Comments on: First-Time Homebuyer Credit – Is It Really a Free Lunch?

By: james f kramer

james f kramer — Mon, 14 Mar 2011 16:31:51 +0000

I am wondering, if you sell your home and the credit is not repaid and you don’t sell your home at a profit..and the remaining amount doesn’t have to be repaid, why you would not have forgiveness of debt income…

thank you

By: Melissa

Melissa — Thu, 05 Feb 2009 12:52:02 +0000

Athough the stimulus bill is not finalized, it appears that both the House and Senate have voted to remove the repayment requirement on this refundable tax credit for purchases after December 31st, 2008.

Additionally, the Senate voted last night to raise the amount to $15,000 and, I think, to extend the credit to all home purchases (to be used as a primary residence)during a specified period.

Here is an article from the Atlanta Journal-Constitution -
http://www.ajc.com/services/content/printedition/2009/02/05/stimulus0205.html

By: Rehab702

Rehab702 — Wed, 04 Feb 2009 02:46:39 +0000

The credit is part of your tax return. You can check the status of your refund at the IRS website.

Check this link: https://sa1.www4.irs.gov/irfof/lang/en/irfofgetstatus.jsp

By: GReynolds

GReynolds — Wed, 04 Feb 2009 02:06:33 +0000

I filed for the 1st time homebuyer credit and I’m wondering if there’s any way I can track when it might be coming?

Help is much appreciated.

By: Kellen

Kellen — Fri, 23 Jan 2009 16:15:25 +0000

From what I understand your move-in date is the determining factor not the closing date. So if you didn’t move in until after April 8th you should qualify.

By: Rehab702

Rehab702 — Thu, 22 Jan 2009 17:40:23 +0000

It would seem that you are out of luck. However you should check with your accountant, perhaps there is a loophole that I am not aware of.

By: Angela

Angela — Thu, 22 Jan 2009 14:35:56 +0000

My husband and I closed on our first home on March 21, 2008. Since its before the window specified for the credit, are we out of luck and unable to ever take advantage of this credit?

Any information you have would be appreciated!

By: Rehab702

Rehab702 — Wed, 14 Jan 2009 22:51:49 +0000

You really need to talk to a tax pro before you do anything. I am not sure how the purchase will be treated since your fiance has owned a house.

By: Al

Al — Wed, 14 Jan 2009 22:27:27 +0000

Question on the credit…

I’m getting married in June and my fiancee and I will be buying a house before then. She has recently owned a house with her brother (within the last 3 years). In order to qualify for the credit will I have to purchase the house on my own, or can we buy it jointly and then I claim it on my taxes since we’ll be filing separately?

And if I’ve read correctly, I can claim the credit in 2008 if I delay my tax filings until after I close on the house, correct?

Thanks for any answers-

-Al

By: Heidi

Heidi — Fri, 09 Jan 2009 18:14:53 +0000

I qualify for the full amount and would like to put new windows in the home I bought. Is this a smart way to “finance” my windows?

By: Ryan Philipenko

Ryan Philipenko — Mon, 05 Jan 2009 19:03:24 +0000

I love this program you guys have down in the states, very useful way to encourage home ownership.

Ryan Philipenko – Real Estate Edmonton

By: Joshua Dorkin

Joshua Dorkin — Mon, 05 Jan 2009 16:49:17 +0000

Great article, Richard. I actually knew very little about the first time homebuyer credit until your explanation. I think your post is going to help a lot of people out there. Nicely done, sir!