New homebuyer $8000 Credit Guidelines under the stimulus plan.

[Bill Keegan]

Originally Posted by beckycat

So, if you don't owe any taxes, you will receive a check for $8K?

Yes, provided you meet all the appropriate qualification rules.

[skeptikal]

Originally Posted by MikeJaquish

Do you own the land that the home is set on?

If you are renting the land, it may be that you are NOT a homeowner. You probably own a mobile home, titled as a motor vehicle.

Worth pursuing further...

Thanks for the quick reply. We do not own the land. It is owned by my Dad. The home is untitled; purchased by my Dad for $1,200 and renovated by us for about $20,000. We do however pay personal property taxes to our County for the home. Those taxes have been in our name. I feel like the whole idea of the credit had us in mind but the verbiage possibly squeezes us out. We are definitely first time home buyers just not first time owners. I've already filed and received a refund so I will probably just wait until after the 15th and call the IRS and see what they think. Thanks,

Skep

[gbone]

Originally Posted by claudiaryan

$8,000 Tax Credit For Home Buyers

The $8,000 tax credit for first-time home buyers should entice some first-time home buyers to “jump-in” and buy a home, but it may prove to do little in increasing overall demand as first-time home buyers represent a small percentage of the entire market. Only time will tell if the tax credit is effective.

• Available only to first-time home buyers
• The tax credit is not a loan and does not require repayment* *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
• The tax credit reduces the home buyer’s tax liability; if the buyer’s liability is less than $8,000, the remaining credit will be issued as a check
• Home purchase must be for a primary residence
• The credit is available on home purchases between January 1, 2009 and December 1, 2009
  [B]
• If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit[/b]
• The credit is not eligible if the seller is a relative of the buyer

Moderator cut: no advertising

The above underlined statement is not correct. The financial qualification is that if you are single and make up to 75k, or married and make up to 150k, you qualify for the full 8k credit. If you make more than 75k or 150k respectively, you may qualify for only a partial credit.

[beckycat]

Originally Posted by Bill Keegan

Yes, provided you meet all the appropriate qualification rules.

Too bad it's just for first time home buyers!

[gbone]

Originally Posted by beckycat

Too bad it's just for first time home buyers!

beckycat, a first time homebuyer(for purposes of the credit) is defined as someone who either has never owned a home or has not owned one within three years of buying a home.