The Federal Tax Credits Blog

Posts Tagged ‘8000’

Question: Will I have to repay the $8000 tax credit if I move out before 3 years but do not sell before 3 years?

I am considering buying a home that I probably will not live in for 3 years but plan to rent out after I move out. What are the specific details about repaying the stimulus package $8000 tax credit for 1st time home buyers.
I do not know that I will be moving in less than 3 years, but there is a decent chance that my work will move me out of state before then. I have read some places that it cannot be sold in less than 3 years and some places that say that you must live in it for three years. I just wanted to clarify which it was. It will be my primary residence initially.

Answer: You have to pay it back if you don’t live in it for 3 years. They will take it out of the sale of the property when the time comes for you to sell.

2773 SPARROW HILL DR, COLUMBUS OH 43219 HUD Columbus OH Homes for Sale. Susanne Novak, Realtor

Question: Can I file my taxes, get my refund, and then file an amendment to get the home buyer tax credit?

My boyfriend and I purchased our first home last September and now I want to claim the $8000 home buyer credit, the one you don’t have to pay back. I know that we qualify for it but while I was preparing my taxes an FYI came up that said that not only can’t I e-file because of the credit, but also that the IRS wasn’t going to process returns based on the home buyer credit until late March. I have a refund coming to me over and above my half of the home buyer credit. I thought maybe I could process my return without it, e-file and get that refund, then process an amendment for the $4000. Does anyone know if that will work or am I going to his road blocks because of it?

Answer: Yes you could do that , but let me tell you that amendments 1040x are not pretty, specially if you are planning to do it yourself, you need to do a 1040 with schedules and receipts for the wrong amount and then another one with the new amount you can’t do it online and you probably will have to do both state and federal and sometimes can get very complicated. Not just for you but also the clerks that processed that sometimes get confuse and then you have to keep calling them to fix it

Question: I am Building my own house. To get the $8000 tax credit who determine’s occupancy?

I am Building my own house. I am looking to get in befor Dec 1 for the $8000 tax credit. I was looking at the Bill H.R 3221 where they define Construction of a new house and have a question about Occupacy. Who determine’s Occupancy?

Answer: They are talking about the completion papers, when the house is done.

Unless the construction is complete by Dec 1 you can’t take the credit.

Inland Real Estate Corporation Reports First Quarter 2011 Results

OAK BROOK, Ill.–(BUSINESSWIRE)– Inland Real Estate Corporation today announced financial and operational results for the three months ended March 31, 2011. Key Points Funds from Operations …

California Real Estate Professional – Bridget Cunningham

Question: can two persons buying home receive each $8000 home tax credit if they purchased it before the deadline?

Answer: No, it’s $8000 for the house, alloated between the two buyers in a reasonable fashion.

Waterloo Region Event Calendar

Here is a list of things to see and do in the region.

Mike Bigelow Real Estate Consultant – 21 days before 8000 tax credit expires.mp4

Question: HOW CAN THE $8000 TAX CREDIT BE USED TOWARD YOUR DOWN PAYMENT?

I am in the process of closing on a home in Michigan. I heard that the $8000 tax credit that the government approved for first time home buyers can be used to help offset the closing costs. I am aware that you can claim this credit on you federal taxes but I have not been able to find out how to use these funds immediately at closing. Is there anyone out there that is aware of any lenders that has used these funds at the time of closing?

Answer: In some states, lenders ARE offering a bridge loan on the 8K to help with closing costs. You would need to contact your lender and see if they offer such and if you qualify.

Monetizing the 1st Time Home Buyer Tax Credit