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I heard that you get a tax credit for like 6000 just like the first time home buyers for 8000 is this true?
Me and my wife bought a house oct 31 last year and someone at my church told me that they are doing something like with the first time home buyers for $8000 but instead its $6000. Is this true. This lady goes to my church and she said as long as you bought a house in the last 5 years you are eligble for it and I've bought two. So can someone clarify this for me whether its true or not.
5 Answers
- LandlordLv 71 decade agoFavorite Answer
You had to have bought your previous house more then 5 years ago, and lived in it. The credit is if you sold it and bought a new one while the credit was active. I do not recall the exact date the senate signed the tax bill, but I am pretty certain it was close to the end of November.
- CoolCatLv 71 decade ago
If you are a first time home buyer that has not owned a home for 3 years previous to the home you bought Oct. 31, 09 you may be eligible for a tax credit of 10% of the purchase price up to $8000.
If you owned another home anytime between Oct. 31, 06 and Oct.31, 09 then you can not claim the credit unless...
...You owned another home for 8 years and lived in it for at least 5 of the last 8 years then you may be eligible for a tax credit of 10% of the purchase price of the new home up to $6500.
The 2010 tax forms will have information about this for you and you can always call the IRS or visit their website.
Source(s): RE Agent-MI - 1 decade ago
When the tax credit was extend, they added an option for people who already own a home and are looking for another one or a Repeat Buyer. To qualify, you have to have owed a home for 5 of the last 8 years.
Check out this side for the two programs both the First Time Home Buyer and the Repeat Buyer.
Source(s): http://www.federalhousingtaxcredit.com/ Im new to Yahoo Answers but Im a 11+ year Mortgage Broker in Utah - Ryan MLv 71 decade ago
Not completely true. First off, it only applies to purchases AFTER 11/30/09. Second, you must be buying a primary residence and have LIVED in your prior residence for AT LEAST 5 years. This lady grossly misunderstood the terms of the credit. Sorry, but you do not qualify for it.
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- 1 decade ago
They will refund first time home buyers 10% of the total purchase up to $8,000.
Consult with a tax professional. If you bought during the period open will are eligible to receive 10% OR up to $8,000 if you are a first time buyer.
