first time home buyer tax credit: Housing Market Predictions: Home Values Continue to Sink
- 06/13/11 08:50 AM
By any measure, last week was a tough week for the housing market: According to the latest S&P Case/Shiller Index, home values have fallen back to where they were in 2002, although in some of the hardest-hit neighborhoods, housing values have fallen back to where they were in the 1990s, or earlier.
Pending home sales dropped 12 percent from the prior month, according to the National Association of Realtors. That is the lowest number since September, 2010, which is when the last installment of the home buyer tax credit ended.
Unemployment has remained stubbornly high. This week, more than 422,000 people filed … (2 comments)
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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)
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first time home buyer tax credit: 3 Reasons Why Now The Best Time To Buy A Home
- 04/21/10 04:09 AM
While it is harder to get financing than it was several years ago (when all you needed was a pulse instead of all the paperwork that’s required today), there are at least 3 reasons why now is the best time to buy a home:
Home Buyer Tax Credits. As long as you have your paperwork done by April 30 and can close by June 30, and you qualify, you’ll could eventually pocket up to $8,000 for a first-time home buyer tax credit or $6,500 for a long-term homeowner tax credit. Mortgage Interest Rates Are At 40-Year Lows. Just because you could … (3 comments)
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first time home buyer tax credit: Land Contract Tax Consequences Don't Allow You To Qualify For $8000 First-Time Home Buyer Tax Credit
- 04/21/10 03:21 AM
A land contract is known in some parts of the country as “purchases installment contracts for deed” or “contracts for deed.” Land contract tax consequences don't allow you to qualify for the first time home buyer tax credit.
Even if you received title on your home this year, if you entered into the land contract years ago, the IRS views you as the owner since you entered into the land contract.
Read the full story on land contracts at ThinkGlink.com
… (0 comments)
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first time home buyer tax credit: There's Still Time! Do you Qualify for the Home Buyer Tax Credits?
- 03/17/10 07:01 AM
Q: I have rented an apartment for the last 5 years. I started renting after I got divorced. My ex wife and children live in the old home. The home and loan are completely in my name and my divorce paperwork indicates my wife is responsible for the payment. I have not lived there for 5 years.
I would like to buy a home and stop renting. The way I read all the rules I don't think I qualify as a first time homebuyer since the loan on the old house is in my name (although it has not been my … (2 comments)
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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
… (0 comments)
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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)
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first time home buyer tax credit: Home Buyer Tax Credit Cut-Off Dates: Do I Qualify?
- 11/17/09 03:33 AM
Q: I have heard about the new tax credit for first-time buyers and was wondering if I would be eligible under the new law that was just passed.
I purchased my home on March 17, 2008. That was about 20 days before the tax credit was announced.
This was my first house that I purchased and with the new law passed I’m curious to know if I now qualify for some sort of tax credit. Thanks.
A: The federal government offered a $7,500 tax credit for first-time buyers who purchased a home after April 8, 2008 through December 31, 2008. This … (0 comments)
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first time home buyer tax credit: $8000 First Time Home Buyer Tax Credit and Closing On New Construction
- 11/16/09 02:59 AM
Q: I have lived in my home more than 32 years. I signed a contract to build a new home on my lot for $400,000. It will be ready next September. I’ll move out into a rental during construction. Do I qualify for the new $6,500 home buyer tax credit? Please let me know. I expect to close on the construction loan by December 5, 2009.
A: If you’re tearing down your existing home and building a new home on your own lot, you will not qualify for the first-time home buyer tax credit.
If you’ve purchased a lot and are … (0 comments)
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first time home buyer tax credit: $8,000 First Time Home Buyer Tax Credit: Trying to Buy and Inherit a Home At The Same Time
- 11/05/09 01:40 AM
Q: The closing on my house will occur at the end of October or the beginning of November. I should be eligible for the $8,000 first-time home buyer tax credit.
But here’s the wrinkle: I will be inheriting a house in November when my father's estate comes out of probate. Will that make me ine
ligible for the $8,000 first-time home buyer tax credit? I plan to live in the house that I am purchasing.
A: The rules relating to the $8,000 first-time home buyer tax credit require you to be a first-time home buyer by the date of the closing. … (0 comments)
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first time home buyer tax credit: Have You Heard The News? $8,000 First Time Home Buyer Tax Credit To Be Extended and Expanded
- 11/04/09 05:53 AM
First time home buyers and others can celebrate soon. There's movement to extend and expand the first time home buyer tax credit. But wait, there's more. The new and improved home buyer's tax credit will be expanded to include higher income earners and existing home owners. The fragile real estate may have hit a jackpot as the expanded and improved tax credit was surely supported by the real estate industry and residential mortgage brokers. It's the new and improved home buyer tax credit.
Senate negotiators announced during the last week of October that they had come to an agreement on extending … (2 comments)
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first time home buyer tax credit: Do You Qualify For The $8,000 First Time Home Buyer Tax Credit?
- 10/12/09 03:02 AM
To qualify for the first time home buyer tax credit, you can’t be a nonresident alien. That is to say you must be legally in the United States with the right to reside here. So if you were a tourist coming for a visit, you would not qualify for the tax credit. You would also not qualify for the tax credit if you were undocumented and living in the United States illegally. You also must not have not owned a home during the last three years and your modified adjusted gross income must be less than $75,000 per year.
Q: I … (0 comments)
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first time home buyer tax credit: Have You Sent Yours In?
- 09/18/09 04:23 AM
When the going gets tough, the National Association of Realtors contacts its million-plus members and encourages them to get going.
The Realtors put up a video encouraging its member real estate agents and brokers to contact their Congressional representatives demanding an extension of the $8,000 first time home buyer tax credit.
The accompanying form letter (ready to be filled in online and sent) states that the current $8,000 first-time home buyer tax credit “has definitely been a success. Homebuyer interest and housing sales increased almost as soon as the ink was dry…”.
The Realtors say that if Congress doesn’t act “NOW” … (2 comments)
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first time home buyer tax credit: Free Money: How Many Homeowners Took The $8,000 Tax Credit?
- 09/11/09 07:59 AM
Free money falling - better act fast to scoop it up.
In a speech last week, Vice President Joe Biden announced that some 320,000 first time home buyers took up the government on its offer of an $8,000 tax credit. If the national median home price in second quarter of 2009 is $174,100, that’s around $40 to $50 billion in home sales driven by the tax credit.
The true dollar volume of sales to first-time home buyers is probably somewhat lower than that, since first-time home buyers typically buy less expensive homes.
But the point works even if the dollar volume … (0 comments)
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first time home buyer tax credit: Will The $8,000 First Time Home Buyer Tax Credit Be Extended?
- 09/10/09 07:48 AM
Although there has been a fairly strong push from housing-friendly lobbying organizations, including the National Association of Realtors, Mortgage Bankers Association of America, and the National Association of Home Builders, Congress left for the August recess without extending the $8,000 first time home buyer tax credit.
If you’re planning to use the credit (you’re a first time home buyer or haven’t owned a property in the past 3 years), you’d better get moving. My sources tell me that if you haven’t found the property, you want to buy by the end of September, or you’ll run out of time to … (0 comments)
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first time home buyer tax credit: Who Counts As A "Relative" Under The $8,000 Home Buyer Tax Credit?
- 09/02/09 03:34 AM
$8,000 first time home buyer tax credit rules for buying from relatives are very specific. The IRS has specific guidelines on who is or isn't considered a relative for purposes of the first time home buyer tax credit.
For the purposes of helping buyers figure out from who they can buy a property and still qualify for the $8,000 first time home buyer tax credit, the IRS defines “relative" on its documentation as a parent, child, grandparent or grandchild.
Siblings, aunts and uncles aren’t mentioned on some of the forms but buyers are referred to IRS Publication 544 … (3 comments)
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first time home buyer tax credit: $15,000 Home Buyer Tax Credit Gets Another Boost
- 08/24/09 04:51 AM
It isn’t just the National Association of Realtors, Mortgage Bankers Association of America, the National Association of Home Builders and Sen. Johnny Isakson (R-GA) who want a $15,000 home buyer tax credit.
According to Bruce Hahn, president of the American Homeowners Grassroots Alliance, 70 million homeowners want it as well.
With prime mortgage foreclosures and delinquencies now approaching 20 percent, Hahn believes the time is right to not only extend the $8,000 first-time home buyer tax credit - but expand it to $15,000 and make it available to all home buyers, even millionaires.
The House (H.R. 1245) and Senate (S.1230) … (5 comments)
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first time home buyer tax credit: Exceptions To The $8,000 First Time Home Buyer Tax Credit -- Know The Rules
- 08/17/09 04:20 AM
The $8000 first time home buyer tax credit is quite a bit of money. But you must meet all the guidelines and restrictions.
According to the IRS, you cannot take the $8000 first time home buyer tax credit, even if you buy a principal residence, if:
1. Your income exceeds the phase-out range. This means joint filers with modified adjusted gross income of $170,000 and above and other taxpayers with modified adjusted gross income of $95,000 and above.
2. You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
3. You stop … (4 comments)
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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)
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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)
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By any measure, last week was a tough week for the housing market: According to the latest S&P Case/Shiller Index, home values have fallen back to where they were in 2002, although in some of the hardest-hit neighborhoods, housing values have fallen back to where they were in the 1990s, or earlier.
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