Comments on: $8000 First Time Home Buyer Tax Credit http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/ Real Estate Services Specializing in Highland Village, Lewisville, Flower Mound, Corinth and all of Denton County Real Estate Fri, 29 Jul 2011 19:27:25 +0000 hourly 1 http://wordpress.org/?v=3.3.1 By: Jay Myers http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-8188 Jay Myers Thu, 09 Dec 2010 21:46:20 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-8188 Sorry for the delay in responding to this Kathy, you went to the spam comments for some reason. I am not sure why this would happen, I am sure it is a clerical error because I can see them disqualifying you for the $300 but not the $8,000 unless something was not submitted correctly. If I were you i would contact a Certified C.P.A. and have them investigate on your behalf, might cost you $150 but would be well worth it. If you already used an accountant to file the return I would be going back to them of course. The FED usually will grant the larger of the tax credits and ignore the smaller ones, not the other way around. This happens a lot on the air conditioner or insulation for the energy efficient tax credits. Sorry for the delay in responding to this Kathy, you went to the spam comments for some reason.

I am not sure why this would happen, I am sure it is a clerical error because I can see them disqualifying you for the $300 but not the $8,000 unless something was not submitted correctly. If I were you i would contact a Certified C.P.A. and have them investigate on your behalf, might cost you $150 but would be well worth it. If you already used an accountant to file the return I would be going back to them of course. The FED usually will grant the larger of the tax credits and ignore the smaller ones, not the other way around. This happens a lot on the air conditioner or insulation for the energy efficient tax credits.

]]> By: Kathy Robinson http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-7899 Kathy Robinson Mon, 22 Nov 2010 19:32:25 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-7899 I got disqualified on the 8000 first time home buyers credit because of filing the form 5695. Is this true ? I claimed $300 for a piece of sliding door. If I only know this not a single person knows it and the IRS sent me this reason. Help , I just want to know there is no other way to get the First time homebuyers credit. THANKS I got disqualified on the 8000 first time home buyers credit because of filing the form 5695. Is this true ? I claimed $300 for a piece of sliding door. If I only know this not a single person knows it and the IRS sent me this reason. Help , I just want to know there is no other way to get the First time homebuyers credit. THANKS

]]> By: Jay Myers http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-76 Jay Myers Thu, 03 Jun 2010 22:31:55 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-76 Hello Brenda,Thanks for your question. Yes, you would qualify for $2400 Tax credit if all of the conditions are met. Most importantly this will be your primary and homesteaded property.Don't think of it as help - A lot of REALTORS who were down on the tax credit from the beginning and the current government administration act like this is a hand-out. The fail to look at the tax credit as what it was intended for, a way to stimulate the economy. Now if everyone who got a tax credit simply took that money and buried it in a hole, or hid it under the mattress I agree that is not helping the economy. The intentions were to get people out and buy homes that were saturating the market, and for you to take that $2400,, or $8000 in most cases, and spend it at a Home Depot or Lowes improving that home, or at a furniture store, or to hire a licensed and insured contractor to paint the interior or exterior, or a roofer or whatever.Don't think of it as "help" you obviously have done quite well to be able to put down the $10,000 down-payment. Get your tax credit and spend it! Because if you don't someone who really does not deserve or qualify a handout will. Just my opinion. If I can help in anyway don't hesitate to call. Hello Brenda,Thanks for your question. Yes, you would qualify for $2400 Tax credit if all of the conditions are met. Most importantly this will be your primary and homesteaded property.Don't think of it as help – A lot of REALTORS who were down on the tax credit from the beginning and the current government administration act like this is a hand-out. The fail to look at the tax credit as what it was intended for, a way to stimulate the economy. Now if everyone who got a tax credit simply took that money and buried it in a hole, or hid it under the mattress I agree that is not helping the economy. The intentions were to get people out and buy homes that were saturating the market, and for you to take that $2400,, or $8000 in most cases, and spend it at a Home Depot or Lowes improving that home, or at a furniture store, or to hire a licensed and insured contractor to paint the interior or exterior, or a roofer or whatever.Don't think of it as “help” you obviously have done quite well to be able to put down the $10,000 down-payment. Get your tax credit and spend it! Because if you don't someone who really does not deserve or qualify a handout will. Just my opinion. If I can help in anyway don't hesitate to call.

]]> By: Brenda http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-77 Brenda Thu, 03 Jun 2010 15:19:38 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-77 Hi Jay,Me and my husband purchased an acreage (with a house) on October 2009 for a 24,000 dollar price we gave a down payment of 10,000 and our final payment was given on April 2010 for 14,000 i was reading your info and notice that it said we can recieve 8,000 if the price was for 80,000 dollars or 10% if it was less. Does that mean that if we apply for the credit we only get 2,400 dollars. I really didn't want to apply for any help knowing that we got the lot for a great deal but people here and there we suggesting i ask about the credit. Can you please give me and suggestions on what i should do and if i should apply for the credit and if so if we do qualify for it.Thanks Hi Jay,Me and my husband purchased an acreage (with a house) on October 2009 for a 24,000 dollar price we gave a down payment of 10,000 and our final payment was given on April 2010 for 14,000 i was reading your info and notice that it said we can recieve 8,000 if the price was for 80,000 dollars or 10% if it was less. Does that mean that if we apply for the credit we only get 2,400 dollars. I really didn't want to apply for any help knowing that we got the lot for a great deal but people here and there we suggesting i ask about the credit. Can you please give me and suggestions on what i should do and if i should apply for the credit and if so if we do qualify for it.Thanks

]]> By: cliff http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-74 cliff Wed, 10 Feb 2010 16:28:21 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-74 Hi Jay,Thanks a lot for replying to my message, you give me hope that I can receive the tax credit. Ok I will do what you suggest and find a different tax place.I'm hoping for the best....GOD BLESS AND THANK YOU FOR YOUR TIME. Hi Jay,Thanks a lot for replying to my message, you give me hope that I can receive the tax credit. Ok I will do what you suggest and find a different tax place.I'm hoping for the best….GOD BLESS AND THANK YOU FOR YOUR TIME.

]]> By: Jay Myers http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-73 Jay Myers Tue, 09 Feb 2010 01:30:48 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-73 Hello Cliff,Thanks for stopping by and reading everything. Sorry to hear about your dilemma. I will start with what I have said a few dozen times, I am not an attorney, or a certified public accountant nor am I an employee of the I.R.S. But with all that being said, and from the information you have provided my understanding of the tax code does allow you to file for the $8000 FTHB tax credit.One thing that concerns me is what you have said about "the tax place" I assume you are talking about a tax preparer such as H.R. Block or similar, and not the Internal Revenue Service. If that is the case, get a new tax place or talk to their supervisors. Even if you already filed your 2010 Federal Return, it is not too late to talk to a C.P.A. or just file the claim yourself (the link to the paperwork is to the right) Now if you are talking about the I.R.S. you need to make them understand you have not had a homesteaded property for the last 3 years. A mobile home is personal property, not real property as I have mentioned here before. Even if you had a 12+ month lease for the land, or the dirt the mobile home is on it should not matter. I do not typically deal with mobile homes, but there is nothing special when it comes to the tax credit, you are just going to have to establish some proof to the IRS. But I suspect the problem is with a tax preparer not as informed as they should be with the tax credit. Hello Cliff,Thanks for stopping by and reading everything. Sorry to hear about your dilemma. I will start with what I have said a few dozen times, I am not an attorney, or a certified public accountant nor am I an employee of the I.R.S. But with all that being said, and from the information you have provided my understanding of the tax code does allow you to file for the $8000 FTHB tax credit.One thing that concerns me is what you have said about “the tax place” I assume you are talking about a tax preparer such as H.R. Block or similar, and not the Internal Revenue Service. If that is the case, get a new tax place or talk to their supervisors. Even if you already filed your 2010 Federal Return, it is not too late to talk to a C.P.A. or just file the claim yourself (the link to the paperwork is to the right) Now if you are talking about the I.R.S. you need to make them understand you have not had a homesteaded property for the last 3 years. A mobile home is personal property, not real property as I have mentioned here before. Even if you had a 12+ month lease for the land, or the dirt the mobile home is on it should not matter. I do not typically deal with mobile homes, but there is nothing special when it comes to the tax credit, you are just going to have to establish some proof to the IRS. But I suspect the problem is with a tax preparer not as informed as they should be with the tax credit.

]]> By: cliff http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-72 cliff Mon, 08 Feb 2010 23:48:58 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-72 hi jay, i'm cliff.i found your website i read all different comments you've got from different people,differnet problem.....well,i hope you can help me too...here it goes:we bought a new home last sept.1st '09....the broker said we are qualified for the first time homebuyer.......we count on it......but when we file our tax return 2010 the tax place said we are not qualified the first time homebuyer since we owned a mobile home.....yes,we owned a mobile home but we dont own the land we just rented but i pay taxes for mobile home...i bought the mobile home from my friend for only $2000....when we moved in to our new house we give the mobile home away to 1 of my friend.....and i feel bad when they said we are not qualified.....please reply to me..thank you very much hi jay, i'm cliff.i found your website i read all different comments you've got from different people,differnet problem…..well,i hope you can help me too…here it goes:we bought a new home last sept.1st '09….the broker said we are qualified for the first time homebuyer…….we count on it……but when we file our tax return 2010 the tax place said we are not qualified the first time homebuyer since we owned a mobile home…..yes,we owned a mobile home but we dont own the land we just rented but i pay taxes for mobile home…i bought the mobile home from my friend for only $2000….when we moved in to our new house we give the mobile home away to 1 of my friend…..and i feel bad when they said we are not qualified…..please reply to me..thank you very much

]]> By: Jay Myers http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-71 Jay Myers Tue, 26 Jan 2010 19:05:57 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-71 I replied to this by email, but never heard back. But, the short answer is Yes, the tax credit was extended and effective on November 6, 2009. Your homestead exemption is not part of the claim, all you have to submit is your HUD-1 Closing statement, once the IRS receives and validates your claim they will contact the tax assessors office to make sure the home was recorded in the name put on the $8000 tax credit claim.It is unlikely the homestead will actually be put in your name in the systems till after February because they are busy processing payments and everything before that, but the application date is what is importantl -- I believe you are good to go. Otherwise, and this is another way to look at it, how would all of my clients in the middle of last year been able to apply and receive their tax credits when most definitively their homestead had not yet been applied, but the deed was recorded usually within a couple weeks. I also suspect this is why some people complain about taking so long to get their checks -- the title companies they used, or sellers (as in banks) may have not gotten things recorded in a timely manner. Hope this helps, and always feel free to give me a call if I can help in any way. I replied to this by email, but never heard back. But, the short answer is Yes, the tax credit was extended and effective on November 6, 2009. Your homestead exemption is not part of the claim, all you have to submit is your HUD-1 Closing statement, once the IRS receives and validates your claim they will contact the tax assessors office to make sure the home was recorded in the name put on the $8000 tax credit claim.It is unlikely the homestead will actually be put in your name in the systems till after February because they are busy processing payments and everything before that, but the application date is what is importantl — I believe you are good to go. Otherwise, and this is another way to look at it, how would all of my clients in the middle of last year been able to apply and receive their tax credits when most definitively their homestead had not yet been applied, but the deed was recorded usually within a couple weeks. I also suspect this is why some people complain about taking so long to get their checks — the title companies they used, or sellers (as in banks) may have not gotten things recorded in a timely manner. Hope this helps, and always feel free to give me a call if I can help in any way.

]]> By: lee http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-70 lee Thu, 14 Jan 2010 03:06:17 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-70 We had all our closing papers drawn up on dec 31st. my husband signed on dec 31st and due to work obligations, i was not able to sign the paperwk until jan 2, which is our funding date and the day we got our keys to our first home. on our HUD, the "closing date is dated 12/31/08 and the funded date is 1/2/2009. Do we qualify? Our realtor and broker think we do. Also, we are only now looking to file our homestead exemption, but on the paper it says "To qualify for general residential exemption, you must own your home on Jan 1...". If we are going to claim that we owned on Jan 2nd per our HUD, do we not qualify for the 2009 homestead exemption???? We had all our closing papers drawn up on dec 31st. my husband signed on dec 31st and due to work obligations, i was not able to sign the paperwk until jan 2, which is our funding date and the day we got our keys to our first home. on our HUD, the “closing date is dated 12/31/08 and the funded date is 1/2/2009. Do we qualify? Our realtor and broker think we do. Also, we are only now looking to file our homestead exemption, but on the paper it says “To qualify for general residential exemption, you must own your home on Jan 1…”. If we are going to claim that we owned on Jan 2nd per our HUD, do we not qualify for the 2009 homestead exemption????

]]> By: Jay Myers http://www.mydentoncountyrealestate.com/texas-real-estate/8000-first-time-home-buyer-tax-credit/#comment-69 Jay Myers Sat, 03 Oct 2009 18:54:03 +0000 http://www.mydentoncountyrealestate.com/?p=153#comment-69 Yes Joshua, the TDHCA's program for monetizing the tax credit for a down payment ended on Sept 23rd, I did receive an email blast from them announcing they hired more people in order to get the applications already in process done before the November 1st deadline. Par for the course it sounds, took too long to put the program into effect, and then reacting to the workload rather than planning. IF the tax credit is extended I certainly hope they keep what they have in place and not take 5 months to put another plan into effect. Obviously I was not much of a fan of the monetizing program, or the amount of time it took to be usable. Yes Joshua, the TDHCA’s program for monetizing the tax credit for a down payment ended on Sept 23rd, I did receive an email blast from them announcing they hired more people in order to get the applications already in process done before the November 1st deadline. Par for the course it sounds, took too long to put the program into effect, and then reacting to the workload rather than planning. IF the tax credit is extended I certainly hope they keep what they have in place and not take 5 months to put another plan into effect. Obviously I was not much of a fan of the monetizing program, or the amount of time it took to be usable.

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