First Time Homebuyer Credit

[Kat81]

I know a lot of us are buying homes or have bought homes in the past year. I thought I would share this. I just found out about this credit. It is kinda like a loan that has to be paid back in 15 years. You pay 500 a year until it is paid back. It is a 7500 dollar credit (depending on income) for you to have extra money to do house renovations or pay bills or whatever else comes with being a home owner. Here is some more info on it. Anyway, I would ask about it when you are filing your taxes.

Taking the First-Time Homebuyer Credit - TurboTax® Customer Care & Support

[Kat81]

Just bumping for the day crew.

[*Lo*]

Definitely mention to your accountant if you have bought a home, or are planning to! As an accountant, I will be adding it to the list of questions I ask my clients. A $7,500 credit now is fantastic and depending on your situation, the yearly requirement to repay is just added to your taxes and more than likely can be absorbed if you have enough withholdings from your pay checks.

[ACDCDCAC]

huh, thats pretty interesting! good to know

 

 

here's a question for anyone else like me....

 

doug has previously purchased a home, but i have not. would we still qualify for any first time buyers incentives because of me??

[Kat81]

Who is considered a "first-time" homebuyer?

 

Any taxpayer who has never owned a home as a principal residence.

However, you could qualify if you’ve owned a home before, but not as your principal residence during the three years prior to the purchase.

 

Married couples cannot qualify for the credit unless both spouses meet the three-year rule.

[Jess]

This is great - thanks Kat! I need to ask my accountant about this.

[Kelly C]

You know. I would talk to some lenders about this. I have heard that they are trying to stimulate the ecomony and housing that anyone can use the money and now they aren't making you pay it back. I havent been able to confirm this myself, but I sell new homes and another girl in the industry mentioned this. If I can find the site she used I will update with it.

[ACDCDCAC]

sa kat, does that mean that since doug and i have been renting for more than 3 years and not owning a home during that time that we could qualify??

[Kat81]

That is what I get out of it. As long as the house he bought hasn't been your main residence for the past three years you qualify. Are you guys looking into buying?

[Kat81]

Quote:

Originally Posted by Kelly C You know. I would talk to some lenders about this. I have heard that they are trying to stimulate the ecomony and housing that anyone can use the money and now they aren't making you pay it back. I havent been able to confirm this myself, but I sell new homes and another girl in the industry mentioned this. If I can find the site she used I will update with it.

That would be amazing!