Comments on: $7500 First Time Homebuyer Tax Credit

By: Shak

Shak — Thu, 19 Nov 2009 20:40:18 +0000

I bought a property as primary residence in January 2008 but rented it out right away and never lived in it. I also have it as rental property with rental income on my 2008 tax return. Now I am planning to buy a property to live in. Do I qualify for first time home buyer credit?

By: Gina

Gina — Tue, 17 Nov 2009 19:43:17 +0000

My husband and I just found out that we qualified to claim the $7500 in 2008 and didn’t realize it because we purchased on a land contract in Nov 2008(only now getting the actual mortgage with a bank). Would it be wiser to file an addendum to get our $7500 or to wait until our 2009 taxes and file it then? We know we don’t qualify for the $8000 and we know we will have to repay it, we were just wondering which would take less processing time since it’s so late in the year right now and we’re hearing 16wks for an addendum file.

By: sxv82

sxv82 — Fri, 13 Nov 2009 02:56:15 +0000

I am a qualify first time buyer. Can I get this tax credit ($7,500 loan) and the first time home buyer credit ($8,000)???

By: Lisa

Lisa — Thu, 05 Nov 2009 17:58:22 +0000

The 8K was EXTENDED!!!

By: Jason

Jason — Thu, 05 Nov 2009 16:42:55 +0000

If you have not purchased a home since 1/7/2007, the only way you would get any sort of credit would be if you purchased a new home and congress decides to extend the $8,000 FTHB credit until spring/summer of 2010 (which is being proposed). However, it currently expires December 1st 2009. (which is 1 month before the 3 year requirement, since you sold your home 1/7/2007)

hope this helps…

Jas

By: Theo

Theo — Thu, 05 Nov 2009 14:55:16 +0000

I sold my home in 1/7/2007 in the market to purchase a new one, would I be eligible for the new $6500 tax credit?

By: morelondonaire

morelondonaire — Sun, 01 Nov 2009 03:39:22 +0000

We still have to repay the load and when we sell our homes we are still responsible for the loan vs. their free money.

By: NAE

NAE — Sat, 31 Oct 2009 18:15:05 +0000

I wanted to now is there any truth to people have been received money to do reconstructive work done on there homes.I have been told that people in my community have got a refund and have ben fixn on there homes.Is this true?

By: Melody

Melody — Thu, 29 Oct 2009 19:55:34 +0000

I purchased my first home in 2008 and took advantage of the $7500 tax credit. Now that I need to sell my home for the same price I paid for it, I was wondering if I can deduct the realtor cost up to $7500 since I am not making a profit? Or,can I pass the savings on to the potential buyer knocking $7500 off the purchase price? This way I can sell the home faster.

Signed confused.

By: NAE

NAE — Tue, 27 Oct 2009 13:57:15 +0000

I HAVE A QUESTION ABOUT GETTING RECONATRUCTIVE WORK DONE ON MY HOME IS TRUE THAT PEOPLE R GETTING MONEY. I JUST PURSHASE A HOME THIS THIS YEARAND I WANTED TO KNOW IF QUALIFY FOR THE LOAN ON 7,500

By: JT

JT — Fri, 16 Oct 2009 06:16:43 +0000

When my parents were purchasing their home back in 1987, they needed an additional person for the loan and my name was put on the title as a result. And my name is still on the title, along with my 2 sibilings.

I bought a condo this month (October 2009) and I want to know if I am qualified for the first time homeowner credit since I never live at my parent home and never have claimed it as my primary residence.
How does IRS do the verification? Run a lookup against the title?

By: Mike

Mike — Wed, 23 Sep 2009 14:24:56 +0000

I have an interesting situation. I closed on a new house in May ‘09. I sold my previous house in Aug ‘06. I moved out of my previous house and in with my fiance (who rents and has never owned) in February ‘06. Since my previous house ceased to be my main home in February ‘06 and I haven’t owned a “main home” in the past 3 years, do I still qualify for the credit?

By: McKenzie Jones

McKenzie Jones — Sun, 20 Sep 2009 06:57:03 +0000

No, first of all it was 5 years ago and the credit program was not avaliable then. Secondly, any gifts, or even buying a home from a family member does not quialify you for the credit.

By: mape

mape — Wed, 16 Sep 2009 19:12:00 +0000

What constitutes a “loss?”

I owe 250k. I listed the house and have a buyer at 250k. But I have to pay the realitor 5k + 5k in closing costs = a loss of 10k.

Is that considered a loss to the US Gov? Or are short sales only considered losses? Or, did the US Gov. not even think of that scenario because they really don’t think before they act?

By: Danielle

Danielle — Sun, 13 Sep 2009 15:19:08 +0000

I have a question. My husband and I bought a home in 2008 and recieved the 7500 no interest loan. We are now thinking about selling our home and buying another one. We will make a profit but want to use it to put down on another house and pay off a car. We have heard that if you get into another home immediately you can still continue to pay back the loan 500.00 a year. Is this true? Thanks!