Do we qualify for the new home buyer tax credit under the new rules?

No.

1) There were no credits available in 2007.

2) The new "trade up" credit requires that you have been in your home for 5 of the past 8 years and that you buy a new home before 4/30 of next year.

Just to emphasize Wayne's post.

You get nothing.

You can't get the $8000 deal because it's not retroactive and even if you bought a new house, you've owned one during the past 36 months.

You can't get the $6500 deal because it's not retroactive and even if you bought a new house, you haven't owned this one for 5 of the last 8 years.

the new credit is not changing anything other than the 3 yr limitation on a previously owned residence

the FTHB credit is for the purchase of a new primary residence and it appears you are not doing that

Uh, the credit didn't start until after you purchased your home, so NO you don't qualify. The recent changes extended it, they didn't make it retroactive.

First time abode shopper credit is barely for brand spanking new abode purchase. do no longer think of it somewhat works for refinancing. till needless to say you artwork out a paper settlement to tutor IRA which you sell one million/2 of the abode to him. yet then the technique would be complicated.

no...he just got into office in Jan. of THIS year..now how can you get a credit if the credit wasn't started till -2- years AFTER you bought your house...