Can you use tjhis tax credit in 08 for a home purchased in 09??

Yes - the tax credit can be taken on 2008 returns.   If they've already been filed, just file an amended return.  Congress wanted to get this $$$ into people's pockets now rather than next year.

I am supremely disappointed that the tax credit wasn't expanded to all home buyers. I sold my house 2 years ago and am ineligible for the tax credit because I lived in a home 2 years ago. When I sold my home, I paid off the second mortgage with the proceeds and walked away with nothing. I have a decent income to afford a new house, but the credit would have helped with the first year of ownership.

Be thankful you aren't in bankruptcy from having to sell your house far short of what you paid for it Kari

Yay, yay, and yay!! I will be doing my part to stimulate the economy soon.

Hello,

Does anyone know if one can claim the $8000 credit this year if the newly constructed house bought today does not go into settlement until 7/09? Someone mention filing a tax extension, but the question is can we file by 4/15 and still able to claim in anticipation of future settlement?

Thanks,
JT

Hi there.  I live in the area, but I am a Foreign Service Officer (U.S. Department of State).  I can get called to overseas duty at any time for up to 4 years.  I meet the requirements for the credit (first time home buyer, income less that $75K, etc.).

If I buy a home, say in August (or whatever), and then get called to overseas duty next January (after living there for only a few months), basically, are there exceptions for cases like mine to the 3-year live-in minimum?

Thank you so much,

Greg

So does this not apply to people who bought a house in December of last year? I knew we were going to get the $7500, but are we going to have to repay it still, or no?

My wife and I are in the process of buying a house now. Is one eligible for the tax credit in a state that considers you a first time home buyer if you are buying a house for the first time in that state? We currently, live in Delaware, but qualify as a first time home buyer when buying a home in Maryland. Any idea what would happen in this situation?

My question is do we qualify for the $8k first time home buyer credit if we have lived in our current home for the past 11 years and are now planning to build a new home? Thanks!

Hi Kristal,  I have a tough one here. I sold my home on Dec. 24 2006. I have rented ever since. I moved out of the home I sold in June of 2005 and it was empty until I sold it in Dec, 2006. I was living at my girfriend's home and getting my mail there since June 2005. Does this mean I would qualify for the 8000 tax credit because I was no longer living in my "Primary" residence? Is it still my "Primary" residence when it is sitting empty for a year and a half?

I've had trouble getting a clear answer on this, I would really appreciate your expertise!

Thank you,

Jim

My inlaws have always owned their own house. December of '08 my father-in-law died. Now my mother inlaw has to sell their old house and buy one my wife and I can share with her. This will be the first house SHE has bought, even though THEY have always owned one. Will she be able to claim the $8000 because SHE is a first time home buyer.

Hi,

I sold my home and closed on it in Aug. 2006. I have rented ever since. Do I have to wait till Aug. 2009 to buy my next principal residence to get the tax credit?

Thank you.

do we qualify for the 8000 tax credit if i'm building my first home

What if the first time home owner needs a cosigner to get a loan and the cosigner already owns a home?  Would the first time home owner be disqualified for the $8,000?

Yes, I am in the same situation.  My husband and I have been renting since we've been married.  I'm a student in graduate school.  My husband and I don't make enough to qualify for the amount that we need.  So either my father was going to lend us the difference that we needed as a downpayment.  We also were wondering if he could co-sign the for the loan, he would not be put on the deed.. would this affect us in getting the 8,000 credit?

Hello:

Long story short, I just bought a first home 5/09 and am eligible for the credit. Circumstances have changed and I am looking to sell the same residence this year. Will I be able to claim any of the credit still (36 months ownership rule in irs literature in order to have to repay). Will any losses or gains be affected by the credit? What if I don't file for the credit on my 2009 taxes - can I still claim part or all of the credit if I but another home this fall? Thanks for the feedback...

Question?  I have never owned a home and will be looking to buy in 2009.  My husband was seperated from his ex-wife in 2002 and left their home in 2002. However, their divorce was not finalized and his name taken off of their home until 2007.  Do we qualify for the $8000 firsttime homeowner credit?  That home was not his principal residence since 2002 although he was on the loan until 2007.

I am going through a divorce and it should be final in July 09, separated since October 08. My husband owned our home & it is considered by the court to be "pre-marital." My name was never put on the house, even after we married. He obviously is keeping the house. I have been pre-approved to purchase a house of my own after the divorce is final, however, will I be eligible for the $8000 first time home buyer's credit? Thank you for your time.

I am in the same situation, however I am building a home and I will likely close before the divorce is final.  Am I still eligible  for the tax credit?

I understand for a single buyer, the tax credit is capped out for $75000 income.  What if my income is significantly less this year (under the 75000) than it was last year (over 75000)?  Can they use my 2009 info? or must it be my 2008 return?  thanks

tom

I am waiting for a large insurnance claim to pay out. I am waiting for this to pay outright in cash for a condo and leave my husband.  Will I qualify for the tax credit if I buy a condo before the end of the year and am separated from my husband. I did not file a joint return with him last year because of our issues.

Thanks.

Question:

Me and my friend want to purchase a home to live in. He has never purchased or owed a home so I know he qualifies for the tax credit. On the other hand, I own a home which I have been renting out for almost two years.

However, if we apply for a mortage loan together (with me being a co-signer) will he still qualify for the 1st time home buyer's tax credit? We also both make 30k a year, which is 60k together.

Thanks.

I am going through a divorce and it should be final in July 09, separated since October 08. My husband owned our home & it is considered by the court to be "pre-marital." My name was never put on the house, even after we married. He obviously is keeping the house. I have been pre-approved to purchase a house of my own after the divorce is final, however, will I be eligible for the $8000 first time home buyer's credit? Thank you for your time.

PLEASE PLEASE PLEASE let me know . I can't find the answers anywhere.