Tax Credit Eligibility
February 8th, 2009
Question: Will i receive the 8,000 tax credit if i buy a foreclosed home?
I am looking around for houses right now and I am willing to spend about 100k on a house..Most of the houses I am looking at are foreclosed and I was wondering if i receive the 8,000 tax credit if i buy the foreclosed home. I have never owned a house or property in my life. If someone can give me more details about this tax credit and the eligibility i would greatly appreciate it. Thank you
Also does it matter if i buy it with a loan or cash?
One last thing i wanted to know is how will i receive this 8000 credit? What form does it come in?
Answer: Yes as long as you qualify as a first time buyer, with an income of less than 125,000 / year, it doesnt matter how you purchase the home. You need not have a mortgage, merely a closed transaction with a deed of ownwership.
It is a tax credit. Which means your total US income tax will be reduced by that amount due in 2010 on your 2009 taxes.
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1st Time Home Buyer Tax Credit Explained
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