8000 first time home buyer tax credit: First Time Home Buyer Tax Credit For Unmarried Couples - 06/09/10 06:02 AM
If you are unmarried and have purchased a home or will close on your purchase of the home by June 30, 2010 (with a contract that became binding on or before April 30, 2010), you may still be entitled to the first time home buyer tax credit. You and your partner may each be entitled to apply for the tax credit and get a portion of it on your tax return. Make sure you qualify for the tax credit and then file your tax return to get the tax credit.
Read more about the tax credit at ThinkGlink.com
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8000 first time home buyer tax credit: No More Home Buyer Tax Credits: Is Now A Good Time To Buy? - 05/21/10 06:20 AM
The home buyer tax credits that pumped up existing and new home sales are gone.
To take advantage of either the $8,000 first-time home buyer tax credit or the $6,500 long-term home owner tax credit, you must have signed a valid contract by April 30, 2010. You have until June 30, 2010, to close on the deal.
(The only exceptions are if you are a member of the U.S. armed forces, military intelligence, or foreign service on qualified extended duty or if you or your spouse has been deployed overseas for ninety days or more in 2008 and 2009. If that’s … (4 comments)

8000 first time home buyer tax credit: $8000 First Time Home Buyer Tax Credit Questions - 05/21/10 05:52 AM
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: … (0 comments)

8000 first time home buyer tax credit: Buyer Too Early To Qualify For First Time Home Buyer Tax Credit - 04/26/10 07:08 AM
The first time home buyer tax credit was created to help stabilize the market after the housing bubble burst. A home buyer who purchased a house in 2007 was too early to qualify for the $8000 first-time home buyer tax credit.
The $8000 first-time home buyer tax credit is only available to buyers who purchased their first homes in 2008 or through June 30, 2010.
Time is running out to qualify for the tax credit. A binding contract must be signed on or before April 30.
Read more at ThinkGlink.com
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8000 first time home buyer tax credit: Home Buyer Tax Credit Rules On Buying From Family Members - 04/21/10 03:15 AM

 
 
Can you qualify for the home buyer tax credit if you buy a home from your mother-in-law? How about your uncle or sibling?
The IRS originally said that you couldn't qualify for the home buyer tax credits if you bought your house from a family member. However, some of the rules have changed and you may be able to qualify for the home buyer tax credit, depending on from which family member you purchase your home.
Read more about the rules at ThinkGlink.com. Get more details also by contacting your tax preparer.
 
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8000 first time home buyer tax credit: Time Ticking on First Time Home Buyer Tax Credit - 02/10/10 08:39 AM
If you're looking to take advantage of the $8,000 first time home buyer tax credit, time is ticking. The new home must be closed by June 30, 2010. There are also income requirements, and the new house must be your new permanent residence.
To read more about time restrictions on the tax credit, visit: ThinkGlink.com
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8000 first time home buyer tax credit: Do You Qualify For A Home Buyer Tax Credit? HomeBuyerTaxCredit.com Can Help - 01/18/10 05:14 AM
The site does an excellent job of explaining the ins and outs of the tax credit tax law.Every day, someone writes me to ask if they qualify for one of the home buyer tax credits.
I try to answer to as many people as I can, either directly, or through my weekly newspaper column and articles at ThinkGlink.com. But I can't always get to everyone, and there's a new tool out there that might help a lot of people get answers to their questions.
Better Homes and Gardens Real Estate launched a new website last week: HomeBuyerTaxCredit.com.
The website is well-designed. … (0 comments)

8000 first time home buyer tax credit: 8000 Tax Credit First Time Home Buyer Requirements: Buying From A Relative - 12/02/09 08:43 AM
Q: I am in the process of purchasing my first home and have a question about buying from a "relative." The house belonged to my Father's aunt who has passed away. I will be purchasing it from her estate and the executor of her estate is my Grandmother. Will I still qualify for the first-time buyer tax credit?
A: You can probably purchase the home from your great aunt’s estate and still qualify for the $8,000 first-time home buyer tax credit.
The IRS rules state you cannot purchase a home from a close relative, and the regulations specifically mention a parent, … (2 comments)

8000 first time home buyer tax credit: Don’t Take $8,000 First Time Home Buyer Tax Credit If You’re Not Eligible Or Jail Time Awaits - 07/29/09 04:04 AM
It had to happen: With $8,000 in free cash available to first-time home buyers (and those who haven’t owned a home in the past three years), somebody had to take advantage of the situation. The Internal Revenue Service announced this morning its first successful prosecution related to fraud involving the first-time homebuyer credit and warned taxpayers to beware of this type of scheme.
According to the IRS statement, last Thursday, a Jacksonville, Fla.-tax preparer, James Otto Price III, pled guilty to falsely claiming the first-time homebuyer credit on a client’s federal tax return. Price faces the possibility of up to three … (7 comments)

8000 first time home buyer tax credit: Do You Need to Repay The $8,000 First Time Home Buyer Tax Credit? - 07/23/09 05:47 AM
 
Under what circumstances do you have to repay the $8,000 first time home buyer tax credit? If you bought your first home in 2008, you may have qualified for the $7,500 first time home buyer tax credit that has to be repair in equal $500 installments. But if you bought your home in 2009, you don't have to repay the $8,000 first time home buyer tax credit except in certain circumstances. Here are the rules for knowing when you have to repay the tax credit, so you don't run afoul of IRS rules. IRS Form 5405 First Time Home Buyer … (1 comments)

 
Ilyce Glink, Best-selling author, award-winning TV/radio host. (Think Glink Media)

Ilyce Glink

Best-selling author, award-winning TV/radio host.

Chicago, IL

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