The Federal Tax Credits Blog

Posts Tagged ‘credit’

Question: Stimulus eligibility for new home buyer?

I recently bought a house in July of 2008, and I understand that Bush passed a law that gave a $7500 tax credit/loan to new home buyers. The loan would be repaid over 15 years and it would come out of your taxes. With Obama’s new stimulus, I’m confused on if that affects me at all. I know that the new housing deal is if you buy a home between January 2009 – December 2009, but I’ve read that this stimulus may also affect the previous housing bill? Can anyone clear this up for me?

Thanks!

Answer: I do think this will be signed as is:

Temporary credit for home buyers: The bill increases the size of an existing temporary and refundable first-time home buyer credit to $8,000, up from $7,500. It also removes the requirement under current law that the credit be paid back if the buyer stays in the home for at least three years. And it would extend the credit’s expiration date to Dec. 1, 2009, from July 1. Those eligible for this credit must have purchased a home after Jan. 1, 2009, and before Dec. 1, 2009.

It will not affect anyone buying in 2008.

Economic collapse: Don’t blame the free market

A more realistic view is that a housing boom and bust happened to strike a fragile financial system whose fragility was worsened by ill-conceived government interventions.

Republican hypocrisy exposed: top GOP lawmakers take credit for stimulus bill passage

Question: I bought a home in January 2009. Do I qualify for the $6500 credit now under consideration?

I am not a first time home buyer.

Answer: It’s for those who purchase after December 1, 2009, and who have owned a home for five previous years. Sorry!

Nov 2009 Home Buyer Tax Credit

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

GM looks to banks to secure line of credit

General Motors plans to file its initial public offering in mid- August, sources familiar with the situation said Friday. GM is also in talks with banks for a revolving credit line worth $5 billion, sources said.[...]

First Time Home Buyer Tax Credit Information, 6500 Tax Credit

Question: regarding the 6,500 tax credit for homeowners.?

We purchased our home in July of 2006. We sold our previous home in which we lived for 7 years. Not sure if our current home would qualify, or if the purchase had to be this year.

Do we qualify for the 6,500 credit? We know we do under the income guidelines.

Thanks.

Answer: Let’s say you buy a house today, 12/2/2009. The lookback period for the 8 years is 12/2/2001 to 12/2/2009. To get 5 years, you need to see the previous house no earlier than 12/2/2006 *and* have rented for the intermediate 3 years.

You sold in July and you weren’t renting.
No, you do not qualify.

Tax-credit extension will help out some

July 08–MANATEE — A recent three-month extension of a homebuyer tax-credit deadline will help seal some delayed deals but otherwise will have little impact on the local housing market, area real-estate agents say.

$6500 Tax Credit for Current Homeowners

Question: Questions about the housing rescue bill?

I am a first time home buyer and I’ve heard that I can receive a credit of $7500 for buying a house.

Every time I call a mortgage lender they act like either I’m from Mars and I don’t know what I’m talking about or they say they don’t have any updated information to tell me.

Who can I call or where can I find out additional information about this. I want to make sure I make the appropriate downpayments and follow the rules to make sure I’m elgible.

Who can tell me more about this? What resources are there out there? It seems like Congress passed a law and no one knows about it. Is anyone with a pulse eligible that is a first time home buyer?

Answer: First time home buyers, is a “Loan” that you get from the government that you have to pay back each year when you file for your income taxes.

Lenders do not like this credit at all because it ends up as a “phantom” down payment. What i mean is you have to pay it back and increases the risk to the lender.

More information found in my link below.

Las Vegas home sales fall 11 percent in June

July 09–The tailwind from the homebuyer tax credit has ended and some housing analysts are concerned the market may be headed for further decline.

Home Buyer Tax Credit Update, Use $ for Down Payment