Comments on: First Time Home Buyer Tax Credit – 2009 Version

By: Michael

Michael — Sun, 07 Mar 2010 22:09:17 +0000

@Kim: No, you’ll qualify for half, or up to $4,000.

By: Michael

Michael — Sun, 07 Mar 2010 22:04:00 +0000

@Jan: Yes.

By: Jan

Jan — Sat, 06 Mar 2010 21:20:16 +0000

We will be occupying the duplex, not using it as an income property.

By: Jan

Jan — Sat, 06 Mar 2010 20:25:32 +0000

My husband and I are co-buying a duplex with my sister. My sister does not qualify for the first time homebuyers credit but my husband and I do. Can we claim the full 8k credit since my sister can’t claim any of it?

By: Kim

Kim — Sat, 06 Mar 2010 20:17:42 +0000

I bought a house this year by myself but am married. Neither of us has owned a home previously. He is not on the mortgage or deed. We are filing married and separate. Since I have sole ownership do I qualify for the $8k?

By: Michael

Michael — Fri, 05 Mar 2010 14:48:27 +0000

She may qualify for the the $6,500 existing home buyer tax credit. Check it out.

By: kat

kat — Fri, 05 Mar 2010 02:50:22 +0000

My mother lived in the same home owned by my parents for 41 years. My father passed away, she sold the house and moved in with me while house-hunting. She found a foreclosed home and passed papers in January 2009 and remained living with me while the house was redone. She started sleeping there off and on as work required, and hot the occupancy permit by June.
Does she qualify for anything?

By: Michael

Michael — Wed, 03 Mar 2010 14:23:48 +0000

@leonard: You’re welcome. Although you have to buy the home first before requesting the credit, you do not have to take a mortgage on that home.

By: leonard

leonard — Tue, 02 Mar 2010 23:24:56 +0000

thank you michael for answering my other questions. well i have another. can i use the the credit towards the purchase of a home i would buy outright?

By: Michael

Michael — Tue, 02 Mar 2010 19:10:15 +0000

@Ann: In that case, I’d say you’d have to pay back the credit – you’re the one who took the credit and, in your hypothetical case, you meet the criteria for a payback requirement. That you continue to pay for it is irrelevant since it won’t be your principal residence.