Comments on: Details About the $8,000 First-Time Home Buyer Tax Credit

By: Dara

Dara — Fri, 12 Mar 2010 18:43:54 +0000

Do we qualify for either first time home buyer or long time resident if…
My husband inherited a house from his grandfather in 2004. He filled out the paperwork to get his mother’s name off the deed and it be soley his. She signed everything. (We married in 07) In June of 2009 we closed on our first home together. We qualified for a first time home owner loan. We also refinanced the inherited house and found that his mother’s name was still on the deed so we had to fill out paper work again and then we added my name. We were told by the bank we would qualify for the first time home buyer credit but now we are slightly confused!!!

By: Joyce

Joyce — Thu, 11 Mar 2010 18:53:54 +0000

Has anyone been taken by fraud in getting this $8,000
tax credit? Like doubling the price of property when it was
posted in paper at a certain price, and lender charges you
more plus doesn’t give you all the land that went with the
property. He purchased it for around $50,000 and now
charging us $100,000 and also not allowing all the land
that was suppose to be included. Please help, does anyone
know who I can turn to for help. I am disabled widow and I
feel I was taken advantage of.

By: Trent Shute

Trent Shute — Mon, 08 Mar 2010 01:54:28 +0000

My wife and I bought a house with our adult daughter.
My wife and I are inelibible for the first time home buyer credit as we own a home. We own 50% and our daugher owns 50%
Our daughter does qualify for the credit.

I wanted to run a reasonable basis by you. My wife and I bought our 50% share for the sole purpose of investment property. Our daughter’s sole intent was to become a 1st time home buyer. Hence, we would like to allocate 100% to her with the reasonable basis being her intent to buy her first home. Her share of the property was sufficient to qualtify for the full $8000.

What do you think?

By: PT

PT — Wed, 03 Mar 2010 15:12:14 +0000

@zg – The previous property tax payments might throw up a red flag for the IRS. They may require you to give more information. However, I think you are a true first time buyer and they will ultimately treat it that way. You should call the IRS and/or go sit with a CPA to discuss your situation. They will be able to tell you for sure. Congrats on possibly getting our own place.

@Rhea – I would call a CPA and look into either one of two things: amend your 2008 return to get the credit applied there, OR waiting to take the credit in 2010. I don’t know for sure if either are possible, but it’s worth looking into.

By: Rhea

Rhea — Wed, 03 Mar 2010 14:08:24 +0000

I purchased a home in October of 2009, am single, and was hoping to get the fiirst time home buyers credit. However, I took a retirement distribution to purchase the house and now find I’ve made too much money. Could I not take advantage of this program now and hope that I could claim it next year?

By: zg

zg — Fri, 19 Feb 2010 18:46:11 +0000

I am living in a co-op build under National Housing Act section 221(d)(3). Nobody own the co-op. The residents pay $2k to buy a membership certificate and co-own it, and elect a board to manage it. We pay several hundred $ monthly rent. We are not allowed to rent the unit to other people. When we move out, we are not allowed to sell the unit, we only return the membership certificate and get the $2k back. We were told 10% of the rent goes to property tax. So for 2008 tax return, I claimed standard deduction plus several hundred dollar property tax. I did not claim mortgage and did not itemize.

My question: am I qualified for the $8K? Am I currently owning a unit or renting a unit?

By: Greg

Greg — Thu, 18 Feb 2010 16:56:00 +0000

I am still waiting on getting my $8k. It has been 18 weeks and I called the IRS for the second time today (the first time they said a check was in the mail). They said that they are sending me a letter asking for more information before they send me a check. And I did fill out all the required information and form 5405 when amending my return. So it is not a quick 6 weeks to receive your 8k. This has been a painful process, I wish the government could get their act together on this. I hope to be receiving my return soon but I imagine it will be awhile by the time I get the letter asking for more information, fax them back what they need, and have them process my credit all over again, and finally (hopefully) send a check!

By: MikeM

MikeM — Thu, 11 Feb 2010 20:04:46 +0000

Our son bought his first home in Utah in August 2009. He gets the credit of $8000. Now in March of 2010, he has taken a job in California. He needs to rent an apartment there, and he will keep the house in Utah, and he will still own it…..Does he have to repay the $8000 if he rents out all or part of the home in Utah?

By: PT

PT — Sun, 07 Feb 2010 03:35:51 +0000

@ereic – no, you made too much money. the top of the threshold is 95K

By: ereic

ereic — Sat, 06 Feb 2010 19:05:20 +0000

if i made over 150k filing single do i qualify for the firs time home buyer 8000 tax credit