First Time Home Buyer Credit

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 [...]

Continue reading about Why does the government hate people who purchased homes between June 30, 2005 and April 9, 2008?

On November 6, the first time home buyer tax credit was enhanced and updated.  Here are the changes to the 2009 version of the first time home buyer tax credit resulting from the new legislation:

Deadline extended: Now you have until April 30, 2010 to establish a contract to purchase a home and June 30, 2010 [...]

Continue reading about The new, enhanced, home buyer tax credit – not just for first time home buyers anymore

Michael on October 30th, 2009
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Within my post last week titled First time home buyer tax credit may actually expire, I maintained my steadfast belief that Congress and President Obama would not allow the credit to end.  Simply stated, I argued, the housing market is still so unstable that taking away stimulus was unlikely.  (Furthermore, it’s far easier for the [...]

Continue reading about First time home buyer credit – extension talks underway

Michael on September 18th, 2009
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It’s Friday, so it’s time for this week’s reader-submitted Q & A. (Two covered this week – I am so motivated!)  If you’d like to submit a question, click here for more information or simply email a question.
I purchased a mobile home over 17 years ago for cash and have been paying rent for [...]

Continue reading about Friday Q & A: More on the first time home buyer tax credit

In conjunction with what has turned into what could be the world’s largest Q & A session on the first time home buyer tax credit (a fact I have not attempted to verify), I recently wrote about the 7 Things You Need to Know About the Home Buyer Tax Credit at
You may already realize [...]

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The IRS released a notice recently concerning an obvious contradiction:

The deadline to purchase a home and potentially qualify for the 2009 first time home buyer tax credit is November 30, 2009.
You can claim this $8,000 refundable tax credit on your 2008 tax return.
Your 2008 tax return is due April 15, 2009.

You: So how can [...]

Continue reading about First Time Home Buyer Credit – Your options if you buy after April 15

Periodically, but with increasing frequency, someone leaves a comment on the Beyond Paycheck to Paycheck blog where it’s obvious the writer is ticked off at his or her inability to receive maximum benefit from some new government incentive:
Just yesterday someone wrote of his frustration caused by an inability to receive the full recovery rebate credit [...]

Continue reading about What are your thoughts on the government’s actions? Here are mine

Michael on March 13th, 2009
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I recently had lunch with several other random financial professionals. One, a realtor, spontaneously launched into a verbal tirade about how the media was making the economy out to be so much worse than it actually was and that this fact, more than anything else, was feeding potential home buyers unrealistic expectations.  She continued that [...]

Continue reading about Is it time to buy a home yet where you live?