What is the best and/or the quickest way to amend my taxes for the first time buyer $8000 home purchase credit?

Hi my brother and I just bought our very first house last month and we were wondering what all of our options were with thew $8000 tax credit for first time buyers. We were told we could amend our 2008 taxes to claim it and they would send us each a check for $4000. First of all is this true and if so, what is best the way to go about this? Also how long does it take to get and is there a way to get it quicker? Not that we're being greedy or anything along those lines. It's just that we would like it as soon as possible so we can do some needed repairs and upgrades so we can move in sooner than later. Any help would be greatly appreciated. The more specific details the better. Also if you need more specifics from me to better answer, put that in your answer so I can add it. Thanks to everybody who participates in this community.


Would it be more beneficial to file for the credit with next years taxes? And why or why not? Thank you.

Update 2:

What do you mean field office?

4 Answers

  • Mathew
    Lv 7
    1 decade ago
    Favourite answer

    I did one of these for a client in NC who took the 1040X, 5405 and his HUD-1 form to the local Field Office of the IRS and he got his refund in 30 days exactly. Most of my clients have mailed theirs because the Field Office near my office takes hours to see anyone. For the mailed returns the time has be pretty consistently at 16 weeks or longer. So if you are near a Field office that is the only trick that has worked for my clients.

  • 1 decade ago

    File amended 2008 returns, each of you. Or file for credit on 2009 tax returns. In either case, attach a form 5405 and copy of the HUD-1 closing statement to your return. This avoids additional delays as IRS is verifying these returns.

    If you file the amended returns, then you should receive the tax credit in 12-18 weeks, running about 16 weeks right now. These are paper returns. The $8000 tax credit is per property NOT per person, as you note. No way to speed it up, except by sending HUD-1 and filing ASAP with copy original tax return.

    Source(s): tax pro
  • 1 decade ago

    Processing of Form 1040X for the first time home buyers credit takes 16-18 weeks to process, and after processing is completed the check will be issued, usually takes 3 weeks from the date processing is completed for you to receive a paper check.

    If you don't include all the proper documentation you will delay processing of the Form 1040X by 6-8 additional weeks.

    Visit IRS website www.irs.gov to make sure you provide all necessary forms and documentation.

    Sorry, but there is no quick way to receive the tax credit, IRS must do lots of research before releasing any money.

  • Anonymous
    1 decade ago

    Due to massive fraud, the IRS is doing 100% verifications on the FTHB credit.

    If you wait and file this with your 2009 tax return, the IRS will release the rest of your refund while they process the credit. By waiting to file, you probably just move the dealy to Feb-April of next year, right during the IRS's busy period.

    By the way, you need to move in IMMEDIATELY. If you don't move in, it's not your main residence and you don't qualify for the credit.

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