What would you like to do?
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.
11 people found this useful
Was this answer useful?
Thanks for the feedback!
Tax Credit to Aid First-Time Homebuyers If you were a first-time home buyer in 2008, you should know about and begin to plan for a new tax credit that was recently put …into place. Some details of the credit include: * The tax credit is applicable to taxpayers who purchased homes after April 8, 2008, and before July 1, 2009. * The First Time Homebuyer tax credit will reduce the taxpayer's tax bill or will increase their refund, dollar for dollar. * The homebuyer tax credit will be paid to eligible taxpayers even if they don't owe any tax or the credit is more than what they owe. * This tax credit works almost like an interest-free loan in that it has to be paid back over a 15-year period. This information was provided by: http://www.efile.com/tax-deduction/mortgage-deduction/first-time-home-buyer-tax-credit.asp
Does a land contract qualify a first time home buyer for the new tax credit?
Yes! Real estate taxes are payable to your local tax authority. Whatever you get back on your tax return at the end of the year as "credit" depends on your income level.… After a certain income level... there is no "first time home buyer" credit.
Can you qualify for the 8000 first time home buyer tax credit if buying a duplex as a principle residence?
I would love to know the answer to this question! I find conflicting data everywhere.
I was also wondering the same thing. As far as I gathered it's only good for a FHA loan which is crap to us Veterans who don't need a down payment. i just started to try… and get pre-approved for both the see which way i would come out better. Hope this helped. Sgt. Corey Klingman www.AuPREMEX.com
The tax credit for 2009 ends November 30, 2009 - your transaction must close by that date in order to qualify for the credit. Currently, there is no official continuance of t…he credit. There are rumors that it will be continued into 2010, but no confirmation from the government yet. For more Real Estate info/stats/fun facts, visit my blog at www.wordpress.com/thomsonteam.
To qualify for the credit you have to purchase your home between January 1, 2009 and April 30th, 2010. You can still qualify for the credit if you purchase your home after Apr…il 30th but before June 30th, 2010 as long as you have a legal contract binding you to the sale before April 30th, 2010.
not yet. Follow Senate bill 1678
I would talk to a realtor about this.
You must have bought --- or entered into a binding contract to buy --- a principal residence on or before April 30, 2010.If you entered into a binding contract by April 30, 20…10, you must close (go to settlement) on the home on or before Sept. 30, 2010Go to the IRS gov website and use the search box for First-Time Homebuyer Credit
Considered unrelated party.
Sorry for the one-liner question, did not know how to add all the details in the question itself. Here they are: We purchased out first home on October 15th; we file under mar…ried filing jointly status, and our combined income is above the 150,000$ limit (that was in effect before Nov 6 2009) but below the 225,000$ limit (for home purchased after Nov 6 2009). Do you know if there is any way I can claim any tax credit for our home purchase? Not knowing that congress was going to increase the income limit for the second tax credit extension, I decided to go ahead with house closing on Oct 15th w/o waiting for the new extension to start, now it just seems a bit unfair that I cannot get any tax credit just because I purchased the house 3 weeks before Nov 6th!
You are supposed to pay the credit back on the income tax return in the year that the home ceases to be your principal residence within the 36 months period from the date of t…he purchase of the home. The full amount of the credit received becomes due on the return for the year that the home ceased being your principal residence.
In order to get the first time home buyer tax credit, you need to have closed on your home by October of 2010. If so, you can take the deduction on your taxes.
In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.