Comments on: 7 Things You Need to Know About the Home Buyer Tax Credit

By: Carie

Carie — Fri, 20 Nov 2009 14:21:49 +0000

If you previously owned a home jointly, and then purchased a home this year as a single, do you qualify as a first-time home buyer?

By: Matt

Matt — Mon, 16 Nov 2009 18:51:05 +0000

Great FAQ is there an updated version for 2010? They did extend it and change the rules right?

By: bob

bob — Wed, 11 Nov 2009 16:43:35 +0000

Yeah, if you bought in 2008 = $7500 that you have to pay back. Jan 1 2009 -> = free money that you don’t have to pay back.

way to go Obama for sticking it to the rest of us by not making the credit retroactive. Thanks a lot Congress. We’ll remember this at the voting booth.

By: Gene

Gene — Tue, 10 Nov 2009 22:40:01 +0000

And, probably, buying a house in the UK (like the picture) won’t qualify you for any USA tax credits.
But I’m just, ya know, assuming.

By: Rob

Rob — Tue, 10 Nov 2009 19:47:04 +0000

Here’s a few updates for 2010:

- The $8,000 first-time buyer credit is extended with deadlines of being under contract by April 30, 2010 and closed by June 30, 2010. First-time buyers are those who have not owned a home in the three years prior to date of purchase.

- The new bill offers a $6,500 credit to repeat buyers who purchase a principal residence after living in their current residence for at least five consecutive years in the past eight years. Same date requirements for contract and closing as above.

- Income restrictions have changed. The adjusted gross income cap for first-time buyers or repeat buyers is $125,000 for single filers and $225,000 for joint filers.

Hope this helps.

2 likes

By: Ron

Ron — Tue, 10 Nov 2009 02:36:52 +0000

Please update your information to reflect the new tax credit that extends into 2010. Thank you.

By: Barbara Brown

Barbara Brown — Sat, 07 Nov 2009 06:10:03 +0000

Well… I visit your website first time and found this site very useful and interesting! Well… you guys doing nice work and I just want to say that keep rocking and keep it up!!!!
Barbara

By: MNH

MNH — Thu, 05 Nov 2009 14:29:37 +0000

IRS.gov confirmed this is true and many more in-depth facts about qualifications and disqualifications.

See the following link:

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

By: MNH

MNH — Thu, 05 Nov 2009 14:24:21 +0000

Good news! They just extended the credit out until 2010. You have to close before June 1, 2010…

By: MNH

MNH — Thu, 05 Nov 2009 13:59:20 +0000

The 8th Thing you need to know about the Home Buyer Tax Credit that not even 2 laywers and a CPA told me – AND IT IS KEY INFORMATION FOR THOSE WHO CURRENTLY OWN PROPERTY – is the definition of HOME and PRIMARY RESIDENCE mentioned in the legislation.

The whole focus about the first time Home Buyer credit focuses around the main point of the timing (You much purchase in 2009 and close before Dec 1, 2009…)

Well I owned a house with my sister purchased in October of 2004, which we both lived in. I got married in November of 2006 and officially moved out the day of my wedding (THIS IS KEY). I sold her my interest share of the house this past July 2009. I thought I didn’t qualify for the credit. WRONG!!

The legislation states that you must not own your HOME or PRIMARY RESIDENCE in the past 3 years. You CAN own property AS LONG AS YOU DID NOT LIVE IN IT. No one emphasized that fact!

Long story short, providing I close on my wedding anniversary (which, btw is before Nov 30!) I qualify for a really nice anniversary gift of $8000!!