Due to the Worker, Homeownership and Business Assistance Act of 2009 signed into law on Nov. 6, 2009, the rules surrounding the first time home buyer tax credit have changed again. However, these rules only apply to homes purchased after November 6, 2009.
You: What if I purchased a home before November 6, 2009?
When did you buy it?
You: Between January 1, 2009 and November 6, 2009.
Then you might qualify for the 2009 version of the first time home buyer tax credit.
You: What about my friend who purchased a home after April 9, 2008 and the end of 2008?
Your friend could qualify for the 2008 version of the first time home buyer tax credit.
You: And what about the folks who purchased their home before April 9, 2008?
They get nothing.
Unless they purchased their home before June 30, 2005. Then, they might qualify for the enhanced credit just signed into law.
You: So there’s potentially something for everyone with this credit.
Except those who purchased their homes between June 30, 2005 and April 9, 2008.
You: What’s the government got against those folks?
Nothing, best I can see.
You: But they’ll be upset, don’t you think?
I do. Ironically, these are the people most likely to be upside-down (owe more than they’re worth) on their homes.
So I’ve opened the can of worms. Feel free to dive in below.