Comments on: The new, enhanced, home buyer tax credit – not just for first time home buyers anymore

By: Michael

Michael — Sun, 24 Oct 2010 14:52:53 +0000

@Michelle: Siblings are not excluded. Can’t tell you why.

By: Michelle

Michelle — Fri, 15 Oct 2010 19:33:37 +0000

We purchased a home from my husband’s sister on March 2010. Do we still qualify for the first time buyer credit? The IRS website showed the translation between grandparents/parents/child/
grandchild are disqualify the credit. But it did not mention if purchasing from sister/brother. Please advise.

By: Laura

Laura — Fri, 28 May 2010 09:59:09 +0000

I just closed on my very first home on 3/2010, I was living with my husband, but separated in the home: who had purchased many homes before, the last one he purchased in 5/2008 I had no say in it, but now the IRS is saying I am not a first time home buyer or anything else. All, they gave me was my interest paid on my new home. I filed jointly with him so they say I get nothing else. You wait all this time for people to make up the rules as they go along. If, I am not a first time home buyer no one is. Meanwhile, he is still leaving in the home that I have nothing to do with and will get nothing when he sells it.

By: Michael

Michael — Thu, 08 Apr 2010 13:28:32 +0000

@Mindy Reynolds: A purchase of a home (no matter the price) from your parents is disqualified from the first time home buyer tax credit.

By: Mindy Reynolds

Mindy Reynolds — Thu, 08 Apr 2010 06:17:20 +0000

I purchased my first home ever on March 18, 2010 from my parents. I paid the full appraisal amount for my home and financing is in my name only as I am a single woman. Can I take advantage of the tax credit on my 2010 tax return?? I have already filed my 2009 tax return.

By: Michael

Michael — Tue, 06 Apr 2010 13:15:40 +0000

@Mike: Yes and yes.

By: Mike

Mike — Tue, 06 Apr 2010 01:15:51 +0000

I have a contract now and will close it before Jun 2010. Can I get the credit from 2009 tax return? If I do my 2009 tax return before 04/15/2010, can I amend it later for the credit?

By: Michael

Michael — Mon, 29 Mar 2010 14:50:14 +0000

@Oliver: You must close by 6/30/10 to get the credit . . . unless they change the law again.

By: Oliver

Oliver — Sat, 27 Mar 2010 15:33:25 +0000

If I will be under contract before 4/30/10 but won’t close until after 6/30/10 can I still monetize the credit or will it be disallowed?

By: Michael

Michael — Wed, 10 Feb 2010 22:03:22 +0000

@Kay: Your realtor is correct.