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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 married 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!
What else can I help you with?
Does a land contract qualify a first time home buyer for the new tax credit?
Does a land contract qualify a first time home buyer for the new tax credit?
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.
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
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.
Does a land contract qualify a first time home buyer for the new tax credit?
Does a land contract qualify a first time home buyer for the new tax credit?
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.
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.
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.
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
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.
Do you qualify for a first time home buyer credit if you we buy a home in your name as i have never owned a home and im not working but my husband is and it is also not a first home for him?
i odnt know cuz i dont own a house but i think it would
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.
Who qualifies for the homebuyer credit?
Individuals who are a first-time home buyer that haven't owned a home for at least three years before the date that they settled in their new home.Basically,if you purchased a home in 2008,2009,or 2010 and it is your primary home,you may qualify
What is some advice for a first time home buyer to get tax credit from 2010?
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.
How do I qualify for the first time home buyer tax credit?
You must be the purchaser of a new home, condo, single family or mobile home. You must also purchase or be in escrow closing by the dead line of April 30th 2010.
Is the first time home buyer credit still in effect and if so how for how long?
Yes, the first time home buyer's credit is still available, and will be so until April 2010 (http://www.federalhousingtaxcredit.com/).
