Comments on: First-time Home Buyer Tax Credit Provides up to $7,500

By: Kristina

Kristina — Thu, 11 Mar 2010 03:34:10 +0000

My husband and I purchased a home from my parents in November. It was a legitimate purchase for fair market value.
We went through an attorney, commercial lender, Realtor (for parent’s new home), and none of those parties had any knowledge of the “relative clause”. The home sale was $230,000, and we now have a first mortgage through our credit union for $155,000. There is no hanky-panky here. We had a truly legitimate sale, and we want to be treated as legitimate buyers. I am feeling completely discriminated against by the IRS for my relation to the seller, under their assumption that family sales are simply abuse. Which agency or individual can I contact to petition this?

By: sharonne

sharonne — Mon, 15 Feb 2010 19:36:06 +0000

Is the 7500 tax credit for anyone who bought their house in 2008? I bought my house in March 2008 and want to know do I qualify.

By: Allison

Allison — Sat, 30 Jan 2010 16:43:20 +0000

I have the same question Julia. We bought in Oct. 2008 and the lady we used to do our taxes did not even tell us about the first time home buyer credit. I just found out about it and I need to know how to get it on this year’s return?? Everything I am finding is stating that to get a credit on this year’s return your house has to be purchased in January 2009- 2010.

By: Julia

Julia — Mon, 25 Jan 2010 05:03:48 +0000

I purchased a home in July of 2008, but did not have to file a tax return for that year. Since I will be filing this year for 2009 is there a way to claim the 7500 1st time home buyer this tax year?

By: Erica McGill

Erica McGill — Thu, 21 Jan 2010 14:51:13 +0000

Please let me know if you hear anything back on your question. We bought our home in May 2007 and were told the same thing about the 7500 interest free loan that had to be payed back over 15yrs. We did not opt in for then but this year we tried to ammend our taxes and they said there was no such thing.

By: James

James — Tue, 05 Jan 2010 23:57:41 +0000

I bought my first home in Aug.2006 On contract from a friend, but then i got the money though a Bank, home loan in July 2009, and payed off the contract. Is it possible that i would qualify for and tax intensives?

By: Marie

Marie — Mon, 04 Jan 2010 19:12:35 +0000

To Jamie and Brandy, June 10 comments: I too purchased a house and closed in aug 2007 and was told by my mortgage co that I qualified for first time home buyer. It wasn’t the same as the Obama first time home buyer credit BUT a first time buyer credit did exist at that time. I am trying to find more info on it.

By: Brandon

Brandon — Fri, 21 Aug 2009 23:44:20 +0000

Patrick,

No you can’t claim both because how much you get is dependent on when you bought the house and the dates don’t overlap. Since you bought your house this year you get the $8,000. Don’t be greedy.

By: Patrick

Patrick — Fri, 21 Aug 2009 19:30:14 +0000

Can you claim the $7500 and the $8000 together? I purchased my house in april 2009.

By: Brandon

Brandon — Thu, 11 Jun 2009 22:33:21 +0000

Brooke, the updated version of the First Time Home Buyer’s Tax Credit law may include something that removes the relatives restriction. I can’t recall. Find the text online for the bill (signed into law on February 17th I believe) to see if there is mention of the relatives-related text. If there is no mention of it then you can’t get the $8000 or the $7500 because if it wasn’t changed then the original rule still applies which disqualifies you from both. If the relatives restriction was removed then you get $8000 because you bought within the time frame specified to receive the $8000.