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More About the $7,500 IRS First Time Buyer Tax Credit

Date: Jan. 21, 2009
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              Are You a First Tme Home Buyer?

Did you purchase your home on or after April 9, 2008, or are closing before July 1, 2009 on a home you are purchasing? Take advantage of the IRS $7,500 First Time Buyer Tax Credit! 

Not familiar with this tax credit, read more: Why isn't their more excitement. Jump to my post "First Time Buyer $7,500 IRS Tax Credit".

Have you recently closed on your real estate purchase in 2009 or will be closing on a purchase shortly? Are you aware that the $7,500 IRS Tax Credit can be used on your 2008 IRS Tax Return? Yes, a first time home buyer can choose to claim the $7,500 IRS Tax Credit Credit on their 2008 Tax Return for a home purchased in 2009, and benefit now rather than wait until 2010 for the tax credit when they file their 2009 income taxes.

It's simple. Delay filing your 2008 tax return until you close on your home purchase in 2009, provided it is prior to the April 15, 2009 IRS filing deadline.

In order to obtain the tax credit, the appropriate IRS Form must be used, Obtain IRS Form 5405

For more information regarding this, visit the Internal Revenue First Time Buyer Tax Credit Information Center.
Comments (4) :: Post A Comment! :: Permanent Link :: Email This Entry

RE: More About the $7,500 IRS First Time Buyer Tax Credit

Posted by: Rob
Date: Feb. 22, 2009

I bought a home June of 2008, I was married in Sep. 2007. My wife was widowed and owned a home that I never lived in. After trying to work with the bank, the home was forclosed on A week before I bought this house.  I was not on the deed for this house, and because of the hit to her credit I purchased this new home on my own. Even though we were married, my name is the only one on the house.

Any one know how this will effect my ability to receive this tax credit, or if I can.

 

RE: More About the $7,500 IRS First Time Buyer Tax Credit

Posted by: David Fialk
Date: Feb. 22, 2009

I'm not sure if I understand!

Did you close on  a home purchase in the past three years? Did your wife own a home in the past 3 years?

The Tax Credit applies to first time buyers, as defined as those who have not owned a home in the past three years.

There is the IRS $7,500 Tax Credit of last year, which must be repaid, for home purchases after 4/8/08 and the newly enacted Tax Credit of $8,000 for purchases between 1/1/09 and 12/1/09, which does not require repayment.

RE: More About the $7,500 IRS First Time Buyer Tax Credit

Posted by: Linda Legg
Date: Mar. 6, 2009

What about person who purchase a 1/2 interest in a home from someone who they are not related to but live with.

First Party doest not meet the 3 year requirement but the 2nd person with 1/2 interest would meet eligibility.

Does the 1/2 interest qualify?

RE: More About the $7,500 IRS First Time Buyer Tax Credit

Posted by: David Fialk
Date: Mar. 6, 2009

Please speak with an accountant.

My guess is that a half interest in the purchase of a home would not fall within the guiselines and would not qualify for the Tax Credit of 2008 or 2009.

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