0
The first time buyer credit for 2009 expires November 30, 2009. If you are involved in a real estate Transaction, you must close by that date in order to be eligible for the credit. A first time buyer is a buyer who has not purchased Real Estate in the last 3 years. If that is you, you are not automatically qualified for the first time buyer credit. There are certain criteria that you must fall under. The most helpful information is found on the IRS website:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
From there you will find links to Form 5405 which should be used to claim your tax credit. You will also be able to see the restrictions on the credit:
First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009. The credit:
- Applies to purchases that close after April 8, 2008, and before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
The question and answer section found here:
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
The scenario section found here:
http://www.irs.gov/newsroom/article/0,,id=206294,00.html
Hope this helps. For more Real Estate Info/News/Fun Facts, visit my blog at www.wordpress.com/thomsonteam.
Add your answer:
Earn +20 pts
What is first time home buyers credit?
First time home buyer's credit will not prevent you from getting a home loan. This credit is intended to help first time home buyers. You can check with your lending company to get more information.
Is there a first time home buyers credit?
You can find information regarding first time home buyers credit at the following website...www.irs.gov/newsroom/article/0,,id=186831,00.html or www.zillow.com/.../is-first-time-homebuyer...credit.../436914/
What are the important details on 8000 tax credit for first time home buyers?
Some important facts of $8,000 tax credit for first time home buyers are: # It is a true tax credit to home buyers, not a loan as initially devised. # It is only for "first time" home buyers who haven't owned real estate in the last 3 years. # It is capped at 10% of the purchase price. # The buyer must remain in the home for the minimum of 3 years. # It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009. # Full credit is available to those making $75,000 or less or $150,000 for joint filers.
Do first time house buyers still get a tax credit from the government on their federal income tax return?
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
What grants are available for first time buyers?
There are many grants that will help first time buyers. They begin with first time home buyers, even go to first time pool buyers.
What is first time home buyers credit?
First time home buyer's credit will not prevent you from getting a home loan. This credit is intended to help first time home buyers. You can check with your lending company to get more information.
Is there a first time home buyers credit?
You can find information regarding first time home buyers credit at the following website...www.irs.gov/newsroom/article/0,,id=186831,00.html or www.zillow.com/.../is-first-time-homebuyer...credit.../436914/
What is the amount of the first time home credit for a first time home buyer?
First time home buyers get a $8,000 tax credit for a home contract signed by April 30, 2010 (completed no later than June 30, 2010). Repeat buyers get a $6,500 tax credit.
Is there a tax credit for first time home buyers?
Yes. There is a first-time home buyer credit of up to $8000 until 4/30/2010.
Are there rebates available for first time home buyers?
There is currently an $8000 tax credit to those who purchased a new house in 2009. However, this tax credit only applies to new home buyers, previous home buyers will not qualify for this credit.
What are the important details on 8000 tax credit for first time home buyers?
Some important facts of $8,000 tax credit for first time home buyers are: # It is a true tax credit to home buyers, not a loan as initially devised. # It is only for "first time" home buyers who haven't owned real estate in the last 3 years. # It is capped at 10% of the purchase price. # The buyer must remain in the home for the minimum of 3 years. # It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009. # Full credit is available to those making $75,000 or less or $150,000 for joint filers.
Is there still a tax credit available to first time home buyers?
Yes. The first time home buyers tax credit has been extended through May 1, 2010. According to irs.gov if a home is under contract by May 1, 2010 and closed on by July 1, 2010 the first time buyer will receive an $8,000 tax credit.
first time home buyers grants?
How do I qualify for a first time home buyers grants
Is there a stipulation with first time home-buyers credit that you have stay in your home for 3 years If you don't do you have to pay it back?
It is prorated.
Do first time house buyers still get a tax credit from the government on their federal income tax return?
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
Do you have to claim the 8000 first time home buyers tax credit as income on your next tax filing?
No.
How much is the first time home buyer tax credit?
For first time home buyers you can get up to 8,000 dollars back. However this amount is based on a percentage of the total value of your house. For more info on the first time home buyers credit check the irs website out: http://www.irs.gov/newsroom/article/0,,id=204671,00.html.
