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The Tax Credit Might Be A Loan, Or Not
The tax incentive for buying real estate has made it out to the public.  It is a credit or a loan.  It has to be paid back, or not.  It can used in 2008, 2009, or both.  Simply put, it may or may not, you can or can not, you do or you do not, maybe.
If you didn't own a house for three years prior to the closing date of your new property, you get to claim either the credit or the loan, but not both.  You get the loan if you took ownership in 2008.  You get the credit if you took possession in 2009 before some date in November, but if you sell this property before that last day of the next thirty-six months, the government comes after you.
Possession means living in, even if you haven't closed yet.  So anyone who started in 2008 on a lease option, or renters who were already living in the property and then bought from a landlord, or buyers who got to move in, in 2008 but didn't close until 2009, are all in the 2008 category.  That would be the loan version.  Apparently.
Those who close and move in, in ... more

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