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

By: Michael

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

@Kay: Your realtor is correct.

By: Kay

Kay — Wed, 10 Feb 2010 21:24:48 +0000

My daughter and her husband are going to buy a home from us. We have owned the home since
1997.My daughter has rented the home form us since 2006. This will be the first home they bought. will they qualify for the 8000.00 credit.There realtor said no because they are family,

By: Michael

Michael — Wed, 10 Feb 2010 18:42:10 +0000

@Russ: A few thoughts: 1) Call the IRS again and see what ideas they have if you can’t get a CO. 2) Ask the builder to write you a letter stating the date of completion. 3) Take a picture of you in front of the home holding a newspaper on move-in day.

By: Russ Burdette

Russ Burdette — Wed, 10 Feb 2010 17:32:03 +0000

My wife and I meet all the requirements and we’re having a home built, it’s scheduled to be completed in the middle of June. The problem is, the county in which we’re building does not issue certificates of occupancy. When I spoke to the IRS they insisted we must prove we’ve moved into the home. We’ve already closed on the loan, have a binding contract in place and have a HUD1 statement. Any suggestions as to a suitable substitute for a certificate of occupancy?

By: Martha Carlisle

Martha Carlisle — Wed, 10 Feb 2010 16:12:03 +0000

Thanks, Michael. LOL, been in a gray area most of my life. Thanks for your input.

By: Michael

Michael — Wed, 10 Feb 2010 15:55:58 +0000

@Martha: Candidly, you seem to fall into a bit of a “grey area.” If you had purchased and closed on it before 11/6, you wouldn’t qualify – that’s what makes me say “No.” But you didn’t move into the home until after 11/6 because it wasn’t ready, which makes me say “Yes.” I’m afraid you’re going to have to dig a little deeper and have a chat with your friendly IRS office. Try to make the case that you were unable (as opposed to unwilling) to move in until after 11/6. Good luck!

By: Martha Carlisle

Martha Carlisle — Wed, 10 Feb 2010 15:38:28 +0000

I lived in my mobile for 22 years. I had the old mobile removed and purchased a new one the end of Sept. 2009. I was not able to move into my new mobile, due to land prep and getting my mobile ready for occupancy, until the end of November. Would I qualify for the $6500 tax rebate.

By: Michael

Michael — Mon, 08 Feb 2010 13:32:58 +0000

@Jenn: From the IRS web site (and I think someone else copied it above):

Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer’s payment obligations?

A. If the taxpayer obtains the “benefits and burdens” of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (7/2/09)

By: jenn

jenn — Sat, 06 Feb 2010 13:40:15 +0000

My Finace\’ and I are first time homw buyers. If we sign a lease to purchase agreement for a year would will qualify for the tax credit? even though we are renting it for 12 months or until or credit score is raised enough to purchase the home. We are working with a company that is helping us raise our fica scores. I just didnt know because we weren\’t actually financing for another 6 or 7 months if we would qualify for the tax credit. thanks

By: Michael

Michael — Wed, 03 Feb 2010 14:31:01 +0000

@Angela: No.