Even if you are a first time buyer (or have not purchased in the last 3 years), you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit:
First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
First time buyers get tax benefits and begin to build a credit.
First time home buyer's credit will not prevent you from getting a home loan. This credit is intended to help first time home buyers. You can check with your lending company to get more information.
You can find information regarding first time home buyers credit at the following website...www.irs.gov/newsroom/article/0,,id=186831,00.html or www.zillow.com/.../is-first-time-homebuyer...credit.../436914/
There is currently an $8000 tax credit to those who purchased a new house in 2009. However, this tax credit only applies to new home buyers, previous home buyers will not qualify for this credit.
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
First time home buyers get a $8,000 tax credit for a home contract signed by April 30, 2010 (completed no later than June 30, 2010). Repeat buyers get a $6,500 tax credit.
Yes. There is a first-time home buyer credit of up to $8000 until 4/30/2010.
Some important facts of $8,000 tax credit for first time home buyers are: # It is a true tax credit to home buyers, not a loan as initially devised. # It is only for "first time" home buyers who haven't owned real estate in the last 3 years. # It is capped at 10% of the purchase price. # The buyer must remain in the home for the minimum of 3 years. # It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009. # Full credit is available to those making $75,000 or less or $150,000 for joint filers.
No.
Yes. The first time home buyers tax credit has been extended through May 1, 2010. According to irs.gov if a home is under contract by May 1, 2010 and closed on by July 1, 2010 the first time buyer will receive an $8,000 tax credit.
It is prorated.
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.