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

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.

By: Brooke

Brooke — Thu, 11 Jun 2009 13:45:50 +0000

We are closing on our home June 20, 2009, with or without the credit.
We are purchasing the home from our father in law with a lawyer drawn purchase agreement, the standard one that is used in Texas.
There is just no way around the relative issue? I’d even utilize the $7500 one if we could.
Thanks.

By: Brooke

Brooke — Thu, 11 Jun 2009 13:45:07 +0000

We are closing on our home June 20, 2009, with or without the credit.
We are purchasing the home from our FIL with a lawyer drawn purchase agreement, the standard one that is used in Texas.
There is just no way around the relative issue? I’d even utilize the $7500 one if we could.
Thanks.

By: Brandon

Brandon — Wed, 10 Jun 2009 22:22:22 +0000

Jamie, the first time home buyer’s credit wasn’t even created until April of 2008. Although they amended portions of it in the details of Obama’s wishlist that was approved in Feburary, they did not make it retroactive to 2007. People who qualify and bought a house in 2008 get $7500 and people who qualify and bought a house in 2009 get $8000. People who bought/buy in 2007, 2010 or any other year do not qualify. There may be other tax credits you qualify for though.

By: Jamie

Jamie — Wed, 10 Jun 2009 19:34:24 +0000

We closed on a house in Aug. 2007. Does anyone know about any tax credit for 1st time home owners who closed in 2007?

By: irmgard grace

irmgard grace — Mon, 08 Jun 2009 16:42:50 +0000

if i buy a home under a land contract ,do i still qualify for the 8000 tax credit

By: WILL

WILL — Thu, 21 May 2009 23:27:32 +0000

Brandon,
It’s a metaphor, meaning we will all pay for it some how. Including the 8000. That free loan help me out a lot. I’m just glad that I did not buy earley. I’m also glad that I did not buy Later, because of the mulitiple offer wars going on in my area that I live in. Plus the programs that they offered when we bought, they dont have anymore.

By: Brandon

Brandon — Thu, 21 May 2009 20:59:47 +0000

Will, What do you mean you know that you will be paying back the $7500 plus more? The $7500 is basically an interest free loan and you don’t have to start paying it back for 2 years after you claim it on your taxes.