How to prove the "listing date" for a house? (Atlanta: for sale, real estate)

[AtlantaGal]

Greetings!

I am purchasing a townhouse in Atlanta and it qualifies for the $1800 state tax credit. One qualification for this credit is that the home must have been up for sale prior to May 11, 2009. When I file my taxes next year I have to include “ a bona fide listing agreement with a real estate agent or broker licensed in this state… or other appropriate documentation to validate the eligibility of the single-family residence.” I plan to ask my agent for this documentation – is there anything specific I should ask for? I’ve looked over my disclosure statements, purchase agreements, etc and I don’t see anything showing the listing date… is this something that can be pulled from the MLS – or is that just the date it was posted to the MLS?

Please help!!

Thanks

[SarahMinah]

Can you use this tax credit in addition to the $8k tax credit?

[WestsideATLCindy]

Yes this is in addition to the 8K tax credit.

You can get your Buyer's Agent to ask the Listing Agent to send them a copy of the Listing printed by the LISTING Agent. THEIR copy will have the listing date on it. It is "hidden" from view to others. I think there is a way for your Agent to get that, too, via a tool that is on FMLS, but it would be super easy for them to just ask the Listing Agent to send a copy via e-mail or fax or mail or hand it to you. That should suffice.

You can also request a copy of the actual Listing Agreement from the Listing Agent. It has the list date on it, of course. They could "black out" any sensitive information about their Clients. I would get both.

Good for you!

Here are the guidelines for the GA Tax Credit in "Q and A" form:

1. Is this tax credit limited to first time homebuyers?
NO, all purchasers of an eligible single family residence in Georgia that file a Georgia income tax return can claim the credit.
2. Can the Georgia credit be combined with the federal $8,000 first time homebuyer tax credit?
YES, if buyers meet the qualification for each credit they may claim both. Each credit operates independently from the other. One is claimed on your federal income tax return, the other is claimed on your Georgia income tax return.
3. Is it true this credit is limited to the purchase of a single family residence?
YES, the tax credit is limited to the purchase of one single family residence.
Single-family residences (including condominiums) are eligible if they are:
* New residences, residences occupied at the time of sale, or previously occupied residences, if such residences:
- Were for sale prior to the effective date (5/11/09) and were still for sale after the effective date;
* Owner-occupied residences with respect to which the owner’s acquisition debt is in default on or before March 1, 2009; and
* Residences with respect to which a foreclosure event has taken place and which are owned by the mortgagor or the mortgagor’s agent.
4. Is it true that eligible single family residences must have been listed prior to May 11, 2009 in order to qualify for the credit?
YES, the original intent of the bill was aimed at reducing the housing stock that has been on the market for an extended period of time.
5. Is it true that only eligible buyers that close between June 1, 2009 and Nov. 30, 2009 can claim the credit?
YES, the intent of credit is to stimulate the market by encouraging potential buyers to get off the fence and BUY NOW!
6. How do I determine the amount of tax credit I am eligible for? The tax credit will be for 1.2% of the purchase price, with a maximum credit of $1,800 (whichever is less). Homes purchased for $150,000 or more will receive a maximum of $1,800.
7. Can I claim all $1,800 on my 2009 income tax returns?
NO, the total amount of your credit must be claimed in one-third increments over a three year period. The maximum credit per year is $600 if you are eligible for the maximum $1,800. Any excess or unused credit may be carried forward to apply to succeeding years’ tax liability.
8. Can I amend my 2008 Georgia income tax return to claim the credit?
NO, the tax credit cannot be applied against prior years’ tax liability.
9. I am looking for investment property or a second home, is the credit available for the purchase of owner-occupied residences only?
NO, all eligible single family residences qualify for the credit. However, each taxpayer can claim the credit one time only.
10. Is there an income limit for buyers who claim the credit?
NO, there are no income limits applicable to this credit.
11. Is there a limit to how long a buyer must own the property to claim the credit?
NO, there is not a limit to how long a buyer must own the property.
12. Does any portion of the credit require repayment for any reason?
NO, if you are awarded the credit there are no penalties that would require you repay any portion of the credit.

[AtlantaGal]

Originally Posted by WhittierMillVillage

Yes this is in addition to the 8K tax credit.

You can get your Buyer's Agent to ask the Listing Agent to send them a copy of the Listing printed by the LISTING Agent. THEIR copy will have the listing date on it. It is "hidden" from view to others. I think there is a way for your Agent to get that, too, via a tool that is on FMLS, but it would be super easy for them to just ask the Listing Agent to send a copy via e-mail or fax or mail or hand it to you. That should suffice.

You can also request a copy of the actual Listing Agreement from the Listing Agent. It has the list date on it, of course. They could "black out" any sensitive information about their Clients. I would get both.

Good for you!

Awesome Thanks so much!!

..off to email my agent!!..

[IntownHomes247]

Originally Posted by AtlantaGal

Greetings!

I am purchasing a townhouse in Atlanta and it qualifies for the $1800 state tax credit. One qualification for this credit is that the home must have been up for sale prior to May 11, 2009. When I file my taxes next year I have to include “ a bona fide listing agreement with a real estate agent or broker licensed in this state… or other appropriate documentation to validate the eligibility of the single-family residence.” I plan to ask my agent for this documentation – is there anything specific I should ask for? I’ve looked over my disclosure statements, purchase agreements, etc and I don’t see anything showing the listing date… is this something that can be pulled from the MLS – or is that just the date it was posted to the MLS?

Please help!!

Thanks

The listing agreement is the contract between the Seller and his or her agent. If you haven't yet closed, ask your agent to ask the seller's agent to bring a copy of the listing agreement to the closing. Also, make sure it's the original listing agreement -- anything that's been on the market that long could have expired and been re-listed at a date after the cut-off. Although a better way would probably be to get your agent to pull an "archive report" from FMLS. It will show exactly how long the property has been on the market.

Congrats on your new purchase!