Comments on: $8,000 First-time Home Buyer Tax Credit - More Questions

By: Gift Taxes

Gift Taxes — Fri, 20 Nov 2009 06:59:06 +0000

This would be very beneficial to first time home buyers. I learned so much from this post. Thank you so much!

By: Estate Taxes

Estate Taxes — Thu, 19 Nov 2009 05:49:55 +0000

It’s good that there’s like an extension for more questions regarding the $8,000 First-time Home Buyer Tax Credit because you answered my question if I’m going to buy a home from those who are not first timers. Thanks! It’s really a great help especially the link for the expanded explanation.

By: Molly

Molly — Fri, 18 Sep 2009 22:45:50 +0000

What happens if I always get a tax refund at the end of the year and I buy a house for the first time, does it mean I will get my usual refund plus 8000 or what? I am very curios.

By: connie

connie — Thu, 27 Aug 2009 15:22:30 +0000

Does anyone know the answer…my husband and I are trying to help out 20 year old daughter buy a house. She is a full time student and works part time - she pays all her own bills and is currently renting a house. In order for her to qualify for a mortgage loan, we would have to co-sign the loan with her. Would she qualify for the 8000 rebate?

By: Lewis CPA

Lewis CPA — Thu, 23 Jul 2009 08:15:27 +0000

The Federal Housing First Time Home Buyer Tax “Credit” is really a no interest loan that must be paid back over 15 years. You receive the credit by claiming it on your Federal income tax return (the line it is on depends on what IRS tax form you use to file your taxes). Married couples making less than 150K and single people who make less than 75K can receive the full $7500 credit, but you must purchase the home between 4/9/08 and 6/30/09 to qualify.

By: Nikaniki

Nikaniki — Mon, 22 Jun 2009 14:55:23 +0000

I usually don

By: Donna Sweeney

Donna Sweeney — Fri, 05 Jun 2009 00:53:10 +0000

Not a happy camper that Congress feels a Mobile home in a mobile home park is considered a home and then disqualifies us for the first time home buyer credit. I do not get any interest on my loan as it is a Rec Vehicle loan and the taxes to the city are considered permit fee. This Condo we are purchasing is our first home. Even the people buying our mobile home when we sell it get 10% of the sale price. Not fair at all.

Most people buy a mobile home because they do not have enough downpayment for a home and are trying to rebuild their credit.

Thanks Congress for thinking of the Middle Class.

By: Mike, FSBO.com

Mike, FSBO.com — Sat, 23 May 2009 01:34:09 +0000

My cousin just closed on his first house May 4, 2009. The next day went back to his accountant, who filed an Amended 2008 Federal Tax return and his $8000 check is in the mail right now

By: Shanon

Shanon — Fri, 22 May 2009 03:53:39 +0000

We are trying to figure out if it is an actual 8k we would get back or 8k credit that ends up being considerably less? (especially if it bumps us into a higher tax bracket or something) Also, I just have to close on the house before the end of the year 12-31-09, right?

Thanks, Shanon

By: David

David — Mon, 04 May 2009 08:14:08 +0000

I was hoping that the senate might do more but something is better than nothing.
I have never bought a home but unfortunately my wife has so it doesn’t look like we will even qualify.
Thanks for your explanation.