Federal Tax Credits $8000 & 6500

[Samantha S]

Originally Posted by mxz800

Can someone help??? My wife purchased our home 7 years ago in just her name because I was away on active duty in the military...she was my girlfriend at the time. I lived in the house with her, being married, and claiming joint tax returns for 6 years. Will we qualify for the $6,500.00 if the house was just in her name???

That's a question for a tax specialist (please don't ask a real estate agent.) I would venture to say no, because the house is jointly owned via the marriage (at least in Kansas) and besides the new purchase would be a joint purchase with your wife clearly not a first-time buyer.

But it's worth checking into!

[mxz800]

I'm referring to the $6500.00, not the $8000.00 first time home-buyer.

[Samantha S]

Originally Posted by mxz800

I'm referring to the $6500.00, not the $8000.00 first time home-buyer.

Oh, sorry. In that case, I don't see why not. Still a question for a tax person though.

[Foreverking]

I asked H&R block, but I don't think they understand how to answer the question:

Here it is:

I bought our home in 2001, Sold it in Feb 2007, bought another one in September 2007, sold it March 2008. To get the 6500 bucks, do I have to CURRENTLY live in a house, or Does the fact that I have lived in a house for 5 of the past 8 years qualify me. I don't currently live in a home, and have not since March of 2008. I will be closing on a home in May.

[MaryleeII]

Originally Posted by Foreverking

I asked H&R block, but I don't think they understand how to answer the question:

Here it is:

I bought our home in 2001, Sold it in Feb 2007, bought another one in September 2007, sold it March 2008. To get the 6500 bucks, do I have to CURRENTLY live in a house, or Does the fact that I have lived in a house for 5 of the past 8 years qualify me. I don't currently live in a home, and have not since March of 2008.

the credit is for a home you buy, not on one you sell.

also, don't get too excited about thatt tax credit, its misleading.

Its the lessor of: 10% of the purchase price of your new home, or
$6500

ok, so if you bought a house for $250000, your credit would be $2500. That would not be money in your hands at closing, it a credit against taxes owed. If you have more credit than taxes, you would get the difference in cash, from the IRS, next tax season.

[MaryleeII]

Originally Posted by Deines-Paulson

Everyone the Fed has extended the tax credit for first time buyers til the end of April 2010. In addition they are offering existing homeowners a $6500 credit. In the know real estate agent here!

Don't mislead people!

its either $6500, or 10% of the purchase price of the new home, whichever is lower. Read the fine print---up to $6500 credit

[Foreverking]

Originally Posted by Foreverking

I asked H&R block, but I don't think they understand how to answer the question:

Here it is:

I bought our home in 2001, Sold it in Feb 2007, bought another one in September 2007, sold it March 2008. To get the 6500 bucks, do I have to CURRENTLY live in a house, or Does the fact that I have lived in a house for 5 of the past 8 years qualify me. I don't currently live in a home, and have not since March of 2008. I will be closing on a home in May.

I edited this to mention that I will be closing on a home in May 20th. I just want to know if by not owning a home since Feb of 2008 disqualfies me for the 6500 dollars ?

[Samantha S]

Originally Posted by Foreverking

I edited this to mention that I will be closing on a home in May 20th. I just want to know if by not owning a home since Feb of 2008 disqualfies me for the 6500 dollars ?

I'm betting that it does, but you need to consult a tax advisor.

And Marylee, you are quite right. Our resident "in the know real estate agent" has proven more than once that he's not so "in the know" ...

[Foreverking]

So is there a in the know Tax advisor somewhere out there. I called some, and they did not even know that you only have until june 30th to close and clame the credit.