The Federal Tax Credits Blog

Posts Tagged ‘tax credit home purchase 2009’

Question: does the 2009 tax credit count toward duplexes?

Do duplexes count toward the first-time home buyer’s tax credit? If I purchase one, I would be living there for at least five years. Thanks.

Answer: Since you will only live in one-half of the duplex, only 1/2 of the purchase price counts. If the duplex costs $100,000, your credit would be a maximum of $5000.

Home prices fall in big U.S. cities

NEW YORK — Home prices are dropping in the nation’s largest cities and are expected to keep falling next year, as fewer people purchase homes and millions of foreclosures come on to the market. The Standard & Poor’s/Case-Shiller 20-city home pr …

Question: 8000 Tax Credit for a new home purchase??-Getting married and wife has owned a house in the past 3 years.?

I am purchasing a new home and my name will be the only one on the title, escrow papers etc. I am getting married in September and my future wife has owned a home in the past 3 years. Will I quailfy for the 8000 tax credit even though we will be married next year when I file my taxes? Or since she owned a home in the past, does that disqualify me? When you file taxes married-seperate, do you have to input your wifes name on anything and her ss#? Or do they just take your word at it that you are married? If we filed married-joint I would see we might not qualify. Also, can you ammend your taxes for 2007 at a later date and claim that credit?

Answer: Being married has nothing to do with it. We went through this last year. I have horrible credit but hubby bought the new house. We qualify for the credit, end of story. Its seriously not that complicated. For the record we file jointly.

Tips for a painless purchase

Low interest rates, federal tax credit for first-time buyers and current homeowners, and a glut of homes for sale have created a very attractive buyer’s market. It’s an ideal time to buy a home.

Considering a Home Purchase?