The Federal Tax Credits Blog

Posts Tagged ‘buyer’

Question: First Time Homebuyer Tax Credit Eligibility?

If I build an extension to my parent’s home with a separate entrance, kitchen, etc. (sort of like a studio apartment) and use this attached home as my new principal residence will I qualify for the first time hombuyer’s tax credit?

Answer: No, you must have title in your name. Also you can not buy property from a relative.
This credit is available for first time home buyers and those who did not own home in last three years. The credit applies to home located in the United States.The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. You must purchase home after Dec 31, 2008 and before December 1, 2009, to be eligible for the credit. The credit of $8,000 is not a loan and you do not repay it. Taxpayers will claim the credit on IRS Form 5405, First-Time Homebuyer Credit.

Brown Says Republican Votes Absent for California Budget, Tax Extension

California Governor Jerry Brown said he lacks enough Republican votes to pass his budget, which calls for extending $9.3 billion in tax increases, and may miss his self-imposed deadline for approval.

Tax Credit Extension

Question: How long does it take to get the $8000 First Time Home Buyer Tax Credit back after ammending your return?

I li ve in Massachusetts if that makes any difference.
@ the kid – You can ammend your 2008 return to get the refund in 2009

Answer: 16 to 20 weeks. Amended returns cannot be e-filed. The credit for all purchases that closed after 11/7/2009 must be filed on paper, whether as an original or amended return.

Home Prices Fall to 9 Year Low

A Minneapolis homeowner knows first hand what new statistics show: nationwide home prices are at their lowest level in nearly nine years. Jim Blackwood bought his home in North Minneapolis in February of 2010. The home was in foreclosure and was condemned.

First time Home Buyers can get 8000

Question: Do I qualify for the Repeat Home Buyers Tax Credit of $6500?

I’m in the military bought my first home in 06/2004 in GB FL (stationed there) lived on it as my primary home ’til 03/2007 then got stationed in VA, rented an apt in VA and have my house in FL rented (for less) ’til present time. Got stationed in FL again but different county in 07/2010 and bought a 2nd home (now my primary home), I closed June 29, 2010 and I was deployed for over 150 days in the gulf in 02/2009 and 07/2009. Am I exempted from the 5 years out of last 8 consecutive years residency in first home rule? Or Do I qualify for the repeat home Buyers Tax Credit???Please advise…thank you!

Answer: You bought too late, the credit expired.

Question: If I buy a home in February 2010, can I get the first time home buyer tax credit on this tax return?

We are closing on our house the first week of February. Will we get the tax credit this year, or do we h have to wait until next year’s tax return to receive the $8,000?

Answer: You should be able to file for it with your 2009 tax returns.

TaxWatch: Claiming home-buyer tax credit? Watch your step

Taxpayers face hurdles in getting the valuable home-buyer tax credit — here’s what you need to know to make sure the IRS doesn’t reject your claim.

2009-2010 HOME BUYER TAX CREDIT

Question: How can I qualify for the $6500 House Refund?

Me and my husband bought a house in 2007. We lived there for a very short time, and discovered major mold damage. We were forced to move, and we just closed on our new home on Dec. 4, 2009. How, if at all, can we qualify for the extended tax credit for previous home owners? I would hate to miss the opportunity simply because we purchased an uninhabitable home two years ago.

Any help or advise is appreciated. Thank you.

Answer: You do not qualify for either the $6500 or $8000 credit. There is nothing you can do to change the facts.

Stop worrying about inflation

It will go away but the danger of deflation remains. Inflation hawks versus doves at the Bank of England. Photo: Getty Images.

Tax Credit Extended, Loan Limits Extended, and Appraisals May Get Better