How Does The $8000 First Time Home Buyer Tax Credit Work For Someone Who Didn’t Owe Anything On Taxes?

Sat, Feb 13, 2010

I am in the process of buying my first home, and I am wondering how the $8000 tax credit will help me if at all. I have never owed anything on my taxes, I have always got a refund. Someone told me that if you didn’t owe anything on your taxes that you would actually get a check for $8000 but I am very skeptical. Has anyone out there been in this situation?

How Does The $8000 First Time Home Buyer Tax Credit Work For Someone Who Didn’t Owe Anything On Taxes? I am in the process of buying my first home,...
How Do I Deduct My Own Taxes If My Employer Is Not Deducting Them? I have asked a similar question a few times, and...
How Do I Ammend My Taxes For Hope Credit? I filed my taxes for 2007 already. I just recently...
Do We Pay Taxes On Income From Renting Our Home Out For One Week A Year? We have been asked to rent out our home for...
What Taxes Can I Expect To Be Taken From My Paycheck If I Work In California? I have received my paycheck and want to make sure...

Related posts brought to you by Yet Another Related Posts Plugin.

$8000, Buyer, Credit, Didn't, Does, First, Home, Someone, Time, Work

This post was written by:

admin - who has written 168 posts on IRS Tax Relief.

Contact the author

5 Responses to “How Does The $8000 First Time Home Buyer Tax Credit Work For Someone Who Didn’t Owe Anything On Taxes?”

acmerave Says:
13. February 2010 at 10:47 am

Go to IRS.GOV and use free forms to get a 1040X form and a form 5405 for the 8K credit. Fill both out and send to the IRS. In six to eight weeks you will receive a check for 8K. Simple as that.

Steve D Says:
13. February 2010 at 10:47 am

The tax credit is just that – a fully refundable tax credit. For example, if at the end of the year, you owed $1,000 in unpaid taxes, you would get a check from the IRS for $7,000 If you overpaid your taxes by $1,000, you would get $9,000 back (the normal $1,000 for overpayment plus the $8,000 tax credit).

Judy Says:
13. February 2010 at 10:47 am

It’s what’s called a refundable credit, which means they send you a check for it if you don’t owe any tax. It’s 10% of the purchase price of the house, up to a maximum credit of $8000.

David Z Says:
13. February 2010 at 10:47 am

you will still receive the $8,000 even if you paid no taxes.
This is a refundable tax credit.
Please note you will get 10% of purchase price or $8,000, whichever is less.

Wayne Z Says:
13. February 2010 at 10:47 am

Yes, the $8000 is in addition to any other refund that you would normally receive.

acmerave Says:
13. February 2010 at 10:47 am
Go to IRS.GOV and use free forms to get a 1040X form and a form 5405 for the 8K credit. Fill both out and send to the IRS. In six to eight weeks you will receive a check for 8K. Simple as that.
Steve D Says:
13. February 2010 at 10:47 am
The tax credit is just that – a fully refundable tax credit. For example, if at the end of the year, you owed $1,000 in unpaid taxes, you would get a check from the IRS for $7,000 If you overpaid your taxes by $1,000, you would get $9,000 back (the normal $1,000 for overpayment plus the $8,000 tax credit).
Judy Says:
13. February 2010 at 10:47 am
It’s what’s called a refundable credit, which means they send you a check for it if you don’t owe any tax. It’s 10% of the purchase price of the house, up to a maximum credit of $8000.
David Z Says:
13. February 2010 at 10:47 am
you will still receive the $8,000 even if you paid no taxes.
This is a refundable tax credit.
Please note you will get 10% of purchase price or $8,000, whichever is less.
Wayne Z Says:
13. February 2010 at 10:47 am
Yes, the $8000 is in addition to any other refund that you would normally receive.

Click here to cancel reply.

IRS Tax Relief