View Full Version : Home buying tax credit.
4bob4
02-17-2009, 02:56 PM
Through the little reading I've done I'm getting conflicting reports. Will the credit to home buyers be for first time home buyers or for all home buyers? I've also heard there may be a time limit like anyone who hasn't bought a house in 3 years type thing. Anyone know for sure?
tater'sTJ
02-17-2009, 03:32 PM
to get it you can't have bought a house in the last three years and you have to buy before Dec. 1st 2009 (I'm pretty sure that was the date I saw). You will get between $1500 and $8000 if you qualify. Also it has to be purchased for your primary residence, the tax credit doesn't apply if you're buying the property to rent it out.
Tonka
02-17-2009, 03:42 PM
From what I have heard, it is for first time home buyers. But check a reliable source. ;)
Home buyers these recent days are lucky. I wish I could have got a tax credit when I bought my place. Instead, I had to pay taxes on some investments that I used to buy my place. :mad:
CMSurfer
02-17-2009, 03:59 PM
As I understand it, you will not have to pay the money back if you live in the house for 3 years.
http://www.usnews.com/blogs/the-home-front/2009/02/17/first-time-home-buyer-tax-credit-6-things-to-know.html
Here's the details in a nutshell. I've been following this topic closely since me and the wife plan on buying by the end of summer. Unfortunatley we don't qualify for squat.
4bob4
02-18-2009, 10:19 AM
So if I bought a home in 2005 and have rented it out for 3 years it sounds like I might qualify....I dunno I'll look into more as I get closer to buying a house.
So if I bought a home in 2005 and have rented it out for 3 years it sounds like I might qualify....I dunno I'll look into more as I get closer to buying a house.
If you owned and lived in it as your primary residence, you would not qualify. If you owned it through a your real estate management firm or company, and essestially paid yourself rent, you would qualify.