The Federal Tax Credits Blog

Posts Tagged ‘2008taxcredit’

White House Mulls Extending Homebuyer Tax Credit

Despite the dismal sales of new U.S. homes last month, the Obama administration is not yet sure about extending the First-Time Homebuyer Tax Credit, but it is eyeing other moves to revive the housing market.

Rep. Welch calls for extension of First-time Homebuyer Tax Credit

Economic rebound slowed last quarter

ASSOCIATED PRESS WASHINGTON — The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year. The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete …

2/17/10: White House Press Briefing

Question: Do I qualify for first time home buyer tax credit (long-time resident)?

I purchased a home in 2002. I got married a week after the purchase, so the house was in my name only. My wife and I lived there for 6 years. We sold in 2008 and are now buying a new home in 2010. The statement on Form 5405 says, “You (and your spouse if married) previously owned and used the same main home as your main home for any 5-consecutive-year period……..” Technically my wife didn’t “own” our previous home. Does this disqualify us?
that makes no sense, so the government is penalizing us for being married to each other? I qualify as a long-time resident, she qualifies as a first time home-buyer. But because we married each other, we disqualify each other and get nothing? There must be some other interpretation of this law, because that is ridiculous.

Answer: Yes.

As your wife was not on the title for the previous home, you do not qualify for the $6500 credit. The representative from the IRS I spoke with confirmed this.

Also, as you owned a home in the previous three years, you and your wife also do not qualify for the $8000 credit if that was your next question.

Is repeat-buyer tax credit wimpy?

With the April 30 deadline to sign home purchase contracts for both the $8,000 first-time buyer credit and the $6,500 version looming, some real estate and building experts are concerned that fewer consumers may be motivated by the credits this spring than last fall. The $6,500 credit, in particular, appears to be generating relatively little buzz among shoppers. As Gloria J. Ruesch, a broker …

Question: Another question about the $6500 tax credit…?

One question that I have been unable to find the answer to is…
How long will you be required to maintain the new residence as your primary home after purchasing? Or is there any provision in place?

A friend that took advantage of the $8000 the 1st go round said he had to stay in his house 3yrs I think? Would like to know if I will be in the same boat if I take advantage of the new $6500 credit.

Answer: I think it is now 5 years but it still may be 3 years. Look it up at the IRS.GOV

Consuming Interests: TurboTax answers your homebuyer credit questions

The April 15th tax deadline is not that far off. Still, readers have questions on whether or not that qualify for the homebuyer credit. Bob Meighan, TurboTax vice president of consumer advocacy, answered some of the more complicated questions.

Collier Swecker on First Time and Repeat Home Buyers Tax Credit