The Federal Tax Credits Blog

Posts Tagged ‘8000 tax credit home buyer extension’

Question: Will I or am I still able to get the First Time Home Buyer Tax Credit?

I am currently in the process of buying a home for the first time. The home is a Short Sale, we the saler and I agreed and have signed a contract in January but the bank is taking there sweat time with getting liens taken care of and a deal done. (Extension were put in place so Im still in the contract) The bank didn’t even assign anyone to the sale until March. I know that the dead line for the Tax Credit is 4/30/10 but with a signed contract by the the saler and I already agreed upon but its the banks fault this is taking so long will that keep me from getting the tax credit?

Answer: Hi kilgore87!

That’s great that you have a signed contract for the home you are interested in! As I’m sure you are aware, short sales take a lot of time to negotiate and close. Having a signed contract is the first step in being qualified for the first time home buyer tax credit. The next step is closing before June 30. If you don’t close before June 30 you will not be eligible for the tax credit. Good luck!

Local home sales dive, foreclosures soar

Clark County’s housing market experienced a double whammy in October, with a dramatic drop in home sales driving down prices and a backlog of distressed properties that entered the market faster than they could be absorbed. The number of homes in some stage of foreclosure countywide surged to 527 in October, an 81.7 percent rise over the same month last year and a 21 percent climb in one month …

Question: Do you have to pay back the $8000 first time home buyer tax credit?

Do you have to pay back the $8000 first time home buyer tax credit? i know you have to stay in the house for 3 years, but i got different answers about if i have to pay it back in 15 years on never have to pay back. i just need to know if its a yes or no. Thanks guys

Answer: This is a USA question.

Which year did you buy the house?

For 2008, the maximum credit was $7500 and it was to be paid back over 15 years, starting in 2010.

For 2009, the maximum credit is $8000 and if you lived in the house 36 months, wasn’t to be paid back.

Research Reports on Williams-Sonoma and Pier 1 Imports — the Sweet & Sour From Home Furnishing Stores

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Question: Can I use the $8000 tax credit as part of a down payment to purchase a home?

I’m in NY and looking into purchasing a home. Can we use the $8000 tax credit towards the purchase of the home, say as a down payment?

Answer: Number 1: it’s only $7500 and that’s only if you’re a Couple. Number 2: That’s the maximum possible credit. It’s a “credit” against your income tax. If your adjusted gross income doesn’t mean that you owe more than that in taxes, you won’t get the maximum amount. Number 3: You don’t get the credit until after you buy the house. This is not a rebate you can spend as part of the down payment.

Well, Leanna, I’m only half-”confused” and you’re at least half-confused as well. Here’s some more information:

FOR HOMEBUYERS
Benefit: If you’re thinking about buying a home, the tax credit of 10 percent of the value of the home, up to $8,000, is meant to entice you to make the leap. If you live in the house for three years, you will not have to repay the money. To qualify, you must have bought a home between Jan. 1, and Dec. 1, 2009.
What you should do: If you bought a home in 2009 and you’ve already filed your taxes for 2008 and claimed the previously existing credit of $7,500, you can file an amendment to get the remaining $500. Otherwise, file for the benefit when you do your 2009 taxes next year.

The answer to your basic question remains: you canNOT use the tax credit as part of the downpayment, since it’s not cash you’re getting. Make sure you check the IRS site and comply with all the requirements before you make any decisions about the hosue purchase.

More families face debt blowout

The number of Kiwis vulnerable to high debt doubled in four years, the Treasury says, with one in five families spending almost a third of their income on debt repayments.

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