Comments on: First-Time Homebuyer Credit – Is It Really a Free Lunch? http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/ Learn, Network, Invest Mon, 23 Nov 2009 01:38:39 -0500 http://wordpress.org/?v=2.8.5 hourly 1 By: Melissa http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63645 Melissa Thu, 05 Feb 2009 12:52:02 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63645 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 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63625 Rehab702 Wed, 04 Feb 2009 02:46:39 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63625 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 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63624 GReynolds Wed, 04 Feb 2009 02:06:33 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63624 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. 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63359 Kellen Fri, 23 Jan 2009 16:15:25 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63359 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. 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63344 Rehab702 Thu, 22 Jan 2009 17:40:23 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63344 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. 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63340 Angela Thu, 22 Jan 2009 14:35:56 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63340 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! 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 http://www.biggerpockets.com/renewsblog/2009/01/05/firsttime-homebuyer-credit-free-lunch/comment-page-1/#comment-63238 Rehab702 Wed, 14 Jan 2009 22:51:49 +0000 http://www.biggerpockets.com/renewsblog/?p=3274#comment-63238 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. 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.

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