$8000 First Time Home Buyer Tax Credit Questions

We have written dozens of articles on the first time home buyer tax credit. If you didn't have a binding contract signed on or before April 30, 2010, you won't qualify for the first time home buyer tax credit or the move up home buyer tax credit for $6500.

If you did have a binding contract signed on or before April 30, 2010, you must close on that purchase no later than June 30, 2010. Your settlement statement from the purchase must be dated on or before June 30, 2010.

Still have questions? Here are two we received from readers.

Q: We wrote an offer to purchase a house on April 25. After negotiating back and forth, we finally completed negotiations today, May 7th. Since the initial offer was dated April 25, would we still qualify for the 1st time buyer tax credit ?

Q: What happens if my current home has been a rental and the homeowner has not lived in it for a five-consecutive-year during the eight-year period? Will the homeowner who had just purchase a new house in another state (as a primary place of residence) qualify for a home buyer tax credit? If so, which one? The $8,000 first-time home buyer tax credit or the $6,500 long-term homeowner tax credit?

A: Find the answers on the full story at ThinkGlink.com