Military Significant Others and Spouse Support - MilitarySOS.com
Results 1 to 8 of 8

Thread: Federal Housing Tax Credit

  1. Lima Oscar Victor Echo
    Cav_Scout_Wife's Avatar
    Cav_Scout_Wife is offline
    Lima Oscar Victor Echo
    Join Date
    Oct 2009
    Location
    GA
    Posts
    606
    #1

    Federal Housing Tax Credit

    Advertisements
    I didn't know where else to put this but does anyone know how this works?? I tried to look at the website but it keeps freezing. I bought my house in November of 08. I wanna know how I can qualify. Can anyone help?
  2. MilitarySOS Jewel
    JackieM's Avatar
    JackieM is offline
    MilitarySOS Jewel
    Join Date
    Jul 2008
    Posts
    2,376
    #2
    bump, since I am curious too. what is the website by the way?
  3. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #3
    do you mean the first time home buyer credit?

    since you bought in 08- you may fall under the OLD credit- the best thing to do is seek tax help from a tax pro-

    that one you needed to file by a certian date or you lost out- you may have missed your window of opportunity for the credit.
  4. MilitarySOS Jewel
    JackieM's Avatar
    JackieM is offline
    MilitarySOS Jewel
    Join Date
    Jul 2008
    Posts
    2,376
    #4
    1.Who is eligible to claim the $8,000 tax credit?
    First-time home buyers purchasing any kind of home—new or resale—are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and on or before April 30, 2010. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner. A limited exception exists for certain contract for deed purchases and installment sale purchases. See the IRS website for more detail

    Got this from the website, hope it helps
  5. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #5
    It doesn't help because she bought her home BEFORE JAN 09, this is the NEW credit-
    NOT the 08 credit and they are very different.

    I will repeat to the OP please seek tax advice for the best information for your situation.
  6. Banned
    gunsgirl's Avatar
    gunsgirl is offline
    Banned
    Join Date
    Jul 2007
    Location
    lost
    Posts
    17,275
    #6
    here is where you can get the information for the 2008 tax credit-
    Tax Topics - Topic 611 First-time Homebuyer Credit – Purchases Made In 2008

    I cannot do PDF on this computer- but there is a PDF form there to use to apply for the credit.

    you will have to try to ammend your taxes for 2008- and that credit was the one you pay back- you do not qualify for this yrs credit.

    for all the information you can go to Internal Revenue Service
  7. Senior Member
    Beckah's Avatar
    Beckah is offline
    Senior Member
    Join Date
    Oct 2009
    Posts
    517
    #7
    I think it does count, we bought our house April 4th 2008 and missed the old one by days. I dont have any links I just remember dh being upset.
    And yes its a 15 year loan, however if you sell your house before its time to pay it back (as far as i remember) if you dont make that extra amount when you sell it you only have to pay what you did.
    IE buy a house for 70,000 in a qualifying period, its your first home. 3 years later you have to sell. you sell for 71,000 you only have to pay back 1000. I could be wrong but i think thats how it worked.
    .
  8. Lima Oscar Victor Echo
    Cav_Scout_Wife's Avatar
    Cav_Scout_Wife is offline
    Lima Oscar Victor Echo
    Join Date
    Oct 2009
    Location
    GA
    Posts
    606
    #8
    thanks everyone! it helped!

Posting Permissions

  • You may not post new threads
  • You may not post replies
  • You may not post attachments
  • You may not edit your posts
  •