$8000 Housing Stimulus Tax Credit: Requirements and Common Questions
Still lots of questions about the $8,000 First-Time Home buyer Tax Credit. Here are some answers:
What is the definition of a first-time home buyer?
You are considered a first-time homebuyer if:
- You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.
- You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.
Do I have to pay the homebuyer tax credit back? How much is the credit for? $7,500 or $8,000?
It depends. For homes purchased in 2008, the $7,500 credit (or 10% of purchase price, if less) operates much like an interest-free loan. You generally can repay it equal installments over a 15-year period unless you move out or sell the home earlier than that. The maximum credit is reduced to $3,750 for married individuals filing separately.
For homes purchased in 2009, you must repay the $8,000 credit (or 10% of purchase price, if less) only if the home ceases to be your main home within the 36-month period beginning on the purchase date. The maximum credit is reduced to $4,000 for married individuals filing separately.
What is the definition of main home? Does a condo count? How about an RV?
Your main home is the one you live in most of the time. It can be a house, houseboat, housetrailer, cooperative apartment, condominium, or other type of residence.
What if I don’t owe or pay any income taxes?
This is a refundable tax credit, which means that even if you don’t owe any taxes, you will receive the credit amount via check or other means. For example, if before this credit you had a tax liability of $5,000 and withheld $4,000, you would owe the IRS $1,000. If you qualify and claim a $8,000 tax credit, you would now receive $7,000.
What are the income restrictions?
The amount of the credit begins to gradually phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. It is completely phased out when your AGI is $90,000, or $170,000 for joint filers.
Can I just buy a home from a relative and pocket the $8,000?
You don’t qualify for the tax credit if you bought the house from a “related person.” According to the IRS, a related person includes:
- Your spouse, ancestors (parents, grandparents, etc.), or lineal descendants (children, grandchildren, etc.).
- A corporation in which you directly or indirectly own more than 50% in value of the outstanding stock of the corporation.
- A partnership in which you directly or indirectly own more than 50% of the capital interest or profits interest.
How do they determine the purchase date as applied to the cutoff dates?
If you bought an existing home, the date of purchase is your closing date, not the day that you sign a purchase contract or enter escrow. If you constructed a new home, you are treated as having purchased it on the date you first occupied it. (Seems like some wiggle-room here.)
What IRS Form Do I Have To Fill Out? Can I File For 2008 or 2009 Tax Years?
That would be the new revised version of IRS Form 5405 (where most of this information is from), which you fill out and attach to Form 1040. Any updated tax preparation software should be able to handle this. If you already bought your house in 2009, you can file either on your 2008 or 2009 tax returns. (Why not get it now?)
What if two unmarried people buy a house together?
If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any “reasonable” method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. A “reasonable” method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit.
I am not a U.S. citizen. Can I still claim the tax credit?
If you are a resident alien according to IRS Pub 519 and satisfy all the other requirements, then yes you can claim the credit. Nonresident aliens are not eligible.
Find more in Real Estate, Taxes | 2/26/09, 2:56am | Trackback
February 26th, 2009 at 7:16 am
Great article! It really answers a lot of questions on the $8K Housing Credit. One thing I’d like to tack on if I may. The reason to not claim the $8K Housing Credit on your 2008 taxes is that doing so will result in you only getting a $7500 tax credit. (With the same rules as the $8K tax credit, though). That’s the drawback of doing so. Another way to look at the $8K tax credit for 2009 is that it’s a $7500 tax credit but if you wait until 2010 to claim it you get $8,000.
February 26th, 2009 at 7:39 am
Very helpful information especially this question: “What if I don’t owe or pay any income taxes?”
February 26th, 2009 at 8:25 am
Thanks. I’m afraid the more tax refund I get, the more an accountant will charge me. Anybody filed their tax yet? Recommendation?
February 26th, 2009 at 8:44 am
If I am going to purchase a house in 2009, and closing it on or before April 15 2009, can I claim it on my 2008 tax return to get 8K for 1st time home buyer credit?
February 26th, 2009 at 9:39 am
I purchased my home in 2006, but the title transfer was only in my name, even though I was married at the time, to take advantage of my credit and avoid my wife’s credit. We never did a transaction to sell the home for $1 to both of us, so my wife has never been of a deed.
If we purchase a home this year, but use her credit (it was improved), and only put the house deed in her name, can we take the credit, even though we’ve been filing jointly for years??
February 26th, 2009 at 10:08 am
FF-
That doesn’t make sense? Where are you reading this?
February 26th, 2009 at 10:09 am
What’s resident alien? What’s non-resident alien?
I am a human, from earth, and live here in New York. So I am a resident human, not resident alien then.
February 26th, 2009 at 1:50 pm
FF - I don’t think that is correct.
LeAnn - As long as you otherwise qualify, yes. They are letting you get the credit early on your 2008 return.
February 26th, 2009 at 2:49 pm
what if i’ve already filed my 2008 taxes and received my refund? Can I file an amendment and get the $8,000 tax credit this year?
February 26th, 2009 at 2:54 pm
Ron - Yes, you can file an amended return with Form 1040X for your 2008 taxes. Some people believe filing an amended return increases scrutiny from IRS and therefore audit potential, but if you’re just changing this one thing I think it’s worth getting the $8,000 one year early.
February 26th, 2009 at 3:03 pm
David - A reputable accountant should charge by the hour, not by how big your refund is. Most of use owe money.
bigmouth - If you’re serious, you should follow Figure 1-A flowchart in Pub 519. There are two main tests: the Green Card test and the Physical Presence test.
February 26th, 2009 at 3:52 pm
Thanks! that was really helpful!
February 26th, 2009 at 4:15 pm
I agree, If I buy a house now, or this year. Would I be able to get the tax credit for 2009, and will we be able to get this every year or this is a one time deal.?
February 26th, 2009 at 4:21 pm
Isn’t this a continuation of failed government policy to encourage people to by houses regardless of other circumstances?
The response to a million people buying houses they cant afford is to give them even more encouragement to buy a house.
buy now and get cash back at signing!!!
February 26th, 2009 at 7:05 pm
Vanderlei, I really think the argument of “buy only if you can afford” is a big lie. Because, unless you can pay everything cash, whether it’s new car or a home, you can’t afford it. The real affordability, in my opinion, works this way: you want a BMW that’s $30k. You already saved up $30k in your savings account that’s for your car money. You now can go get it, even if you want just to borrow a loan and keep the $30k as a backup fund. So say if you got laid off and no longer have steady income, you use that $30k in the savings account to finish off the car. That’s affordable. 20% of a down payment may seem a lot, but it simply is not enough when bad things like jobless or major illness hit.
The problem really is not government trying to help you out with down payment. It is the entire societal mindset of investment and consumer culture. In other words, putting money in a savings or CDs are simply idiotic in this culture. If you are smart, you invest. If you realize you have only 30 years to enjoy your life, you spend it anyhow. That is not the fault of the government.
February 26th, 2009 at 11:22 pm
This is such bullsh*t. My wife and I did everything right, saved up the money for the down payment, avoided PMI, got a fixed rate, did our research … but we bought the house in 2007, about 6 months too early to qualify for this credit. In the meantime, people who happened to fall within the credit time window will get thousands of dollars in CASH … that they can spend however they want.
Exactly what is this credit going to stimulate? Seven months (Apr 09-Dec 09) of improved homes sales?
February 27th, 2009 at 7:43 am
My question is how do we get a hold of some of those refinancing incentives? I would really like to pick up some of the low rates out there right now.
February 27th, 2009 at 8:29 am
Jeff — if you stop making your payments for a couple months you qualify for all kinds of lower rates and other incentives.
February 27th, 2009 at 9:10 am
Regarding the $7500 if you claim it in 2008 vs. $8,00 in 2009. I originally pulled it off an article written by a Yahoo Finance writter - not the Associated Press but a credible source none the less. In any event, I can no longer find the article. Aside from that article I can find no other mention of it though and when I check the IRS Form 5405 its on there as a straight up $8K regardless if you claim it this year. So, I’m going to assume that the author of the Yahoo Finance article made an error. Which I repeated above.
Sorry for any confusion.
February 27th, 2009 at 10:53 am
I’m engaged now, to be married before the end of the year. I already have a house in my name but I’d like my fiance to buy another house using the credit as he has never purchased a house. Does anyone know if he can get the tax credit given that he would purchase it as a single person?
February 27th, 2009 at 12:14 pm
FF - Don’t worry about it. I’ve seen both CNN and AP make corrections to their stimulus articles.
annie - Might need to talk to a CPA, but you might have to think if you want the house re-titled to add your name. Not sure if that counts as “selling” the house.
February 27th, 2009 at 9:42 pm
Very interesting! I am very interested in purchasing my first home during 2010, and I hope this credit plan extends until then. I wonder how much confidence $8K can inject into the real estate market. I live in NYC, and unfortunately that amount of money won’t make much of a dent into any condo or house, but it’s still something!
-GIB
February 28th, 2009 at 10:34 am
Too bad they didn’t keep the Senate version of $15000 for anyone! That would have got me in to a house now. And a $250,000 house here in TX get’s you a lot 3000-4000 sq.ft. with game room, home theater, 3 car garage, outdoor covered patios, it’s unbelievable.
I’ll just wait and find the right deal and maybe in 6 more months the govt will reconsider.
February 28th, 2009 at 7:47 pm
[...] new stimulus package is now out and here are a few articles to use that money to help get a home. [My Money Blog & [...]
March 2nd, 2009 at 10:51 am
[...] 1. Real estate Yahoo.com 2. federalhousingtaxcredit.com 3. More FAQs about - $8000 Housing Stimulus Tax Credit Advertisements: Tags: $8000 tax credit, 15000 tax rebate, 8000 home buyer tax credit [...]
March 3rd, 2009 at 11:59 am
[...] tax credit that is part of the Housing amendment is simply this: All first time buyers now have a one time [...]
March 3rd, 2009 at 1:09 pm
I’m thinking about this 8000 tax credit and wondering why this is being offered only to 1st time home buyers? Why not offer this to the people who need to re-finance out of a bad rate?
It seems the people who paid the most for their homes, and maybe even got duped into a variable rate by falling for a teaser — are the ones who need to get mortgages and rebates. Today’s buyers are actually in a much better position.
March 3rd, 2009 at 7:37 pm
Does anyone know how long it takes to get the 8K check? Is it rolled into your normal tax refund check?
March 6th, 2009 at 6:31 am
Heres my situation: closing date Sept 19, 2008 - ok
We purchased this property from my sister - not ok?
My wife is on the closing papers so if she does her 2008 taxes married seperately, not jointly, can she apply for the 7500k tax credit? My sister isn’t her “related person”……
Thanks!!!
March 8th, 2009 at 5:05 am
If is been more than 5 years since I purchased and own a home, do I requalify as a first time home buyer again?
March 9th, 2009 at 11:08 pm
This is my case: I bought a mobile home in 1999 and sold it in June 2006. However, I moved out in 2003 and have been renting on my own since then. My parents lived in the mobile home until it was sold. Do I qualify for the $8000 first time home buyer if I purchase a home this month?
March 9th, 2009 at 11:34 pm
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March 10th, 2009 at 11:16 am
I notice there is a 36 month rule upon receiving the credit, what if one rents out the new home one buys in 2009, as opposed to selling it? In other words does the 36 month rule, apply to owing or living in new property.
March 10th, 2009 at 1:13 pm
To clarify I closed on my condo in august of 2007…do i qualify for this or is there something being given for those who bought in 2007? any thoughts will be greatly appreciated. thanks!
March 10th, 2009 at 5:19 pm
hola soy Cubana y estoy interesada en ese credito para poder comprar una casa,
la pregunta es simple,si no encuentro casa en ese periodo de tiempo como se paga ese dinero para atras?
y si todos califican?
March 10th, 2009 at 9:16 pm
Yahima:
El credito es para los que compran casa en este ano, de Enero 2009 a Deciembre 2009. Las qualificaciones requieren cierto annual ganancias, y no puedes haber sido duena en los ultimos 3 anos. Tambien ay otros requisitos.
@Jonathan: I hope you don’t mind my answering the question above from Yahima. She asked whether she qualified for the tax credit, if she didn’t find a house in 2009. I mentioned the credit is for those who purchase a home between Jan 2009 and Dec 2009.
March 11th, 2009 at 7:18 am
I am confused! OK, so ppl who buy their home in 2008 get 7,500 and in 2009 get 8,000? Is that right?? Im trying to figure this out because I purchased a home in November 2008 and it is my first home. Do I qualify?? Thanks!
March 11th, 2009 at 2:08 pm
If I purchased a home from my grandparents estate (they are both deceased) where the money went to aunts and uncles do I qualify for the credit? My father was part of the estate but he gifted his share to us and is not listed as a seller (which was only 25%). It does not list aunts and uncles as related for the purpose of the tax credit.
Thanks
March 11th, 2009 at 2:50 pm
Two questions.Can i amend my taxes past april 15th?I didnt quite understand this - What if two unmarried people buy a house together?
If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any “reasonable” method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. A “reasonable” method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit. can some explain it a little bit better if possible?
March 11th, 2009 at 11:44 pm
A $8000/10% of purchase price tax credit for first time home-buyers is all good. BUT… the bigger problem is NO ONE IS LENDING MONEY!!! And in MANY parts of the country, homes are still NOT affordable for many. And I (single person, $50K/yr income) CANNOT qualify for a mortgage. So, what is Mr. Obama going to do for the people that can’t purchase a home? The way it looks now, I, as well as many others, not being able to purchase a home, will be financing this little charade with our tax dollars. What is wrong with this picture???
March 12th, 2009 at 7:56 am
PC
Why don’t you qualify PC? Was your credit score low? How much money do you have to put down? You will need min of 5% for conventional 30 year loan and 3.5% for a FHA loan. What type of job do you have and how long have you worked there? Unfortunately, if your job is commissioned based, you will need 2 years of income.
March 13th, 2009 at 12:43 am
I was turned down for insufficient income. My score is around 630-640… but my credit was never run by the 3 banks that declined me. I work for a mining contractor (in a specialty that is not being affected by the mine slowdowns). My DP was 5%. And, now with home prices even lower now than when I was shut out…how can I get in now??? Or is there going to be more stimulus in the form of requiring banks to be a bit more lenient to first-time buyers?
March 13th, 2009 at 10:34 am
Does a Land Contract purchase (owner financed) qualify for the stimulus bonus?
March 13th, 2009 at 7:12 pm
Melody:
Yup we bought a house in 2008, so we get only $7500, but we have to pay it back!! (for the next 15 years)
IF we would of waited to buy in 2009, we would of recieved $8000, and not have to pay back!! (stay in home at least 36 months)
Wow we got screwed!! ;(
March 16th, 2009 at 1:10 pm
If my closing date is on April 24th and I have already done my 2008 taxes, can I still amend them if it is after April 15th?
March 17th, 2009 at 8:26 am
What if my grandfather is a builder, agreed to build us a house at cost, however we will buy the house from him on closing? It was never his primary residence, would we still not get the credit?
March 18th, 2009 at 6:13 pm
What if the home is owner financed, do I still qualify for the credit?
March 19th, 2009 at 3:48 pm
My wife and I would like to buy her grandmother’s house, which is now owned by her father and uncle. We are both first time home owners and would really benefit from the $8k credit. I qualify for a loan, individually, that will cover the cost of the home. Does anyone know if my father-in-law is considered a relative, excluding my wife and I from the tax credit?
Thanks
March 20th, 2009 at 4:30 pm
what if I purchased a home in 2005 but didnt live in it. In other words was not my “main home”. What if I purchased it and allowed a family member to live in there and pay for all bills (mortgages, etc.). In 2009 the family member left and is now my main home. Would I qualify for the credit based on me being the owner and using it as my main home in 2009?
March 21st, 2009 at 12:17 pm
We are retired and live on pension and Social Security only. We are going to settlement on a brand new FHA loan house in April ‘09. Since we pay no taxes can we still qualify for the rebate? How?
March 22nd, 2009 at 9:17 am
Is the income restrictions based off your 2008 or 2009 AGI? I qualify if its based off 2008, but would not if they base it off 2009. I assume I can file an amended tax return in 2008 since I will be buying the house in the next couple of months, but was hoping someone could confirm.
March 22nd, 2009 at 8:51 pm
Paul come on seriously think about it before posting no you will not get a damn rebate you bought the home in *2005* it doesnt matter if you lived in it or not, any one could say yeah i bought a home back when but no i didnt live in it to try and get the rebate. It says if you bought it in 2008 you get the 7500 rebate you will have to pay back over 15 years and in april 2008-dec 2009 you get 8000 credit that you dont as long as you live in there as your MAIN home for 36 months. Its common sense folks.
March 26th, 2009 at 9:19 am
I dont see anything commen sense about it…if you have done everything the “right” way (decent credit, save money, work hard) and you were able to buy a house last year you get / got 7500 which you have to pay back…if you waited a year you get 8000 which you dont necessarily have to pay back…maybe next year everyone can get a house for free and not have to pay it back…why are people like us going to have to suffer and live with different rules than everyone who is buying a house now…I dont quite understand where the stimulus is really going to help EVERYONE…only those that this economy already helps
March 27th, 2009 at 6:07 pm
I am also interested in knowing if a land contract or owner financed home counts for the tax credit.
I wonder if it would just have to do with if the house is deeded to you or not in the contract.
March 28th, 2009 at 11:14 am
I agree with those who are angry about the “unfairness” of this stimulus - but I don’t think there should have been a stimulus package at all. I also think it wrong for the government/banks to bail out people who are behind on their mortgage payments.
Why should people who acted responsibly take up the slack for those who purchased a house knowing full well that when the ARM reset they wouldn’t be able to make the payments?
Lots of blame to go around here, but the bottom line comes down to personal responsibility. That’s something government seems to think we don’t need any more.
Meanwhile, I’m writing an article for a Realtor about this - and I thank you for your information. Now all I need to find out is the numbers related to the “phase out” between $150,000 and $170,000.
Do you happen to have that information?
March 29th, 2009 at 6:18 am
I’m married to a non-resident alien. I will be purchasing the house in my name only. Will I qualify for this tax credit? One of the stipulations of this credit is you CAN NOT be a non-resident alien. I am a US citizen though. How will this work? I ask because last year I did not get the $600 stimulus package because we did our taxes together and because she’s a non-resident alien we did not qualify. Will I have to file my taxes seperately and only qualify for the $4000.00?
March 30th, 2009 at 10:18 pm
What if I already filed my taxes,received my refund and got the 7,500 that I have to repay, can I amend that to get the 8,000 that I don’t have to repay. I have not bought a house yet. Thanks.
March 31st, 2009 at 1:07 pm
If we buy a house on contract from a private individual, do we qualify. The contract purchase price is $56,000. No relation to the seller and a first time buyer.
March 31st, 2009 at 2:14 pm
My accountant advised me to file for the $7500 rebate even though I already own a home. He said it really was for anyone who purchased a home within the required time. I received the refund but now the second property is rented. Should I do an amendment and refund the money and claim for the expensive repairs done on that second property instead? The accountant thinks I should wait for the IRS to find out and ask for it back, I’m not a risk taker and I don’t like owing. I didn’t know how the stimulus refund worked until after my taxes were filed and I read about it online.
April 1st, 2009 at 7:58 am
Is the income restrictions based off your 2008 or 2009 AGI? I qualify if its based off 2008, but would not if they base it off 2009. I assume I can file an amended tax return in 2008 since I will be buying the house in the next couple of months, but was hoping someone could confirm.
April 1st, 2009 at 6:18 pm
good page very informative, do you happen to know if i buy a home on contract do i qualify for this credit??
April 4th, 2009 at 12:12 pm
Is there a set amount of hoe much I have to spend on a house? What if the house is only 15k?
April 7th, 2009 at 9:17 am
I see two very interesting questions here that have so far been unanswered. I would be very interested in seeing answers to them both. A) Does a contract purchase count as a credit refund? B) What is the lower cut off area? What if the home is bought for 15K? Does the 10% only kick in if the house is bought for less than 8,000.?
April 7th, 2009 at 1:27 pm
If two or more unmarried individuals buy a main home, they can allocate the credit among the individual owners using any “reasonable” method. The total amount allocated cannot exceed the smaller of $7,500 ($8,000 if you purchased your home in 2009) or 10% of the purchase price. A “reasonable” method is any method that does not allocate all or a part of the credit to a co-owner who is not eligible to claim that part of the credit.
Well, that is clear as mud.
April 8th, 2009 at 9:21 am
I own a lot and have a trailer on it right now, will I be able to qualify for the tax credit if i purchase a home elsewhere or build a home on my lot?
April 10th, 2009 at 7:59 am
I have a question about the income level cut off. It says in this blog that “The amount of the credit begins to gradually phase out for taxpayers whose adjusted gross income is more than $75,000″ What is the phase out rate? If I am a single filer and I make 78,000 in 2009 how much can I expect to get of the $8,000 tax credit? Thanks in advance!
April 12th, 2009 at 6:40 am
I am selling my house to someone who qualifies for the first times home credit. Can I finance the purchase? Also can I give the buyer a contract for deed instead of a mortgage and still qualify for the tax credit?
April 12th, 2009 at 6:23 pm
If my son purchases a home in May 2009, and files an amended 2008 1040X/form 5405, 1) Will he get $7500.00 of $8000.00 and 2) Will he have to pay it back as a low interest loan per the 2008 guidelines, or not have to pay it back per the 2009 guidelines ?
April 14th, 2009 at 7:00 am
I have the same question that has gone unanswered: My spouse had owned our primary residence in his name only, for over 10 yrs and is in contract to sell it. We file joint married tax returns. If the next house is in my name only and is my first home purchase - would I qualify as a first time home buyer for the $8000 credit? And if we were to buy it jointly would I qualify at all for the full or partial credit?
April 14th, 2009 at 7:01 am
My spouse has owned our primary residence in his name only, for over 10 yrs and is selling it. We file joint married tax returns. If the next house is in my name only and is my first home purchase - would I qualify as a first time home buyer for the $8000 credit? And if we were to buy it jointly would I qualify at all for the full or partial credit?
April 14th, 2009 at 2:36 pm
I bought my first house in 2008 and the closing was on April 8, 2008. The credit is for people who buy a house after April 8th. Does that mean I don’t get it? That seems really unfair.
April 15th, 2009 at 10:57 am
I do have a question, My husband and I live in a mobile home right now, but are playing to sell in in the next 2 months, and are plning to get a house before the cut off time, will we get the credit. Is a mobile home really a home? Cant wait to hear some responses. thank you
April 16th, 2009 at 2:52 pm
I do not own a home but I have been given land bu a relative to build a new home on. Will I qualify for the tax credit being the land came from a relative.
April 17th, 2009 at 10:34 am
I am getting ready to purchase a house within the next 2 months. I’ve alreadys did my taxes for the year. Can I go back and amend my taxes to get the credit before I purchase my house as long as I purchase the house within the time frame of this year?
April 17th, 2009 at 10:45 am
I am a student, and if I buy a home in 2009 with my mother as a co-mortgagor on a FHA loan would I be able to claim the credit even though she earns too much to qualify for the credit? She would not be living in the house or paying the mortgage I just need her to get approved.
April 22nd, 2009 at 7:18 pm
I receive VA & Social Security so I don’t pay taxes and I don’t have to file either. My wife works and so she files separately as head of household. Will we only receive $4000 instead of the $8000 because she files separately? Thanks…
April 28th, 2009 at 11:30 am
We are in the process of starting a building project with no guarantee that it will be done by December 1 - only with the hopes of getting it done by then. What do you think the wiggle room would be in this situation? If we do not meet the deadline, is there any tax “break” for us at all?
April 28th, 2009 at 5:11 pm
Does the tax credit apply if I lease to own?
May 2nd, 2009 at 12:50 pm
Is there any wiggle room with the 3 year rule for first time home buyers? My husband and I sold our last house in December 2006. The “official” purchase date was December 21, 2006. That would put us 3 weeks out of the tax credit window of December 1st. Could we use the date the house went into escrow or something like that? Or would the IRS in their infinite benevolence give us the three weeks?
May 3rd, 2009 at 5:25 pm
I’m out, just because i bought a house off my parents. I pay with the same money joe and jane doe use. i still had to have good(great) credit. pay the asking price, make the down payment, and be on time with payments. why should i be excluded.
May 4th, 2009 at 10:52 am
Hi! I have a question, when you claim a tax credit like this, and are refunded money, do you have to claim the refund as income on your next years taxes? If I buy a hoem and receive $8000, next year is my AGI going up by $8000 and bumping me into a higher tax bracket? Also, I pay my student loans on an income contingent basis (based on my AGI), does the credit mean that my income will go up and I will have to pay more? Thanks for your help!
May 12th, 2009 at 11:00 am
Would any one know the answer to this question–My husband and I own a mobile home. The home is on my parent’s property. We do not own the land and the house is not tied down. Would we qualify for the $8000 rebate?
May 12th, 2009 at 2:35 pm
question:
If my husband and I buy a duplex and live in half does that count as our main home? Even though we are renting the other half?
May 12th, 2009 at 2:44 pm
Also, How much is “most of the time” in making your home your main home?
May 13th, 2009 at 1:11 pm
Were in escrow right now..we haven’t owned a home in 4 years and we already completed our 2008 taxes. Can we get the 8000 by check?
and if so, is there any forms to fill out?
May 14th, 2009 at 6:23 pm
Hi, I purchased an apartment in 2001 and sold it jan. 2008. However I did not purchashed it in the United States. I purchased my home in Puerto Rico. In Puerto Rico you dont pay Federal Income tax. You dont even pay State Taxes due to the fact that its not even a state, you just pax taxes for Puerto Rico. Do I still qualify for a 1st time home buyer due to the fact that Ive never purchased a home in the U.S. and although P.R. is a common wealth, its not a state?
May 27th, 2009 at 1:06 am
So much for my $8000. I went and talked to my credit union about getting pre-qualified… I’M STILL PRICED OUT. Even with the market at bottom, everything in my area is priced way higher than what banks are willing to lend me. I’m sure I’m not alone here, too. Is Obama going to help the ones that CANNOT buy a home???
May 27th, 2009 at 7:33 am
Is Obama going to help the ones that CANNOT buy a home???
P.C. why don’t you go get another job, then you cab make enough money so you can afford it instead of being a lazy ass and thinking you should receive help from the govt!
May 28th, 2009 at 7:46 am
Hi All,
I have a question on first time home buyer eligibility. My wife and I sold a rental we owned in September 2007. We had not lived in the rental since October 2005. We own no other real estate. Since we have not lived in the home since October 2005 do we still qualify as first time buyers since the property was a rental when we sold it?
Thanks
May 28th, 2009 at 12:41 pm
Is there any validity to the rumor circulating of getting the 8,000 before the purchase of a home for use as a down-payment?
May 28th, 2009 at 12:50 pm
I owned a home 2 yrs ago, my fiance has never owned, we are buying joint. Would he qualify? We would like to get married after home closed, how long do we need to wait, so he won’t be disqualified?
May 30th, 2009 at 4:06 pm
I closed on my first home oct,2007 do i qualify for the tax credit.
June 1st, 2009 at 9:01 am
My husband and I married 3 years ago. I owned a home prior to getting married, he did not. He is NOt listedon my mortgage loan.
We do not live in the home I own ….I rent it out.
The home we live in is in another state and we are renting it.
Would my husband qualify for the first time home buyer tax credit loan? Even if he applies by himself?
June 3rd, 2009 at 5:11 pm
who do i go to to help me fill out the information to get the 8k???
June 3rd, 2009 at 5:12 pm
H&R block doesnt do it right???
June 9th, 2009 at 5:00 pm
You know, it is what it is. If you are fortunate enough to be a 1st time buyer in 2009…great. Life isn’t fair and my age group ( grad HS 1973) has missed the boat on everything. However, I am happy that some can get $8K to fix up that house they buy or pay off some other debt. Enough whining!
June 10th, 2009 at 4:35 pm
Is there a phone number or website so we can get a better idea as to when we will receive our return?? We was told 8-10 weeks and it is really close to that deadline, but we dont know the exact date that it was put in being that we had it amended once we knew we qualified, and we had already received our regular tax return direct deposit. Does it come direct deposit too? Can’t get a hold of our tax preparer to find anything out so hopefully someone here can answer any of our questions. Please???
June 11th, 2009 at 4:10 pm
my question is is their a way to check the status of your application for the first time homebuyers tax credit
June 13th, 2009 at 3:00 pm
How does it work if two people each bought a seperate house and both people recieved the stimulus, then they get married before the 36 month period is up? Please advise. Thanks!!
June 19th, 2009 at 8:30 pm
I owed taxes, paid them, and then mailed an amended tax return to claim the 8000 credit (I qualify.) That was back in April. How much longer do you think it will be before I receive the credit?
June 21st, 2009 at 5:27 pm
divorced and husband owned first home mortgage was in his name only. Do I qualify as a 1st time homebuyer
June 25th, 2009 at 11:15 am
We bought a house from my wifes mom and her uncle do we qualify for the credit or not? We bought 75 % from her uncle and 25% from her mom
June 25th, 2009 at 11:16 am
do we qualify for any of the credit or non at all
July 1st, 2009 at 8:51 pm
Iam trying to buy a house. Will you explain to me in a email how it works and how you sign up for it. I am in the works of buying a house. There going to let me knoe if I got the house on july 2 2009
July 6th, 2009 at 12:35 pm
Can anyone please tell me if they have any idea how long it takes to receive your $8000 credit when filed as an amended return this year?
Websites keep listing 8 to 12 weeks but its been 12 for me and I still have not heard a peep about my return.
Thanks!
July 13th, 2009 at 3:40 pm
If you owe income tax and are making payments, does the credit come off your bal or can it be used as a down payment? please e-mail me the answer. thank you
July 13th, 2009 at 7:15 pm
Does anyone know if the 8k credit applies to buying a condo or townhome?
July 16th, 2009 at 8:03 pm
I see a lot of comments from people who received a great deal…for example someone who received 7500 no interest loan for 15years… talking about getting screwed. …please remember you got something wonderful for nothing! consider yourself lucky! I didn’t purchase in 08, fretted about not taking advantage of loan….would like to buy now…..with 8G credit……or should I fret better is coming down the pike? 8g’s is better than anything else I’ve been offerred..so if I’m fortunate enough to take advantage of this…you can be sure I won’t complain if the proposed 15G becomes reality next year. How fortunate we are if all we have to complain about if we got something for nothing instead of 2x something for nothing.
Thank you all for reminding me how incredibly blessed we are!
July 22nd, 2009 at 5:21 pm
Where do I apply for the credit????????????
July 22nd, 2009 at 8:45 pm
Could my son purchase a home that is owned by a corporation that I am an Officer/Shareholder in and qualify for the 2009 tax credit?
July 23rd, 2009 at 7:10 pm
my husband and i bought a trailor in 2004. we did not take out a mortgage, we did an unsecured loan. so…. we are looking to purchas a house in a few months will we qualify? I’ve have herd so many diffrent answers. It will be gtreatly appreciated to get a straight forward answer.
July 24th, 2009 at 4:07 pm
Does the 8000.00 credit applying to a person building a home for the first time.
July 24th, 2009 at 10:45 pm
Bought my House April 24th went the 26th they said it should be 10-12 weeks… Has anyone received their chech if so how long did it take????
July 26th, 2009 at 3:27 pm
Im a US citizen and My husband is Canadian, we lived in Canada for the past 5 years,we owned a home there and sold it in May.We just moved back to the USA and bought a house,Here, in June,Do we qualify for the credit?
July 28th, 2009 at 12:06 pm
[...] new stimulus package is now out and here are a few articles to use that money to help get a home. [My Money Blog & [...]
August 2nd, 2009 at 8:26 am
Im a single MOM who worked my BUTT off to buy a house. I closed on it DEC. 2008 and got the $7500 (have to pay back) which at the time I thought was great. Had I only known, I would have waited. Seems SO unfair the “new” $8000 tax credit does NOT have to be paid back!! Government needs to make an amendment to this!! I am so pissed!!
August 4th, 2009 at 6:33 am
I really hate the way so many people talk about how the government is so unfair to bail out people who were irresponsible and don’t deserve assistance, when there are those who did everything right. How can anyone question this when we had an unemployment rate that was close to 10 percent. I mean, do you really think that everyone who is losing their home couldn’t intially afford. This mindset is very arrogant and only reveals that there are too many people who take for granted their blessings and good fortune. Let’s hope you never lose a job, have a medical catastrophe, or like me, have perfect finances, only to have a builder ruin your dream home and file for bankruptcy-on purpose! The whole mentality of the people who criticize the government are people who have little compassion and think that they are some invincible-but people-there are some things that will adversly affect you that will be beyond your control.
August 10th, 2009 at 6:00 pm
If you buy on contract do you still qualify for the $8000?
August 12th, 2009 at 3:30 pm
Do you still qualify for the tax credit if you get your financing pre-approved prior to making an offer?
August 21st, 2009 at 5:09 am
To all all of you who have questions, please see the IRS website that published FAQs http://www.irs.gov/newsroom/ar.....91,00.html
Try to read these answers and those provided above AS IF they are not related to YOU, and you’ll find that most of your queestions will be answered.
Specifically to VICKI who took the $7500 in 2008 and must pay it back, my understanding is: IF YOU FILE AN AMENDED RETURN FOR 2008 and you do NOT take the credit on your amended return, — THEN file for the $8K in 2009 (assuming your home is worth $80,000 or more), you will receive the $8K rebate and not have to pay it back SO LONG AS THE HOME IS YOUR PRIMARY RESIDENCE FOR 36 MONTHS.
But you must check with the IRS. Call them. They will answer your questions.
August 21st, 2009 at 5:16 am
WALLY: All these rebate/credit rules apply AFTER you have purchased a home. You must PURCHASE by end of this year.
To the questioner re: land contract — read the IRS FAQs. The page specifically addresses your question.
Now I have a question: A friend heard there’s a minimum interest rate that must be charged in order for the house to qualify for a rebate (the deal is between two private parties). I haven’t read that anywhere, but am wondering if someone else has?
August 21st, 2009 at 1:40 pm
Update for those who qualified for the $8,000 First Time Home Buyer Credit…
My wife and I bought a home in April 2009. We had been renting for more than the last 3 years. After purchasing, we filed our taxed in mid-june (we had filed an extension). Apparently, when filing your 2008 taxes, the IRS will allow you to claim your tax-credit-qualifying home purchase with the 2008 tax return if you want…instead of having to wait to claim it with your 2009 tax returns. So we claimed it now.
About 3 weeks later we received our tax refund (without the $8,000 tax credit) in our checking account. Then about 3 days later we received a letter in the mail that our return was being held and that I would receive a phone call or a letter within 1 month requesting more info. Since we had already received our tax return except for the $8k, they meant that they were holding the $8k.
I waited 1 month…nothing. I checked the IRS website for info and ended up calling them to ask where the $8k was. I was very polite, but got a pretty rude lady on the phone who sounded like she wasn’t interested in helping me. She said to give it another week or two for someone to contact me. A week later I called again and got a very nice lady who listened, and put me on hold to try to find more info. After maybe 10 minutes on hold, she came back and said that although the government had approved this stimulus, they had not increased the staffing at the IRS to handle it. She said everyone requesting the credit was being contacted to provide proof that they qualify. She said I would receive a letter from them soon.
A couple of weeks later (roughly August 18, 2009) I received a letter from the IRS asking for documentation showing the purchase date, price, sellers name, buyers name etc. The HUD-a Settlement Statement had all of the info that they needed…so I sent it to them yesterday.
I’ll post again when I hear from them again.
August 23rd, 2009 at 1:06 pm
My husband and I are considering helpign our 20 year old daughter buy a house. She is a full time college student and works part time. She can pay the house payment herself but we would have to co signt he loan with her to qualify since she has no credit. Would she be eligible for the 8000 stimulus refund?
August 24th, 2009 at 9:34 am
Can you get the tax credit if you are purchasing a home on a land contract?
August 24th, 2009 at 1:56 pm
Wow. Sounds like filing an Amendment to get the $8000 now, rather than waiting for tax time is a pain in the you-know-what. We closed in June, and are considering filing the amendment. I have not heard any good reports from those who have. Has anyone out there gotten their $8000? I suppose only those people who have questions and concerns would be on here, not those who have filed and gotten their $8000 quickly and easily……
August 24th, 2009 at 2:05 pm
A few of you have asked what kind of homes apply. The federal housing tax credit website says:
What types of homes will qualify for the tax credit?
Any home that will be used as a principal residence will qualify for the credit. This includes single-family detached homes, attached homes like townhouses and condominiums, manufactured homes (also known as mobile homes) and houseboats. The definition of principal residence is identical to the one used to determine whether you may qualify for the $250,000 / $500,000 capital gain tax exclusion for principal residences.
August 25th, 2009 at 7:03 am
My husband and I are building a home with contracting work that we can’t complete; such as, pouring the basement in two weeks. We plan to frame, roof, siding, window etc. to enclose the house and live in the basement as we work on the house. When the house is completed it will be completely paid for. Will we qualify for incentive since we are living in the basement? comments are appreciated.
August 26th, 2009 at 8:10 am
Donna: That’s really a question for a tax preparer. I would consult with a trusted CPA to help you through the details. In addition, check on the FAQs of the IRS (I posted the link above).
On the face, it sounds like you qualify since you will be occupying. The problem, as I see it, is valuing the home since it won’t be completed in time (the entire deal must be finished by November 30th).
But land contracts qualify if they are done in 2009 — so if you purchased the land in 2009, you should qualify at least, for a credit on the land (10% of the purchase price up to $8K for a couple).
August 26th, 2009 at 8:19 am
Stephanie:
Regardless of how slow the IRS has been in giving out the credits, I would apply now. Imagine how bad it’s going to be next year?
Just be prepared to wait. 8-12 weeks seems optimistic at best, but you’ll be that much ahead of the game if you file now.
August 26th, 2009 at 8:30 am
Regarding the time period, it is now 12 to 16 weeks from the IRS received date. I am currently on my 16th week and then they say give another 2 weeks for the check to arrive. I requested electronic deposit but it seems you don’t always get what you ask for when it comes to them
Hope that helps clarify some information.
August 27th, 2009 at 1:21 pm
i closed on my house at the end of may and is the end of august now and i still have not gotten any money. whats the deal when will i get it. i have a brother that closed a month after me and got his money 2 months ago i went to the same tax place and did the same paper work i really need that money now what can i do?
August 30th, 2009 at 9:40 am
Jake:
Go to google and type in IRS where is my rebate check? And then check out all of the sites that show “irs.gov” in the line that tells you the source.
IMHO, two months is not a “long wait.”
August 30th, 2009 at 9:43 am
tosun: I suspect you’ll get an electronic deposit. the person on the other end is only trying to pacify you now. They are up to their ears in requests for rebate checks.
You might do what I suggested for Jake and that is, google: “IRS where’s my rebate check?” From one of those IRS.gov sites you can track your rebate check.
August 31st, 2009 at 11:02 am
Is it an $8000 tax CREDIT? or is it a $8000 check?? There seems to be some confusion.
September 1st, 2009 at 11:11 am
I inherited my house I lived in previously, I bought a new house in August, will I still qualify for first time homebuyer credit even know I already own a house ?
September 1st, 2009 at 6:12 pm
Do i have to live in the house i buy to get the $8000? Or can it be rented for a while?
September 2nd, 2009 at 3:22 pm
Annette - It is a tax credit. In other words, if you usually get $2000 back on your taxes, you will get $10,000 instead. Or, if you usually pay $2000, you will get only $6000. (That’s using the full $8000 … it’s $8000 or 10%, whichever is less) The money is yours to use as you wish.
Donald - you do not qualify because you already own a house.
Kathy - Yes, it must be your primary residence. And you must live in it for a period of not less than 36 months.
September 4th, 2009 at 3:07 pm
I bought a house 13 years ago and my son also was on the loan/title. This was only to help him build credit and so he would be able to get the house if something happened to me. The house has always been mine but because he was on the loan and title, would he qualify for the $8000 rebate. I refinanced 18 months ago and took him off the loan so he could buy his own house. He has not lived in the house for 11 years and has never claimed intrest on the house on his taxes ( as it is my home) wondering if anyone knows the anwser to this question??
September 7th, 2009 at 7:37 am
If anybody has the info for Debi I also would like to know. For I am in the same situation. I co-signed with my mom and wonder if i still qualify
September 8th, 2009 at 4:49 pm
Debi — regardless of the living arrangements, the IRS will decide ownership based on title information. 18 months is not within the eligible period.
Here is the rule from above:
What is the definition of a first-time home buyer?
You are considered a first-time homebuyer if:
- You purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.
- You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.
His name was on the title, so for all intents and purposes, he owned it.
September 8th, 2009 at 5:09 pm
To Donald:
You qualify as a “first time homebuyer” if you have NOT owned a home (regardless of how the title passed to you) for the THREE YEARS prior to purchasing a home to be used as your principal residence for a minimum of 36 months.
September 10th, 2009 at 11:27 am
I bought a mobile home in June. I have been living with my fiance for the last few years till we decide to get married. I called IRS/ CPA and every body else who I could think of to ask questions. If I buy a trailer and move it on land will I qualify? everybody’s answere was yes. Now IRS tell me I have toget married to qualify, I called and talked to first IRS lady, said that it didnt matter who I talked to and how many times that I visited web site that the book on all requirements is at their office and no one can tell me what qualifies or not, that I had to own land and the trailer had to be somewhere other than my resident of the last 3 years. Finally I called a realestate lawyer, after contacting my congressman and state rep. The lawyer suggested that my name be added to the property deed, which does not state a house on it and it will clear up the problem. Called IRS yet again talked to a real nice lady this time, took time answered questioned asked supervisor to ensure that I will qualify for money. now all I have to do is wait and see. she did state that it could be 6 or more weeks because sooooooooo many people have applied in the last few months. This is so frustrating and no one will give a straight answer I an glad I am not the only one who has a problem. sorry but hope eveyone’s situation works out as well as mine. and thanks for letting me vent
September 12th, 2009 at 10:30 am
My husband and I purchased our first home in April 2009. We recieved our $8,000 credit 12 weeks later. We filed an ammeded return for 2008 taxes. So yes, you can get the whole $8000 on 2008 taxes. Seek a tax professionals advice… we used my mother who works at HR block. No you do not get to claim this credit every year, however, we will be able to write of our interest on our 2009 taxes resulting in a greater refund.
September 13th, 2009 at 7:58 am
I am loaning money to my son so he can buy a mobile home on a lot. I am fairly certain the mobile home on real property will qualify for the stimulus money, but if I loan him the money, does that mean he is acquiring the property from a relative? He has never owned a home before and I have no connection to the home other than the loan for it.
September 13th, 2009 at 4:33 pm
I also want to know why does townhouses and condo’s qualify? you do not have property as such connected to them.
Yea a first time buyer can get the entire $8000 depending upon their home price.
Auntsuabelle, You are just loaning money, ? right, Not the property, the property has no connection to family so it should. keep us posted.
September 14th, 2009 at 9:17 pm
Suz: you are loaning him the money, but the title and all the responsibility — taxes, insurance, upkeep, etc. will be his, so he will qualify, unless your name is also going on the title, in which case, you and he will split the credit unless you are already a homeowner or have been within the last 3 years.
Charley: The credit can be on any residence that will be your principal home for the next 36 months. That includes a mobile home, a condo, a single family dwelling, probably even a co-op but I haven’t seen that written anywhere.
Land contracts are also eligible for the $8K credit, but you don’t get both (one for the land and another for the residence). I hope that clears up your question about why the credit is available.
September 15th, 2009 at 5:19 am
GReat for the info. mobile homes will only qualify if they are on YOUR property, was told by irs could not buy one and put in mobile home park, no property, but back to my other question…. townhouses and condo’s have no property.
I will be living in the mobile home as my primary residence it will be on my fiance’s land, and it did not qualify.
September 15th, 2009 at 5:59 am
I bought a home in april 2009 with a VA Loan, Do i still qualify? Also I hear something about you have to have the house as a primary residents for 3 years, is this true?
September 17th, 2009 at 4:56 pm
My wife and I bought a house in April 09. My mom is listed on our mortgage also and as a “first time home buyer” She has a large portion of ownership in the house. I am not a first time home buyer because I owned a house within the last 3 years. Will my mom be able to claim this credit?
September 22nd, 2009 at 11:07 pm
Quick question:
I’ve checked with numerous sources ranging from the IRS to blogs- and haven’t been able to find an answer.
The question seems rather straightforward (but I want to make sure I don’t violate any codes/laws): After purchasing a 2 bedroom home, can I have a room-mate that contributes half of my mortgage? OR, will I be violating the “non-rental” clause? Albeit, I will plan to live there as well, as my primary residence for three years.
Thanks much in advance!
Sach
September 25th, 2009 at 2:42 pm
My husband and I were recently married and are in the process of purchasing a home (expect to close by mid October 2009). I am a first-time home buyer. My husband is “border-line” first-time as he sold a home on 12/8/2006. Will we be able to claim “first-time” home buyer and file jointly? Or if not, because of my husband’s status, could we file separately and could I still claim first-time credit? We will both be listed on new home mortgage.
September 26th, 2009 at 9:28 pm
My father wants to buy me a house and pay for it cash, The house is going tobe be only under my name, but he is the one paying for it.. Do i Qualify to receive the 8000.00? Even though the money did not come from me?
September 29th, 2009 at 7:20 pm
If you have a unpaid balance on your credit report, will it stand in the way of getting preapproved
September 29th, 2009 at 11:04 pm
My gross income is exactly at $95,000. Would I still be eligible for this tax credit?
September 30th, 2009 at 6:56 am
The rabate is UP to $8000 or 10% whichever is smaller depending upon the price of the house. As far as I ahve read ad researched their is no credit check, as far as an unpaid balance. but who knows it is a new day and the rules could change. As far as where the money come from, IRS is worried about who’s name is on title or deed, that person will be eligilbe for the money.
October 3rd, 2009 at 6:31 pm
My husband and I filed the proper paperwork to get our $8000 rebate in July. To date, we haven’t received it or had any word. Where can I check on it or track it? I’m getting worried that we might not get it!
October 4th, 2009 at 10:07 am
Thanks for giving info regarding the IRS Form 5405. This is the first I’ve seen of the form and given the complexity and headaches associated with filing each year, this form is short, simple, and intuitive!
October 9th, 2009 at 7:19 pm
The phone number I have is 1-866-897-0177, that was the contact number on the first set of paperwork I recieved, stating that I needed to send MORE paperwork. I tried the irs.gov web site and it was a waste of time. try this I am not sure if it is the regular IRS number or not but it is worth a try. I called last week, the serv. rep said that I had been assigned a case worker and that I could take up to 8 more weeks or more to get a check. I know that relators and others in the ” selling” business are telling people to BUY and it will take 30 days to get check, fo course when you try and talk to some of these people they think they know it all. good luck and we will keep waiting on the check.
sharon.
October 12th, 2009 at 8:15 pm
My husband and me purchase a house with two duplex in the back.We live on one property and rent the others ones.We are first time buyers.Do we qualify for the 8,000 tax credit?
October 15th, 2009 at 5:16 pm
Does anyone know if you have to pay taxes on the money you get from the tax credit?
October 18th, 2009 at 10:23 am
My 21 year old son lived at home in 2008 and for most of 2009. He purchased his home in July of 2009. He was still a student in 2008 living at home with his parents who claimed him as a dependant non their 2008 return. He was told by his realtor that he qualified for the $8000 tax credit. He is waiting for his check, but I’m afraid he was told wrong. Will he get the money?
October 26th, 2009 at 12:29 pm
what if your buying a home for the first time but you have two co buyers. one is my father who ownes a home and will not live with me. the other is my girlfriend who owned a home before but will live wit me. we are not married and I will be filing taxes alone, do I qualify and is it for the whole 8000? someone please reply
October 29th, 2009 at 2:20 am
I purchased my parents home…but not from them directly. They both passed away and I bought it from thier trust as it was set to be sold and money split between all siblings. The trustee is thier lawyer who oversees all transactions. Does this still mean I dont qualify?
October 31st, 2009 at 9:39 pm
I am a student and my parents are buying a house and we were thinking to put it in my name so we can get the 8k credit. I currently have no income and hence do not file taxes. Can we put the house in my name and get the credit?
November 5th, 2009 at 6:30 am
I am buying a home from my Great-Grandmother, does that mean I don’t qualify? The way I read it I don’t and that is so unfair! This is my first home purchase and I will have to pay for the home myself! Does anyone know who I can contact or what I can do if anything to get the tax credit?
November 5th, 2009 at 5:07 pm
Question about the new extension of the tax incentive for Home Buyers. If you’ve owned a home for 5+ years and you are trying to receive the $6500 tax incentive. Do you have to purchase something more expensive? If yes, does it have to be more expensive than what you paid for the property or what you sold it for?
November 12th, 2009 at 7:00 pm
If I sold a home October 13, 2006…And purchased a home in June 2009 Will I qualify for the $8,000 tax credit with the new guidelines Obama just passed??
November 13th, 2009 at 5:12 am
My husband and I owned a home. We recently divorced. This leaves me buying my first home. My name, of course, was on our mortgage and deed of the home my former husband still owns. Would I qualify for the stimulous when purchasing what will be my first home?
November 16th, 2009 at 12:04 pm
Has anyone received their rebate, filed in July resent papers and still waiting.