$8,000 tax credit for first time house buyer.?

"First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer's main residence within a three-year period following the purchase.

(T)he credit begins to phase out for taxpayers whose modified adjusted gross income is more than $75,000, or $150,000 for joint filers. Taxpayers can claim 10 percent of the purchase price up to $8,000, or $4,000 for married individuals filing separately."

no longer at once, because you are able to no longer stick to for the credit until when you shut on the abode, and you're able to have the down cost to close. In some states, under some circumstances you may get a private loan against the credit, use the internal maximum loan funds in the direction of the down cost, then pay it returned once you get the funds from the credit.

It will be a normal refund check. remember, you must amend your 2008 return by filing form 1040X and form 5405 or claim your credit next year on 2009 return. If you have any question e-mail me at

tax.eezi@gmail.com

I hope you are buying and working in the US and not the UK to get this. You can file an amended return for last year or wait and get it next year from this year's return.