The Federal Tax Credits Blog

Posts Tagged ‘new homeowner tax credit 8000’

Question: can you tell me if i qualify for 8000 tax credit.?

i cant tell if i get the 8000 or the 6500 or nothing at all.

heres my deal. me and my wife own a home , we bought in feb 2007. she is on the loan , i am only on the deed( not the loan) . i have not owned anything else since 1997.

to be a NEW HOMEOWNER they say i mujst not have owned anything at all in last three years, but i own this house.

to be a move up/ repeat homeowner, i must have lived here for 5 consectutive years, wich i have not.

does this mean i get nothing…. that just doesnt sound right to me. how can you NOT be a NEW homeowner and also NOT be a current home owner at the same time.

wtf

Answer: No, you don’t qualify.

# Who is eligible to claim the $8,000 tax credit?
First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail.

However, the law also allows home sales occurring by June 30, 2010 to qualify, provided they are due to a binding sales contract in force on or before April 30, 2010.

Persons who are claimed as dependents by other taxpayers or who are under age 18 are not qualified for the tax credit program.

You do not qualify for the $6500 credit if this was your first home purchase or if you have not lived in the residence for 5 years.

Only 19 days left to take advantage of the First-Time Home Buyers Tax Credit

The federal tax credit of $8000 for First-Time homebuyers expires sooner than many new homeowners realize! The tax credit terms insist that a home must be on contract by April 30th and closed by June 30th, so the new homeowner needs to find that perfect home in the next 19 days!

The 8000 First Time Home Buyer Tax Credit

A Home Buyer Credit Meets Foreclosure

Kiplinger editorial director Kevin McCormally and fellow tax experts Peter Blank and Mary Beth Franklin tackle your most pressing tax challenges.

$8000 First-time Homebuyer Tax Credit