Comments on: First Time Home Buyer Tax Credit

By: james hunsinger jr

james hunsinger jr — Thu, 11 Aug 2011 22:31:18 +0000

What if you bought your house on April 8, 2008. To me it seems that this is included but according to the IRS, it is not. Now I owe $8200.00. I cannot believe that it does not count for april 8th. do you think i can argue that with the IRS. I’m going to pay it back anyway and already started

By: A Beautiful Sixty-01 Condo for Sale

A Beautiful Sixty-01 Condo for Sale — Tue, 09 Feb 2010 02:17:07 +0000

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By: Toby Barnett

Toby Barnett — Mon, 01 Feb 2010 18:20:30 +0000

Hi Mike, at anytime the property has to be sold, within the 3 recapture period, then the homebuyer tax credit would have to be repaid no matter the reason. To avoid have to repay the credit back, and you’re still forced to relocate, you may want to check into renting the property.

By: Mike

Mike — Sun, 31 Jan 2010 01:16:07 +0000

if you are relocated when do you have to pay the 2008 tax credit back

By: Toby Barnett

Toby Barnett — Fri, 26 Jun 2009 16:34:44 +0000

Hi JoAnne, I corrected the mistake. The 2009 tax credit applies to home purchased on or before December 1, 2009, http://www.irs.gov/newsroom/article/0,,id=204671,00.html.

After reviewing the IRS’s website it appears both tax payers can claim for the credit if and only if they are first time home buyers amd where using the home as their primary residence. There are many scenerios on the IRS’s website at http://www.irs.gov/newsroom/article/0,,id=206294,00.html which may help.

By: JoAnne

JoAnne — Thu, 25 Jun 2009 23:34:58 +0000

I have 2 questions. “There is no repayment for purchases on or after January 1, 2009 and before July 1, 2009.” and yet below it says program ends Dec. 2009. Which is it? The credit only applies if you purchase before July 1, 2009 or before Dec. 2009?
Also, can two primary home owners apply for 50% of the 10% credit of the purchase of the home? i.e. Home cost is 150K. Each can apply for credit of $7500? (each?)

By: Toby Barnett

Toby Barnett — Mon, 06 Apr 2009 21:05:11 +0000

I do not believe it will count towards income in the 2009 because its not income, its a 2009 tax credit and that’s not classified as income.

By: RICHARD

RICHARD — Mon, 06 Apr 2009 20:16:39 +0000

YES …THATS EXCATLY WHAT I MEAN,,,,WILL IT BE CONSIDERED INCOME NEXT YEAR IF I RECIEVE THE 8000 THIS YEAR???

By: Toby Barnett

Toby Barnett — Mon, 06 Apr 2009 16:46:44 +0000

Hi Erika, as far as I understand it yes. One of my clients who purchased in 2008 did an amended tax return and is currently waiting for the $7,500 additional.

By: Erika

Erika — Sun, 05 Apr 2009 01:17:17 +0000

This tax credit is in addition to your income tax rebate after filing?

My husband and I have gotten about 4800 back for the past 2 years on our income taxes. So does this mean we will get $12,800 in April of 2010 if we buy a house in 2009?