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Quiz: 2009 FIRST-TIME HOME BUYER TAX CREDIT

By
Real Estate Agent with United Country Ponderosa Realty, Red Feather Lakes, Colorado

Quiz: 2009 FIRST-TIME HOME BUYER TAX CREDIT

 

QUESTION:  What types of homes do not qualify for the tax credit?

 

•a.       Mobile Homes?

mobile home

•b.      Townhouses?

Townhouse

•c.       Houseboats?

house boat on lake powell

•d.      They all qualify?

 

ANSWER: d. they all qualify!

"Basically any home that is used as a principal residence qualifies for the tax credit, including single-family houses, mobile homes, townhouses, condos, manufactured homes and even houseboats. Generally, you must spend 50 percent or more of your time in the home for it to be considered a principal residence."

From time to time, I like to take the Quizzes in the REALTOR® Online Magazine.  You don't have to be a REALTOR ® to take the quizzes, or read the articles.  There is a lot of good information there for consumers, real estate agents and brokers, alike. Take the rest of the Quiz, and find out if you have all of the facts about the First-Time Home Buyer Tax Credit.

It's always a good idea to consult with your accountant or tax consultant prior to making any investment.

************************************************************************************

Mary Douglas, your Mountain Broker-Associate and REALTOR®

United Country  Ponderosa Realty, Red Feather Lakes, CO

www.redfeatherlakes.com ---800-531-2195

"A Day in the Mountains will always soothe your city soul"

The information contained in Mary's blog is deemed reliable but is not guaranteed, and the opinions and        views expressed in these articles are solely those of the author.

Posted by

Website: www.marydouglas-redfeatherlakes.net

 

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Comments(28)

Tammy Lankford,
Lane Realty Eatonton, GA Lake Sinclair, Milledgeville, 706-485-9668 - Eatonton, GA
Broker GA Lake Sinclair/Eatonton/Milledgeville

My sister in law used to live on a houseboat.  Yeah I got it right.  I'm going to go and take the entire quiz though.

May 25, 2009 03:33 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Tammy, Did she like living on the house boat?  It sounds like it would be fun.  OH!! you are such a smarty to get that right.  That was the one question I got wrong, so I'm sure you got the rest of them correct too! :-)

Here is a big A+ for you !!  Thanks, Tammy!

May 25, 2009 04:01 PM
Charlie Harden
Columbia, SC

Thanks Mary.  Good to know!  Like Tammy, I had a friend that lived on a houseboat.  He did it between marriages and got it out of his system.  It's still in my system!  I'd love to do have one for weekends, etc...

May 26, 2009 12:43 AM
Craig Rutman
Helping people in transition - Cary, NC
Raleigh, Cary, Apex area Realtor

Great quiz Mary!

There's so much confusion about this credit that it's nice to see a blog like this to help out the masses!

Well done, as always, my friend!

 

May 26, 2009 01:15 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Charlie, I think I would love to live on a houseboat...but I would probably like your idea of weekends, not as a permanent residence!  Thanks for stopping by, Charlie!

 

Hi Craig, Before the quiz, I would've been confused about the mobile homes and house boats, That is for certain!  Thanks for your comments, friend!

May 26, 2009 07:51 AM
Sandy Shores FL Realtor®, Melbourne Real Estate
M & M Realty of Brevard Inc. - Melbourne, FL
Brevard County Real Estate, Florida's Space Coast

Well Miss Mary, I also learned something new. I did not know that houseboats qualified.  I love the fun way you presented the quiz - made me feel like I was back in school again.

May 26, 2009 12:53 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hey Sandy, thanks -- everyday in Real Estate makes me feel like I'm in school again still ! LOL  I did not know about the houseboats either!!

May 27, 2009 02:42 PM
Maria Morton
Platinum Realty - Kansas City, MO
Kansas City Real Estate 816-560-3758

Mary, this quiz is a wonderful idea! A houseboat as a primary residence would mean having a big garage sale or giveaway to clean out my basement and garage first.

May 27, 2009 03:07 PM
Sheldon Neal
Bergen County, NJ - RE/MAX Real Estate Limited - Maywood, NJ
That British Agent Bergen County NJ

Wow ! Houseboats too ! Who knew !?!?!?!?

 

... well clearly you did, but none of the rest of us seemed to !!

Cheers Mary !!

Sheldon :o)

May 27, 2009 03:34 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Sheldon! I did not know until I took the quiz !! :-)  So Welcome Aboard!!  Thanks, Sheldon!

May 27, 2009 03:41 PM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Maria,  I agree, If I had to move to a house boat it would be a major gargage sale!  What a refreshing idea!!  I'm glad you like the quiz, Thanks Maria!

May 27, 2009 03:52 PM
Jina St James
St James Team: The Cutting Edge, Realtors - Colorado Springs, CO
The Key to Your New Home

Great Info..Mary. Love reading your blogs

May 27, 2009 06:33 PM
Lanre-"THE REAL ESTATE FARMER" Folayan
Samson Properties - Bowie, MD
I don't make promises.I deliver results.SOLD HOMES

Mary Douglas, REALTOR ®, Red Feather Lakes, Colorado (United Country Ponderosa Realty)-Mary I have been taking quizzes at Realtor.org lately to brush up and gain more real estate knowledge. Knowledge is Power. Great post.

May 28, 2009 12:45 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Jina Thank you for stopping by today! I appreciate that!

 

Hi Lanre, I agree with you, the quizzes are a great way to brush up on certain topics - and they have a lot of them to choose from.  Thank you for commenting on my post, Lanre! Knowledge is Power!

May 28, 2009 12:39 PM
Mike Jones
SUNSTREET MORTGAGE, LLC (BK-0907366, NMLS 145171) - Tucson, AZ
Mike Jones NMLS 223495

Mary,

Now there's something I didn't know before reading your blog at 5:40 this morning.  Think I'll go get a cup of joe.

Mike in Tucson

May 29, 2009 12:41 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Mike, Coffee is the first thing I would be looking for at 5:40 in the morning!!  Thanks for stopping by and happy Friday!

May 29, 2009 01:54 AM
Russel Ray, San Diego Business & Marketing Consultant & Photographer
Russel Ray - San Diego State University, CA

One could buy a new houseboat, take the $8,000, and sail off into the sunset! LOL

May 29, 2009 02:42 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Russell, Yes indeed! and I imagine an $80,000 house boat would be quite nice!  I haven't priced them, but the idea is very intriguing!  I appreciate you stopping by today! Thank you Russell!

May 29, 2009 06:24 AM
Melissa Zavala
Broadpoint Properties - Escondido, CA
Broker, Escondido Real Estate, San Diego County

I'm surprised that the houseboat qualifies, since it is technically personal property. Interesting.

May 30, 2009 01:57 AM
Mary Douglas
United Country Ponderosa Realty, Red Feather Lakes, Colorado - Red Feather Lakes, CO
REALTOR, Red Feather Lakes, Colorado

Hi Melissa, That surprised me too, as well as the mobile home;  If they are in a park, they are considered personal property, too, until placed on a foundation. Thanks for your comments!  Happy Saturday!

May 30, 2009 03:11 AM