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Does a land contract qualify a first time home buyer for the new tax credit?

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โˆ™ 2009-09-26 22:15:47
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Q: Does a land contract qualify a first time home buyer for the new tax credit?
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Related questions

Buyer qualify for 8000 tax credit on a contract for deed?

Yes, according to posts at this website: http://www.cincinnatilivingonline.com/2009/02/2009-first-time-homebuyer-tax-credit-2.html


How would a person find out if they qualify for the First Time Home Buyer Tax Credit?

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.


What do I need to know as a first time home buyer?

As a first time buyer you need to know your credit score and if you will qualify for a conventional loan before you start looking.


I am planning to sell a home and I am financing the purchase. The buyer seems to meet the requirement for a first time home buyer tax credit but I can't find out if owner financing will qualify. I would prefer to make the sale with a quit claim deed ?

As long as the deed will be in the buyer's name they will quailify for the credit. The credit is for anyone purchasing a home (for the first time. There isn't a financing requirement. So in theory if someone wanted to buy a home outright with all of their own funds, then they would still qualify for the credit. However, if the person is still unsure, they should check with their tax professional. In fact, I would put a stiuplation in the contract and/or mortgage that you are not guaranteeing that they will qualify for the first time home buyer tax credit. Because if for so reason they don't, you don't want them coming after you for the credit.


Do you qualify for first time home buyer if you bought from parents?

No you cannot take the credit when you buy your home from a close relative. This includes your parents.


How do you know if you qualify for the first time buyer tax credit 2010?

There are some restrictions. Examples: Dependents aren't allowed to claim credit, NO credit if home is price is above $800,000, and you must be at least 18.


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.


If there are 2 purchasers on a home and only one is a first time home buyer can first time buyer get first time home buyer tax credit?

Yes


What is a first time buyer tax credit 2010?

A first time buyer tax credit is a credit you can get if you purchased a house (primary residency) in 2008, 2009 or 2010. It reduces your tax bill (what you pay).


What is the amount of the first time home credit for a first time home buyer?

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.


What companies offer mortgages to a first time home buyer that has bad credit?

Finding a company that offers mortgages to a first time home buyer that has bad credit is not an easy task. Mortgagedigger, govhomeloans and operationhope are companies that offer mortgages to a first time home buyer that has bad credit.


Does getting a loan for a mobile home from a Credit Union qualify as first time home buyer credit?

Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties' names, property address, purchase price and date of purchase.You also have to meet all of the other rules to be a qualifying first time homebuyer to qualify for the FTHBC.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, 2010, you must close (go to settlement) on the home on or before June 30, 2010.Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit

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