The Federal Tax Credits Blog

Posts Tagged ‘home buyer’

Question: first time home buyer?

Hi I am confused about one thing,
I am a first time home buyer and buying through FHA.
I know if I buy a home this year, next year I will get 8,000 dollars in my tax return.
But some one told me about another type of credit from Government for first time buyers and its a type of loan you can get and pay off in the next few years.
So what is this and how to apply for that? Should I apply now or after buying my house. If I qualify for that would I be able to get the 8,000 in my tax return next year?
and last thing is there any other Government favor for first time buyers in TX?

Answer: If you live in the house for less than 5 yrs, you would have to pay the $8K back, if you live in the home for 5 yrs or more you don’t have to repay it!

Where are you looking to purchase??

Tax credit for new home buyers ends

(WKTV) – Time is up for the program that allowed new home buyers to apply for up to and $8,000 government tax credit. There was also a long term resident home-buyer credit for people who have purchased a house in the past and are now buying a home again. These people could get up to $6,500.

Re: The Government Was Framed

Question: First Time Home Buyer IRS Tax Credit?

If I file my 2008 tax return now, but then end up purchasing a first time home before July 1 2009, can I still claim the $7,500 tax credit when the home is purchased or do I have to wait and file it with my 2009 tax return?

Answer: A special election allows qualifying taxpayers who purchase or occupy a newly-built home January 1, 2009 through June 30, 2009 to treat the purchase as if made on December 31, 2008 so that the credit may be claimed in 2008. If you make an eligible purchase in 2009 you can choose to claim the credit on either your 2008 (or amended 2008 return) or 2009 return.

Sharon Pierce, HR Block Associate

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided.

The first-time buyer has come out of hibernation

There are early signs that the stamp duty break has increased interest.

Home Buyer Tax Credit – California $18000 Through June 2010

C.A.R. Applauds Gov. Schwarzenegger’s Signing Homebuyer Tax Credit Legislation Into Law

LOS ANGELES, CA–(Marketwire – 03/25/10) – (March 25) – The CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) today praised California Governor Arnold Schwarzenegger for his leadership in signing the Homebuyer Tax Credit legislation into law. “We are pleased that Governor Schwarzenegger recognized the positive impact the tax credit will have for families hoping to buy their first home,” said C.A.R …