share on other sites

 
Didn't find the answer you were looking for? Ask our VJ Immigration Lawyers.

Create an account or sign in to comment

You need to be a member in order to leave a comment

Create an account

Sign up for a new account in our community. It's easy!

Register a new account

Sign in

Already have an account? Sign in here.

Sign In Now
- Back to Top -

Important Disclaimer: Please read carefully the Visajourney.com Terms of Service. If you do not agree to the Terms of Service you should not access or view any page (including this page) on VisaJourney.com. Answers and comments provided on Visajourney.com Forums are general information, and are not intended to substitute for informed professional medical, psychiatric, psychological, tax, legal, investment, accounting, or other professional advice. Visajourney.com does not endorse, and expressly disclaims liability for any product, manufacturer, distributor, service or service provider mentioned or any opinion expressed in answers or comments. VisaJourney.com does not condone immigration fraud in any way, shape or manner. VisaJourney.com recommends that if any member or user knows directly of someone involved in fraudulent or illegal activity, that they report such activity directly to the Department of Homeland Security, Immigration and Customs Enforcement. You can contact ICE via email at Immigration.Reply@dhs.gov or you can telephone ICE at 1-866-347-2423. All reported threads/posts containing reference to immigration fraud or illegal activities will be removed from this board. If you feel that you have found inappropriate content, please let us know by contacting us here with a url link to that content. Thank you.
×
×
  • Create New...