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

By: Austin TX CPA

Austin TX CPA — Tue, 27 Apr 2010 04:20:36 +0000

Thank goodness this thing is expiring soon. It has been artificially propping up the market. Now we can see how well the market can do on it’s own merit.

By: Gabriela

Gabriela — Thu, 22 Apr 2010 00:27:55 +0000

Can I buy my sister’s house and qualify for the $8000.00 credit?

By: IRS Payment Plan

IRS Payment Plan — Sat, 27 Feb 2010 02:46:13 +0000

The real estate market is still in horrible shape. I have an idea…let’s just extend the credit. What a great idea that would be?

By: Accounting Leads

Accounting Leads — Wed, 27 Jan 2010 03:07:14 +0000

I agree…it is for new homebuyers. But now we have a credit for existing homebuyers. You just don’t hear much about it.

By: Gilbert AZ CPA

Gilbert AZ CPA — Sat, 21 Nov 2009 00:32:41 +0000

If you had an interest in a principal residence over the last three years then you do not qualify. If you owned a rental home then you are OK.

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.

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