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Stryger1 · Sep 23, 2009, 04:11 PM

On 9/17/2009 I purchased my first home. I intend on filing an amended 2008 return to claim the first time home buyer tax credit using forms 5405 and 1099X. I am wanting to check on the estimated turn around time for receiving the refund (based on reality, not the IRS default answer). I spoke with a local tax preparer who said that it would be faster to wait and claim it on my 2009 return. I am well under the $95,000 AGI limit in both 2008 and 2009 so I could claim it on either return.

stevetcg · Sep 23, 2009, 04:34 PM

Took about 5 months (bought house in April, got amended return back in Sept) for us.

MukatA · Sep 24, 2009, 01:07 AM

If you are sure that you will file your 2009 tax return in the second week of January 2010, then may be you should wait for 2009 return.

Also note that the amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

nickdirty803 · Sep 24, 2009, 07:21 AM

I amended my taxes in march because I brought my house in march and I was told that it would take 8 to 12 weeks to get my refund but I haven't received it yet.

stevetcg · Sep 24, 2009, 07:23 AM

Originally Posted by nickdirty803

I amended my taxes in march because i brought my house in march and i was told that it would take 8 to 12 weeks to get my refund but i haven't received it yet.

I would call them. They were pretty helpful when I called.

nickdirty803 · Sep 24, 2009, 07:34 AM

What number should I call?

stevetcg · Sep 24, 2009, 07:35 AM

Originally Posted by nickdirty803

What number should I call?

Im sorry - I don't have it anymore. I just called the one on the IRS website for refund information, went through the whole automated thing where it tells you they can't help you and asks if you want to speak to a real person.

AtlantaTaxExpert · Sep 24, 2009, 08:56 AM

NickDirty:

Call 1-800-829-1040. Note that the IRS is carefully review all amendments associated with the $8,000 First Time Homebuyer's Credit due to the potential for fraud. That is probably why it is delayed.

Stryger1:

You CANNOT amend your return for your home purchase, because the purchase MUST be completed by 1 July 2009 in order to amend the 2008 return. You will need to claim the credit on your 2009 tax return in January, 2010.

MukatA · Sep 25, 2009, 02:18 AM

For IRS First-Time Homebuyer Credit Provides Tax Benefits to 1.4 Million Families to Date, More Claims Expected
The credit cannot be claimed until after the purchase is completed. For purchases made this year before Dec. 1, taxpayers have the option of claiming the credit on their 2008 returns or waiting until next year and claiming it on their 2009 returns.

AtlantaTaxExpert · Sep 25, 2009, 07:10 AM

I retract my earlier guidance to Stryger1.

Based on information contained in the link provided by MukatA, the IRS has modified their guidance and now allows amendments for home purchases made PRIOR to 1 December 2009.

Stryger1 · Sep 25, 2009, 01:26 PM

Originally Posted by MukatA

If you are sure that you will file your 2009 tax return in the second week of January 2010, then may be you should wait for 2009 return.

Also note that the amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers.

Thanks MukatA, I think I'll wait for when I file my 2009 return at the end of January 2010. From what a local tax advisor told me, people filing new 2008 returns on an extension (due 10/15/09) get priority over amended returns. He also told me that brand new returns for 2009 would have priority over any unprocessed 2008 amended returns.

All that having been said, I may suggest filing my 2009 return as a hard copy so I can include supporting documentation about the home purchase. Hopefully this will prevent my return from being kicked back to me for more documentation!