If my husband and I were married in 07 and finished closing on a house we built in april 08, why did we not get the tax credit when we filed this year 09.  This is my first time buying of a house.

It is our understanding that only home purchases between January 1, 2009 and November 30, 2009 would be eligible for the first time buyer tax credit that was part of the American Recovery and Reinvestment Act of 2009.  We recommend that you also check with your tax advisor on this issue.

If i sold a house in sept of 2007 would i be able to get the credit

My husband and I have been "renting" a home from my mother-in-law.  We have paid all the payments and taxes on the house so we have been claiming the interest on our taxes for the past 9 years.  We have now assumed the loan this week.  Do we qualify for the tax credit?

I am in the process of purchasing my first home but already filed my 2008 taxes, will i still be able to receive my tax credit?

According to the National Association of Realtors FAQs -

You’ll have a helpful choice that might speed up the process. Eligible homebuyers who make their purchase between January 1, 2009 and December 1, 2009 can treat the purchase as if it had occurred on December 31, 2008. Thus, they can claim the credit on their 2008 tax return that is due on April 15, 2009. They actually have three filing options.

1. If they purchase between January 1, 2009 and April 15, 2009, they can claim the $8000 credit on the 2008 return due on April 15.

2. They can extend their 2008 income-tax filing until as late as October 15, 2009. (The IRS grants automatic extensions, but the taxpayer must file for the extension. See www.irs.gov for instructions on how to obtain an extension.)

3. If they have filed their 2008 return before they purchase the home, they may file an amended 2008 tax return on Form 1040X. (Form 1040X is available at www.irs.gov)

Of course, 2009 purchasers will always have the option of claiming the credit for the 2009 purchase on their 2009 return. Their 2009 tax return is due on April 15, 2010.

My wife purchased a house a few years ago before we were married.  I have never purchased a house and am not on my wifes loan, but I was added to the title.  Does that make me ineligible for the tax credit if we want to purchase a new home?

If I am eligible for the tax credit, would I have to apply for a loan myself, without my wife, since she is already a home owner?

Brian - If your wife deeded you ownership or added you to the deed, we believe you would be considered a homeowner and would not be eligible for the tax credit., but we advise you to consult a tax professional for a final decision.

For online help with FAQs related to the tax credit, visit http://federalhousingtaxcredit.com/ or consult your local tax advisor.

My question to this is, in February 2009 when I filed my taxes I did some research in regards to the tax credit and what I found was only the information explaining the tax credit for first time buyers purchasing in the summer of 2008 was that it had to be paid back in a course of 15 years.  I chose not to apply for this.  Howver, with this new information of a tax credit with no payback, is it too late to refile for this credit with the IRS?  Thanks for your time!

John - If you have already filed your 2009 taxes, you should be able to file an amended 2008 tax return with Form 1040X. (Form 1040X is available at www.irs.gov)

If you had a company or tax advisor help you prepare your taxes, they can also help you refile.

My understanding is that the dates to get this credit was for home purchased after April 8, 2008 . I think the dates changed and I've file my taxes feeling that  my purchase was before the acceptance date. Will this 1040x help us or can I get the credit next year?

Ken - The $8,000 tax credit is only for homes purchased after Jan 1, 2009.  This is different than an '08 tax credit of $7,500 (to be repaid at a later date).  Please consult a tax advisor for particulars on each credit to determine which you may qualify for.

lets say im going to buy a house in 2009 and im going to ask for my 8,000 dollar credit before april 2010 will i still get the credit of 8,000 dollars if i buy the house lets say in june 2009 or does the purchase has to be before april15 2009 and will that credit  do i get the cash like to help remodel the house or do they put that credit in the mortgage loan,thanks

Juan - It is our understanding that only home purchases between January 1, 2009 and November 30, 2009 would be eligible for the first time buyer tax credit that was part of the American Recovery and Reinvestment Act of 2009.  We recommend that you also check with your tax advisor on this issue.

I sold my house on Sept 1, 2006.  Would I be eligible on Sept. 2, 2009 for the $8,000 tax credit to use as a downpayment on a new house?  I have already filed my taxes for 2009,  How would I go about  actually having the money to use as the down payment to purchase a home between Sept. and Nov. 2009?

HI,

I owned a home until December 2008, but had not lived in the home since September 2005.  We have lived with or rented from my father during this time - would I still qualify for the $8000 tax credit?

Thank you!

Vanessa - It is our understanding that if you were listed as an owner on a home within the last 3 years, regardless whether or not you lived in it, you would not be considered a first-time homebuyer for thsi program.  However, I would encourage you to consult a tax professional for an official opinion on your situation.

I live in a house with my husband we built. my name is on nothing, not the land or the title of the house. would I be eligible for new owner tax cut if I can purchase a home within the time span?

My daughter will be listed as an owner of our home that we will purchase next month.  She is a dependent, however, since she meets the IRS definition (I provide at least 50% of living expenses). Since my wife and I have already owned a home in the past 3 years, could we still take the tax credit?

If my closing day was March 20, 2008, I remodel the house for the next 3 months.  I moved into the house in June of 2008.  Am I eligible for the $7,500 tax credit?

Thanks

Gregg

I just wanted to thank you for this information. I have been trying to find out more about the tax credit and this told me exactly what I needed to know. Thank you for making it so easy to find!

We bought our home in 1999 and now in process of buying another home before November, 2009.  Do we still qualify for the $8,000 first time home buyer?  Thanks

eni - Thank you for your question on this.  We believe that since you have owned a home within the past three years that you would be ineligible for the tax credit.  The credit relates to home ownership vs. home purchase timelines.

My husband and I have been buying a home from my parents. We are not on the note. We have made the payments for the last 6 years and would like to buy the home from my parents. I read an article in the Tulsa World about CAP not being able to help someone to qualify for the tax credit because you are not allowed to buy a home from your parents. Is this really a stipulation?

 My husband and I own a single wide trailer, we have it paid off. We do not own land and must rent or live on my parents land. Do we qualify for the credit if we decide to purchase a home? Or are we considered home owners since we own trailer but no land?

We sold our last house really close to the deadline in 2006 I am almost certain we qualify how do I find out for sure the actually closing date? We don't have the closing papers any longer we lost them.

I am purchasing a home through a rent to own option.  After a year of rent payments, I'll be able to purchase the home.  Do I qualify for the tax credit?  Thanks!

I sold my house that I owned when I was single on April 6, 2006 then on April 7, 2009 my husband purchased a house and added me on the deed - - are we eligible for the tax credit.  We were advised that we were by our real estate agent - - she suggested closing a day later to be sure - - but I would feel better hearing from you.  Thank you for the information.  I am hopeful to receive the tax credit, but want to prepare myself in the case we were misguided by our agent.

If my husband and I start renting to own a new home can we claim it for the $8000 tax credit?

I have been renting from my parents for a number of years.  I would like to purchase this house from them in order to gain the tax credit.  I have read that some websites say if I am related to the seller that I am not eligible, whereas other say acquired. 

Would I be eligible for the rebate?

     am I eligible for the $8000 tax credit for 2009 if I buy my first home

from my daughter in law?

I was wondering if I would be able to use the $8,000 as the down payment for a house?

My wife and I our income exceeds the 150,000 restriction, but can we get a pro-rated tax credit?  Also is there anyway to finagle this where the tax credit can be used for the down payment on the house?

My husband and I divorced jan 2007 we purchased a 1st home dec 2005 he kept home in divorce I was only on deed not the mortgage but we did file taxes together for 2006 claiming the interest on the home. Would I possibly qualify for 1st time buyer credit?