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September 3, 2009

Your first-time homebuyer questions and IRS answers

Tuesday’s live chat here is all about the $8,000 first-time homebuyer credit. If you got questions about it, like the one below, Jim Dupree of the IRS will try to answer them starting at noon, Sept. 8.

You can also submit questions in advance — a good idea if you have a tricky credit question — by forwarding them to eileen.ambrose@baltsun.com

Meanwhile, here’s a question from Josh K along with Dupree’s response:

Josh: I received the $8,000 tax credit on a condo I bought in February 2009. The bulk of the money went to renovations and paying down debt. Now, due to obligations of the military, I am being forced to relocate just about 100 miles away. So, if I move will I be forced to pay back the $8,000? My wife and I were considering leaving it as a "primary residence" status for one of us and moving. Any way of getting around paying it back while moving away? I don’t know what else to do.

Good news for Josh.

Dupree says: If you do not sell the residence, your military deployment may be considered a "temporary absence" and your home may still be used as your principal residence.

Posted by Eileen Ambrose at 9:01 AM | | Comments (13)
Categories: Taxes
        

Comments

If someone ones a mobile home on a rented lot will they still qualify for the $8,000 first time homebuyer credit?


Check back on Tuesday for the answer - eileen

Anyway to track the status of your amended return?


Check back Tuesday - Sept. 8 - for the answer on the live chat at noon. - eileen

ok heres my question. earlier this year i help co-sign a house with my brother and soon after escrow we did a quick claim and took me off the house. and now in the process of purchasing my own home. since i was associated with another house this year am i still qualify to apply for the first time home buyer tax credit?


I'll check with the IRS, check back on the blog later.

I too have a question as a military family. Does a PCS to a new Post count as "deployment"? And, does the "temporary absence" only count if you are returning to the home after the "deployment"? I ask because we rarely PCS back to the Post we just left. In fact, many who "deploy" overseas move on to a new Post once they return to the states.

We purchased a home this year and were very motivated by the tax credit. Now I fear the army will move us within 3 years, and we will have to repay it. I can't believe they didn't add a provision for military families and wish we knew about this sooner.

We bought our home 7-10-09, the IRS recieved our form for the first time home owner tax rebate on 7-14-09, we should have recieved the rebate check 4-6 weeks, well it has now been 8 weeks and still no check, we know it comes in the mail, called the irs 800number, we are now told that at the minimum it may get here 10-12-09, max would be some time in Nov, THIS WAS TO BE HELPING PEOPLE, TO US IT IS NOTHING BUT A SLAP IN THE FACE FROM THE GOVT, LAUGH UPON AND MAKE US WAIT FOR THE WOUNDERFUL REBATE, what a joke, people like ourselves bought our new homes, to get this GREAT rebate back, and now that the irs is taking its SWEET TIME getting their act together, we the consumers are now once againg financially strapped because of them taking their sweet gaurenteed time to mail out the rebate ck, VERY DISAPPOINTING, Anyone have ideas or suggestions on how to get the rebate ck back now after already waiting 8 weeks???????

I purchased my home on 6/12/09, and mailed the rebate form from my tax preparer the following Monday, June 15th. I am still waiting for my rebate as well. I know two couples that have received their rebates after buying homes, and yet I continue to wait now for a full 12 weeks. For a single mother working 3 jobs, this has been the most inconvenient wait time imaginable and can not personally believe it has taken this long. The government shouldn't be promising consumers that this money will come any faster by applying to amend 2008's taxes, when, at this point, I may as well have just waited until my next tax return to do it! Sincerely frustrated in Minnesota.

Are there any exceptions to qualifying as a first time homebuyer? I separated from my husband in April 2007, signed over the house and property to him in April 2008 (it had been family property). We divorced January 13th and he sold it in January 2009 (I did not receive anything from the sale). I'm having a small home built, hopefully before November 30th, am I just out of luck?

It appears you are out of luck. You can't have had an ownership interest in a house in the past three years. You did so in 2008. Check our previous questions under the tax category. - ema

Hi, My husband just purchsed a home in March and we received the $8,000 rebate. Now my husband's company is asking him to relocate. Are we going to have to repay the money? and does this also make him ineligible to use the first time home buyer credit if we have to buy a house where we are moving? we have only been here 5 months?


I'll foward this to the IRS, although I can't guarantee when they will answer. Check back on the blog. You can call the IRS directly at 800-829-1040. - eileen

My wife and I bought our home in April, filed our amended tax form in May. The IRS received it on May 18th, and we have waited 18 weeks. I have been on the phone numerous times, and it was extended from 8-12 weeks, to now 16 weeks. It has been 18 full weeks now and still no sign of a check. I keep getting told it is still open and being worked. Myself as a tax payer and retired military vet, deserve better from the IRS. We held our end of the bargain up and bought a house to supposedly help stimulate the economy. When the IRS wants money from us, they take it with interest and penalties, well, I want my interest and penalties now that they have taken so long..... I am about to get my congressman involved in this. Anyone else having these issues?

My husband bought a home in September 2000, we where not married at the time until May of 2004, at no point have I had any ownership, not on the title, deed, or any thing else. He sold the home and we have rented for the past 1.5 years. My question is do I qualify for the First time Buyer Tax Credit, I have never purchased a home before. One article I read says maybe, (File taxes separetly), but I cannot seem to find any updates or answers to my question and time is running out. Thank You.


If you or your husband has had an ownership interest in a house in the past three years, you do not qualify. - eileen

i mailed in my rebate about 9 wks ago and have seen or heard nothing...(i don't know if they got it or not).. i keep getting directed to a dead end answering line that will not let me talk to anyone human...do you have a number i can call to get my answer from someone...thanks


sorry, no.

In response to Kevin...My boyfriend and I bought our house on June 12 and we sent our amended return the next day. I've called the IRS at least 5 times in regards to our return and keep getting the run around as to where we stand on the refund. Apparently it is being sent to exams and the IRS should be responding to us with 2 weeks requesting additional information. Well..we have now been waiting 20 weeks and we still haven't received our refund and continue being told by the IRS that I need to wait 2 weeks and call them again if I don't receive a letter or my check. I don't understand what the hold up is. Anyone having this issue? Has anyone gotten their check? How long did it take?

Can my husband and I buy a home from my stepfather and qualify for the rebate. can we rent this home out until my husband is done in the Navy. Thank You!!! Lori


I don't believe you can buy a house from a parent, plus the house has to be your primary residence. It can't be a rental. Check out www.irs.gov for more details - ema

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