Comments on: $6500 home-buyer tax credit for current homeowners

By: percy alvarado

percy alvarado — Tue, 22 Feb 2011 02:04:56 +0000

I bought a house in OCT 30, 2009 my very first property but we lived in my bro in laws house and claimed the interest due to we took care of all repairs and it was agreed upon. we didnt qualify for any. any suggestions ?

By: Rita

Rita — Sun, 13 Feb 2011 18:04:56 +0000

Own house in Fla[daughter lives in} bought 2nd home ,took $$$ out of IRA for down payment with the understanding I would get tax creit 6,500,closed 4/29/2010,lived in previos home for 15 years,{25,000 income}doing taxes my tax credit only ended up 3,500,had i of known I would not get full tax credit,was not to my best inerest to withdraw $ from IRA got hit hard with taxes!!!!!!!!Thought buying was better than renting!!!!!!!!!Be Careful !!!!

By: Heather

Heather — Thu, 03 Feb 2011 16:29:12 +0000

I bought my new home August 2009,
I owned my home I sold for 8 years. Will I get the Long-time buyer credit?

By: Lorie Granero

Lorie Granero — Tue, 06 Jul 2010 02:41:05 +0000

My mom purchased her home in August 2009 and vacated her mobile home which she shared with dad until he passed 4 years prior. Does she wqualify for the 6,500 tax credit? She and dad owned the mobile home for 17 years?

By: Larry Thomas

Larry Thomas — Thu, 17 Jun 2010 20:16:41 +0000

Karen,

The instructions for the form on the IRS site said what was needed as proof. Our tax person was the one who actually handled all the filing for us. All that was required was a piece of paper showing the signing on the house with the date it was closed.

Steve,

If your wife owned “her” home then you should have had “her” buy the house instead of you so she could of obtained the full credit. If she is on the new house purchase, she can get her half of the credit. If you had not previously owned a home, you might be eligible on the the other new home owner programs (or half of it if you co-signed on this one). I am not familiar with the requirements of it though.

By: Steve

Steve — Thu, 17 Jun 2010 17:40:07 +0000

My wife has owned her home for eight years now and we have both been living there. I am not on the title or the mortgage of that home. Recently, I purchased a new home but she is not on the title or the mortgage of that one. We do file taxes jointly. Would we be eligible for the 6500 tax credit?

By: karen

karen — Wed, 16 Jun 2010 16:21:09 +0000

can someone help me? we filed our taxes on march 2 2010 and as of today, we still haven’t recieved our 6500.00 check yet. It’s been three and a half months already. they kept our tax papers for about six weeks and then sent me a paper stating they needed information on our new house and old house. why they didn’t state to people from the begining that they needed this information. I could have sent all that paperwork in with my tax form so it would’t cause a delay.

By: Larry Thomas

Larry Thomas — Tue, 15 Jun 2010 16:31:11 +0000

LS if you have been in the other home (or had it as your primary residence via homestead / insurance / tax filings / etc) for 5 out of last 8 years, then yes that would count but because you said you only had it as your primary residence of four years only you fail to qualify – sorry. If you had it as your residence for five or more years then you would have had to convert the new house to your primary residence these next three years (tax filings / insurance / homestead / etc) or you have to give the money back.

By: Larry Thomas

Larry Thomas — Tue, 15 Jun 2010 16:18:03 +0000

To answer the questions some of you have about marriage / divorce (Cathy) and how much of the credit you can get it is best to think of each of the houses as an Entity. If a former house was only in one spouses name, then as a married couple you only qualify for half the credit (best to get the new house in just that spouses name for full credit, or better yet if one spouse qualifies for the first time homebuyer credit – go for that for more money). If a former house was in both your names and you split up then you only qualify for half the credit; likewise, the same can be done for your spouse.

Oh and yes I got my credit already, house closed on Nov 6th – but not recorded at the courthouse until the 7th. Just filled it out as if we “purchased” it on the 7th to get the credit and included a copy of not just the closing document from the 6th but also the stamp from the courthouse showing the Nov 7th stamp. It was a shot in the dark, but in the end we got it.

By: Vivian

Vivian — Mon, 14 Jun 2010 22:27:59 +0000

This stinks. We bought our house 4 years age when prices were inflated because lendger were giving everyone and anyone too much money driving the housing market up. The people who bought before then (5 years or more ago) are not the ones losing so much on their homes. Those of us making a move 3-4 years ago are the ones losing and the credit doesn’t apply to us. Also the mortgage companies / banks get bailed out and they caused the whole thing.