First time home buyer tax credit

Okay.

I am in the process of getting a contract hammered out for my first house. I qualify for the tax credit that you get for being a first time home buyer.

So awesome opossum, yay happy things! :smiley:

But,

I am using IRS form F5405 to claim the tax credit on my 2008 tax return to get the refund as early as possible, to pay off credit cards and move towards a debt free life.

Has anyone done this? How long did it take for you to get the secondary return from the IRS?

It took me about a month to get the money directly deposited. I have a friend that had them send a check, and it took 3 months.

How did you sumbit the form to the IRS? Did you submit it electronically or did you mail it in?

Thanks for the quick answer.

I mailed it in.

I mailed in my 1040X and 5045 a couple weeks ago and do not have the money yet. I actually just googled around yesterday to see what the wait time was, and found this. The IRS is currently saying 12-16 weeks, but there are a lot of factors, like which processing center you use and whether they randomly pull your file to check for fraud. Read the comments at the link for the full gamut of experiences so far. One cool thing is that the IRS seems to send you interest on the money as if they owed it to you all year. Your tax dollars at work! For me!

If you have not yet filed and e-file, with direct deposit: two Fridays from the time of filing.

If you have not yet filed and e-file with a paper check: a month, give or take.

If you have not yet filed and paper file with a paper check: 4-6 weeks.

If you already filed and are amending: 8-12 weeks. (But last year, amendments were taking as long as 18 weeks, so sometimes that’s optimistic).

Well thats the balls. Oh well its still money!

What’s the deadline on it, btw?

The house has to close by or on November 30th. 2009

I filed a 1040X and it was probably six weeks. I also got about $50 in interest. But I filed in late June; they may be more backed up now.

I filed with a 1040X, the very beginning of April. Took 16 weeks, exactly what the IRS office told me. Although they told be the time had been extended every two weeks since I first went in after 6 weeks!! Also, you will get your refund the same way you did on your original 1040. They don’t ask on the 1040X or the 5045, they just use whatever method you used before.

I bought a condo in March, got my tax credit refund in April.

Doesn’t hurt that my dad is an accountant.

Of course, it will take you about 16 weeks to find exactly what you want to spend the $$ on!

Oh, I had plans… then I had issues! MY $$ went toward installing new doors and windows and locks. And a door into my “garage” wider than 32".

Which means before Thanksgiving if you want any chance at recovering from a hiccup in the process.