The Federal Tax Credits Blog

Posts Tagged ‘tax credit home purchase extension’

Question: First Time Home Buyer Tax Credit or any Credit (question of primary residence)?

I have been reading the IRS website and can not get a clear cut answer of how the IRS defines primary residence. In 2008, I purchased a home for my parents about 500 miles away in another town. My name is on the deed and the mortgage as well. I do not consider this place my primary residence since I have never lived there.

In Oct of 2009, I purchased a home for myself in which I consider as my primary residence. I am looking to file the First Time Home Buyer’s credit and was wondering if I would qualify? I am not sure if the IRS considers a primary residence as just simply owning a home, in the case I do or is it a place where you actually live?

If I do not qualify for the first time home buyer tax credit, I noticed that there was a second home buyer’s tax credit available as well for $6,500. Do I qualify for this? I closed my current property about a week before the extension in November 2009. Thanks!

Answer: If you owned a home in the last 3 years you normally do not qualify for the FTHB credit. There is a newer credit for folks who upgrade their home to a new replacement home. Your circumstances are too involved to get a good answer in this forum. See a local tax pro for solid advice based on your situation. Here is the IRS form:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

Manitoba Telecom Services Inc. Reports Second Quarter 2010 Results

Manitoba Telecom Services Inc. , including its two primary operating units “MTS” and “Allstream”, today reported its financial results for the second quarter ended June 30, 2010.

First Time Home Buyer Tax Credit – 30 year Fixed FHA Financing – RealEstateMarketingThisWeek.com

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?