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Old 12-01-2009, 01:05 AM
 
172 posts, read 678,971 times
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does co-ops qualify for the credit?
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Old 12-01-2009, 10:04 AM
 
748 posts, read 2,695,394 times
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A co-op is also a home.. so yes. But look into the other rules ( should not have bought a home in the last 5 years, income less than 220k etc) to confirm.
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Old 12-01-2009, 01:43 PM
 
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I didn't know there was a $6500 one. I own a co-op and I qualified for the $7500 one. Yeah any type of home counts, as long as you own it (not rent) and it meets the other criteria of eligibility.
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Old 12-01-2009, 01:49 PM
 
748 posts, read 2,695,394 times
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6500 is the most recent one. The 7500 one had to paid back in taxes over 10 years. The 8000 credit was only for 1st time home-buyers.

Quote:
Originally Posted by Jdawg8181 View Post
I didn't know there was a $6500 one. I own a co-op and I qualified for the $7500 one. Yeah any type of home counts, as long as you own it (not rent) and it meets the other criteria of eligibility.
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Old 12-01-2009, 01:53 PM
 
12,236 posts, read 15,945,710 times
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Quote:
Originally Posted by WJFM View Post
6500 is the most recent one. The 7500 one had to paid back in taxes over 10 years. The 8000 credit was only for 1st time home-buyers.
So was the $7500 one I thought? I'm a first time owner, but I didn't buy in the right year to qualify for the $8k one. That's the one I wanted. This one sucks b/c I have to pay it all back if/when I sell.
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Old 12-01-2009, 02:18 PM
 
Location: Long Island
9,596 posts, read 21,040,747 times
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Quote:
Originally Posted by Jdawg8181 View Post
So was the $7500 one I thought? I'm a first time owner, but I didn't buy in the right year to qualify for the $8k one. That's the one I wanted. This one sucks b/c I have to pay it all back if/when I sell.

The original tax credit for $7500 has to be paid back over a period of 15 years, at a rate of $500 per year via your tax return. Talk to your tax preparer... It was really an interest free loan.
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Old 12-02-2009, 12:12 PM
 
Location: East Northport
3,351 posts, read 9,049,503 times
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The OP may have been referring to the $6500 tax credit that is now available to buyers who are not first time home buyers. There is an $8000 credit available to first time buyers.
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Old 12-02-2009, 12:46 PM
 
12,236 posts, read 15,945,710 times
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Quote:
Originally Posted by TomMoser View Post
The OP may have been referring to the $6500 tax credit that is now available to buyers who are not first time home buyers. There is an $8000 credit available to first time buyers.
right, and the $7500 for first time homebuyers as well. I don't think non-first time homebuyers should be able to qualify for credits like these b/c you will get too many people will try & "milk the system." Plus, the non-first timers probably didn't buy during a recession, so maybe they paid a little more, but they also had more $$ in their pockets.
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