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This is a refundable tax credit that was available for a home that was purchased by a qualified buyer that met all of the rules that have to be met for the FTHBTC refund amount.
The first-time homebuyer credit is a tax credit for individuals and couples who purchase a new home after April 8, 2008, and before May 1, 2010. There are several versions of the credit depending upon when the home was purchased:
- For homes purchased in 2008, the credit, with some exceptions, must be repaid and takes the form of a $7,500 interest-free loan.
- For homes purchased in 2009 prior to November 7, the credit is for a maximum of $8,000 and, with some exceptions, does not have to be repaid, but it's only for new home owners who have not owned a home in the prior three years.
- Beginning November 7, 2009, an additional category of new homebuyers, long-time residents (who owned their own homes), was added. The credit for this group is a maximum of $6,500, which, with some exceptions, does not have to be repaid. (1/27/10)
Go to the IRS.gov web site and use the search box for First-Time Homebuyer Credit Questions and Answers: Basic Information
Click on the below Related Link
What else can I help you with?
Where can first time home owners go for advice?
First-time home owners can find resources and resourceful people all around them. It is best for them to seek financial help from a bank or mortgage company. It is also good for them to speak with friends and family about their experiences.
Which websites have advice for first time homeowner loans?
The best advice for first time home owners, in regards to loans would be found on Sa Home Loans, Bankrate, and ENG Lending. These sites offer "Top 10 Tips" for new owners.
When was Home Owners' Loan Corporation created?
Home Owners' Loan Corporation was created in 1933.
Is there a law that says when you refinance your home you get a 4 percent discount or 4 percent rebate for refinancing?
No, there isn't.
What kind of tax benefits do home owners have?
The tax benefits for home owners will vary depending on what country one is located. Most modern countries offer benefits such as a first time home buyer credit, energy credits as well as credit on the interest paid on mortgages.
Can the bankruptcy garnish a home owners insurance check?
Yeah, they can garnish any remaining funds involving the home.
When did HMS first begin offering home owners a home warranty?
HMS first began offering home owners a home warranty in the year 1980. They provide cover and protection against mechanical failures in the home such as heating or air conditioning.
If you own a home in NJ and your boyfriend lives with you and helps you pay the mortgage can he claim the NJ Homestead rebate as a renter?
I think he can only claim homestead if his name is on the mortgage, he is considered a renter and you therefore are getting the homestead rebate, so you can offer him part of that rebate. your tax rate is decreased by the homstead rebate, and there is only one rebate on one home/ Absolutely can. The amount of rebate a renter gets is based on 18% of the rent he claims as paying. See link provided.
Does Home owners insurance cover automobile accidents?
No..but some homeowners will cover boats...check with your agent.
What tax form is used to file for home energy tax rebate?
Form 5695 is used for home energy purchases.
How can I get a fha home with low income ?
Your local chapter of habitat for humanity may be able to help you with the purchasing of a home. Also there is a loan program in some states that will allow you to borrow the $7500-8000. "first time buyers rebate from the government to purchase your home." The credit is equal to 10 percent of the home purchase price, up to a limit of $7,500.According to H&R block website. Check with your local Habitat for Humanity for more information first though,
Who use Home Depot?
Everyon from home owners, business owners in home and garden improvements and contractors.
How do you qualify for the 2008 federal tax rebate checks?
I purchased a new home in June of 2008.
Where can first time home owners go for advice?
First-time home owners can find resources and resourceful people all around them. It is best for them to seek financial help from a bank or mortgage company. It is also good for them to speak with friends and family about their experiences.
Which websites have advice for first time homeowner loans?
The best advice for first time home owners, in regards to loans would be found on Sa Home Loans, Bankrate, and ENG Lending. These sites offer "Top 10 Tips" for new owners.
Is fraud covered by home owners insurance?
My home owners policy only covers bank fraud ( if someone steals a check for example) and the limit of liability from my insurance company is $1000...other policy's may be different. Please call your agent.
What are rebate processor jobs?
Rebate processor jobs are jobs that you can perform at home to process rebates. There are a number of people who believe that these are scam jobs because the processor is required to pay fees for processing the rebates.
