1st time homebuyers credit?
Jan 6th 2010, 6:26 pm
#16
Catahoula Lover!!!
Joined: Jul 2008
Location: Seattle - WA
Posts: 924
Re: 1st time homebuyers credit?
arrrrrrgggghhhh - Taxes!!!
Jan 7th 2010, 3:02 pm
#17
Questy Questionson
Thread Starter
Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Re: 1st time homebuyers credit?
You can. They allowed late files through the end of October to claim the credit on 2008 tax returns for homes bought in 2009
Jan 7th 2010, 3:26 pm
#18
BE Enthusiast
Joined: Jan 2008
Location: SoCal
Posts: 437
Re: 1st time homebuyers credit?
Is there any minimum residency requirements? Someone mentioned you had to be in the US for 3 years before you could apply for this, but the only guidelines on the IRS site was about not SELLING for three years after you got the credit, else you'd have to pay it back
Jan 7th 2010, 3:27 pm
#19
Questy Questionson
Thread Starter
Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Re: 1st time homebuyers credit?
you have to have the home for 3 years before selling it or you must pay back.
Jan 7th 2010, 4:49 pm
#20
Ginger Monkey
Joined: Jun 2007
Location: Cheeseland, WI
Posts: 2,772
Re: 1st time homebuyers credit?
Well... at least one of you has to be a USC. I'm not, but my OH is and we qualified.
Jan 7th 2010, 4:50 pm
#21
BE Forum Addict
Joined: Sep 2006
Location: Andover, MA
Posts: 1,703
Re: 1st time homebuyers credit?
I am not a U.S. citizen. Can I claim the tax credit?
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
Maybe. Anyone who is not a nonresident alien (as defined by the IRS), who has not owned a principal residence in the previous three years and who meets the income limits test may claim the tax credit for a qualified home purchase. The IRS provides a definition of “nonresident alien” in IRS Publication 519.
Note: The following taxpayers do not qualify for the first-time homebuyer credit:
A homebuyer (or the homebuyer's spouse) who qualifies for the District of Columbia first-time homebuyer credit in the year of purchase or in any prior year
A homebuyer whose home was financed by the proceeds of tax-exempt mortgage revenue bonds
A homebuyer who is a nonresident alien
A homebuyer who disposes of the residence (or it ceases to be the taxpayer's (and spouse's) principal residence) before the close of a taxable year for which a credit otherwise would be allowable
A homebuyer who acquires their home by gift or inheritance
A homebuyer who acquires their home from a related person
A homebuyer (or the homebuyer's spouse) who qualifies for the District of Columbia first-time homebuyer credit in the year of purchase or in any prior year
A homebuyer whose home was financed by the proceeds of tax-exempt mortgage revenue bonds
A homebuyer who is a nonresident alien
A homebuyer who disposes of the residence (or it ceases to be the taxpayer's (and spouse's) principal residence) before the close of a taxable year for which a credit otherwise would be allowable
A homebuyer who acquires their home by gift or inheritance
A homebuyer who acquires their home from a related person
Jan 7th 2010, 5:19 pm
#22
Questy Questionson
Thread Starter
Joined: Jul 2008
Location: Billings, Montana
Posts: 638
Re: 1st time homebuyers credit?
Jan 7th 2010, 11:22 pm
#24
Maño-Americano
Joined: Apr 2003
Location: In the heart of the Ozarks
Posts: 10,216
Re: 1st time homebuyers credit?
I for one am quite happy with M.r Obma and his give aways...I doubt my grandkids will be so enamored.
but f'%$# 'em.
New home ($8000)
Insulation ($~1000 or so)
Energy Star Appliance credit for HVAC to be installled (30%=$1500)
Energy Star Appliance credit for new Washer and dryer...($600) hopefully I can fudge a bit and include them as IN does not specifically allow them...yet.
but f'%$# 'em.New home ($8000)
Insulation ($~1000 or so)
Energy Star Appliance credit for HVAC to be installled (30%=$1500)
Energy Star Appliance credit for new Washer and dryer...($600) hopefully I can fudge a bit and include them as IN does not specifically allow them...yet.
Jan 8th 2010, 12:33 pm
#25
Joined: Jan 2008
Posts: 7,605
Re: 1st time homebuyers credit?
We closed on our house on 12/29/2008. 
Jan 8th 2010, 12:47 pm
#26
BE Forum Addict
Joined: Sep 2006
Location: Andover, MA
Posts: 1,703
Re: 1st time homebuyers credit?
You still get a credit.
It's $7500 and you have to pay it back, but it's $500 a year for 15 years with no interest.
We also bought in 2008. Personally, I'd prefer to have the $7500 in my bank account. I'll worry about the injustice of it all in 2025
Plus, if you sell the house and make a loss in the next 15 years, you don't have to pay it back and the government swallows the loss. It's effectively insurance for a loss of a $7500 magnitude.
http://www.irs.gov/taxtopics/tc611.html
If you haven't done so already, I would go back and claim ASAP.
It's $7500 and you have to pay it back, but it's $500 a year for 15 years with no interest.
We also bought in 2008. Personally, I'd prefer to have the $7500 in my bank account. I'll worry about the injustice of it all in 2025
Plus, if you sell the house and make a loss in the next 15 years, you don't have to pay it back and the government swallows the loss. It's effectively insurance for a loss of a $7500 magnitude.
http://www.irs.gov/taxtopics/tc611.html
If you haven't done so already, I would go back and claim ASAP.
Jan 8th 2010, 1:18 pm
#27
Joined: Jan 2008
Posts: 7,605
Re: 1st time homebuyers credit?
You still get a credit.
It's $7500 and you have to pay it back, but it's $500 a year for 15 years with no interest.
We also bought in 2008. Personally, I'd prefer to have the $7500 in my bank account. I'll worry about the injustice of it all in 2025
Plus, if you sell the house and make a loss in the next 15 years, you don't have to pay it back and the government swallows the loss. It's effectively insurance for a loss of a $7500 magnitude.
http://www.irs.gov/taxtopics/tc611.html
If you haven't done so already, I would go back and claim ASAP.
It's $7500 and you have to pay it back, but it's $500 a year for 15 years with no interest.
We also bought in 2008. Personally, I'd prefer to have the $7500 in my bank account. I'll worry about the injustice of it all in 2025
Plus, if you sell the house and make a loss in the next 15 years, you don't have to pay it back and the government swallows the loss. It's effectively insurance for a loss of a $7500 magnitude.
http://www.irs.gov/taxtopics/tc611.html
If you haven't done so already, I would go back and claim ASAP.
I imagine I'd need to file an amended 1040 along with the 5405, but will call them to check.
Are we sure that folks who previously owned houses in the UK qualify?
Jan 8th 2010, 1:44 pm
#28
BE Forum Addict
Joined: Sep 2006
Location: Andover, MA
Posts: 1,703
Re: 1st time homebuyers credit?
A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States.
http://www.irs.gov/newsroom/article/...206291,00.html
Go get your money!
Jan 12th 2010, 6:14 pm
#30
Boomshacalaca!!
Joined: Dec 2005
Location: South of the North Pole.......Colorado
Posts: 5,066
Re: 1st time homebuyers credit?
There are some whisperings about extending the tax credit out for the entire year...
First bank failure of the year--Horizon Bank, out of Ohio.
The Federal Reserve expects rates to rise 3/4 point as they end their program of purchasing mortgage bonds at the end of March
First bank failure of the year--Horizon Bank, out of Ohio.
The Federal Reserve expects rates to rise 3/4 point as they end their program of purchasing mortgage bonds at the end of March
