Comments on: How to Claim the $8,000 Home Buyer Tax Credit of 2009 http://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/ A premiere personal finance blog, established 2003. Within, Flexo discusses his own experiences with money, and he and other authors comment on a wide range of personal finance topics. Fri, 19 Mar 2010 23:15:31 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: Michellehttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204956 Michelle Tue, 16 Mar 2010 13:33:07 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204956 Our situation is that my husband and I lived in my Grandfather's coop that we didn't buy but had to be in my name only in order that we could live there by the cooperative's standards. We knew when we moved we'd have to sell the coop and give the money to my Grandfather. We vacated the premises August 2006, still paying only maintenance. Sold in June 2008. We paid only maintenance while living there and until it was sold. When it was sold, I gave proceeds of sale back to Grandfather's estate, since we never really owned it or bought it. My husband wants to buy a house and was not the coop share stock or any of the records. He is getting the mortgage on his own and will be only one on titile. He will close by the end of April 2010. Can he claim the $8000 or even half of it, even though he's married to me and my name was on the coop even though I didn't own it, only in writing? Thanks for any advice to this sticky situation. Our situation is that my husband and I lived in my Grandfather’s coop that we didn’t buy but had to be in my name only in order that we could live there by the cooperative’s standards. We knew when we moved we’d have to sell the coop and give the money to my Grandfather. We vacated the premises August 2006, still paying only maintenance. Sold in June 2008. We paid only maintenance while living there and until it was sold. When it was sold, I gave proceeds of sale back to Grandfather’s estate, since we never really owned it or bought it. My husband wants to buy a house and was not the coop share stock or any of the records. He is getting the mortgage on his own and will be only one on titile. He will close by the end of April 2010. Can he claim the $8000 or even half of it, even though he’s married to me and my name was on the coop even though I didn’t own it, only in writing? Thanks for any advice to this sticky situation.

]]> By: jaymeeehttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204799 jaymeee Mon, 15 Mar 2010 06:47:28 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204799 I purchaced my home december 31, 2008 is there any way possible i can be qualify for the 8,000 tax credit? I purchaced my home december 31, 2008 is there any way possible i can be qualify for the 8,000 tax credit?

]]> By: NMhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204429 NM Fri, 05 Mar 2010 18:11:31 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204429 My apologies if this question has already been answered. I received my $8000 tax credit already. I saw one of the requirements of accepting the credit was that you would remain in the home for 3 years or you would have to pay it back.Can I rent the house to someone if I need to move within the 3 years? Any other tricks or special conditions that would make me exempt from having to repay the $8000? My apologies if this question has already been answered. I received my $8000 tax credit already. I saw one of the requirements of accepting the credit was that you would remain in the home for 3 years or you would have to pay it back.

Can I rent the house to someone if I need to move within the 3 years? Any other tricks or special conditions that would make me exempt from having to repay the $8000?

]]> By: Kellyhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204297 Kelly Mon, 01 Mar 2010 21:46:15 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204297 Read the answer for "Flexo" posted Jan 25, 2010. Read the answer for “Flexo” posted Jan 25, 2010.

]]> By: Edmond Difulviohttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204255 Edmond Difulvio Sun, 28 Feb 2010 16:14:51 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204255 My wife and I purchased a $200,000 home on Jan 7th, 2009. I did my taxes as soon as my W-2 was posted and filed before January 2009 was over. At the time I qualified for the 7500.00 payback credit under the 2008 extention of the original law. The law changed in late February to the 8000.00 no-payback credit for homes purchased in 2009,which I technically also fall under, can I ammend my return for 2008 or add a form to my 2009 return to change my credit and get my $500.00 and not pay it back? My wife and I purchased a $200,000 home on Jan 7th, 2009. I did my taxes as soon as my W-2 was posted and filed before January 2009 was over. At the time I qualified for the 7500.00 payback credit under the 2008 extention of the original law. The law changed in late February to the 8000.00 no-payback credit for homes purchased in 2009,which I technically also fall under, can I ammend my return for 2008 or add a form to my 2009 return to change my credit and get my $500.00 and not pay it back?

]]> By: C Desaihttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204203 C Desai Sat, 27 Feb 2010 01:28:44 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204203 I am really having a hard time trying to understand how to claim first time home buyer credit for myself and my parents..I along with my parents bought a home in 2009, my parents file jointly and I file my own taxes, now my question is do we split the credit into 50-50 between them and me? While filling this is what "percent allocation help tab" explains - any percentage of the credit can be allocated to a partial owner as long as owner is eligible. If you are partial owner of a residence you could allocate up to 100% of the credit to yourself. You could also allocate up to 100% of the credit to any one of the partial owners. Can someone one help me interpret this better? I am really having a hard time trying to understand how to claim first time home buyer credit for myself and my parents..I along with my parents bought a home in 2009, my parents file jointly and I file my own taxes, now my question is do we split the credit into 50-50 between them and me? While filling this is what “percent allocation help tab” explains – any percentage of the credit can be allocated to a partial owner as long as owner is eligible. If you are partial owner of a residence you could allocate up to 100% of the credit to yourself. You could also allocate up to 100% of the credit to any one of the partial owners. Can someone one help me interpret this better?

]]> By: ABhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204031 AB Mon, 22 Feb 2010 16:56:47 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204031 I have a question about proof of ownership for this credit. Does my wife's name have to be on the mortgage too? Due to a better rate, I got the mortgage only in my name. But both my wife and I are listed on the HUD-1 settlement form and we have been filing taxes jointly ever since we got married. I have a question about proof of ownership for this credit. Does my wife’s name have to be on the mortgage too? Due to a better rate, I got the mortgage only in my name. But both my wife and I are listed on the HUD-1 settlement form and we have been filing taxes jointly ever since we got married.

]]> By: CWhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-204001 CW Sat, 20 Feb 2010 21:36:56 +0000 http://www.consumerismcommentary.com/?p=5426#comment-204001 So my situation is as follows: I purchased the home which I had grown up in in April of 2009 from my mother. I have taken out a mortgage and paid $180,000 for the home. I have all the proper documentation from the bank. Unfortunately it seems that even though this was a legal and on the up and up purchase that I cannot claim the credit. Any advice as to whether or not I can claim the credit? I'm beyond frustrated as this was not a gift, and I have taken this on as my own main residence now with a thirty year mortgage. Any advice would be appreciated.Thank you So my situation is as follows: I purchased the home which I had grown up in in April of 2009 from my mother. I have taken out a mortgage and paid $180,000 for the home. I have all the proper documentation from the bank. Unfortunately it seems that even though this was a legal and on the up and up purchase that I cannot claim the credit. Any advice as to whether or not I can claim the credit? I’m beyond frustrated as this was not a gift, and I have taken this on as my own main residence now with a thirty year mortgage. Any advice would be appreciated.

Thank you

]]> By: Eirnhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203998 Eirn Sat, 20 Feb 2010 19:19:33 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203998 What if I buy a house in 2010 (before the deadline of April 30) - can I still claim it on my 2009 taxes> What if I buy a house in 2010 (before the deadline of April 30) – can I still claim it on my 2009 taxes>

]]> By: Gregory Ackerberghttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203992 Gregory Ackerberg Sat, 20 Feb 2010 15:23:46 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203992 My ex wife and I were divorced Feb 19. In June 2009 she signed a quit caim deed and I refinanced the house we had previously lived in for 12 years in my name only and gave her half the equity. Now that we are divorced is it legal to sell her the house and for her to claim the $6500 tax credit??? Please don't respond if you are just guessing. Thank you My ex wife and I were divorced Feb 19. In June 2009 she signed a quit caim deed and I refinanced the house we had previously lived in for 12 years in my name only and gave her half the equity. Now that we are divorced is it legal to sell her the house and for her to claim the $6500 tax credit??? Please don’t respond if you are just guessing. Thank you

]]> By: Andyhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203946 Andy Fri, 19 Feb 2010 15:20:26 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203946 Very comprehensive set of instructions. The IRS should refer people here. Also, found that the software packages for tax filing did a pretty decent job of walking one through claiming the credit. Very comprehensive set of instructions. The IRS should refer people here. Also, found that the software packages for tax filing did a pretty decent job of walking one through claiming the credit.

]]> By: Vhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203885 V Wed, 17 Feb 2010 13:02:19 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203885 Hi, I purchased a home in July of 2005. I recently purchased a new home on December 2009. I have not sold my old home yet. Do I qualify for the existing Home Buyer Tax Credit?Thanks, V Hi,
I purchased a home in July of 2005. I recently purchased a new home on December 2009. I have not sold my old home yet. Do I qualify for the existing Home Buyer Tax Credit?

Thanks,
V

]]> By: Tammy Thttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203782 Tammy T Mon, 15 Feb 2010 17:04:31 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203782 My husband & I have not owned a personal home for 4 years. But, we built & sold a speck house in 2007. We never lived in the house & there was no motgage in our name, just the builders loan was in our name. We built our personal house & closed in January 2010. Do we still qualify for the $8000 credit? Any info would be greatly appreciated!! My husband & I have not owned a personal home for 4 years. But, we built & sold a speck house in 2007. We never lived in the house & there was no motgage in our name, just the builders loan was in our name. We built our personal house & closed in January 2010. Do we still qualify for the $8000 credit?
Any info would be greatly appreciated!!

]]> By: jerryhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203748 jerry Mon, 15 Feb 2010 01:00:23 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203748 Wanted to know three things1) Can I use this tax credit towards the downpayment and if so how do I go about doing this2) If I am default on a student loan can they seize this tax credit or is this considered something different.3) If I buy the house in my name can I have a check payable to my corporation instead of myself My taxes are filed under the corporation and I am considered an employee. Wanted to know three things

1) Can I use this tax credit towards the downpayment and if so how do I go about doing this

2) If I am default on a student loan can they seize this tax credit or is this considered something different.

3) If I buy the house in my name can I have a check payable to my corporation instead of myself
My taxes are filed under the corporation and I am considered an employee.

]]> By: Thom Searchhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203619 Thom Search Thu, 11 Feb 2010 19:17:42 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203619 Hi, Here's what I have. I live in Maui,Hawaii and I'm renting. I just bought a home in Dahlonega, Ga.I will be closing on it March 5,2010. My wifes is an editor for a wedding magazine here in Maui but will be able to do her job online from Dahlonega, Ga. I have a commit here where I can't leave. Our new home loan is based on our Maui income. I guess here is the question. Can my wife live in the new home full time still working for her Maui employer and myself live in Maui and still get the $8,000.00 tax credit? Hope I made sense Thanks in advance.Thom Search Hi, Here’s what I have. I live in Maui,Hawaii and I’m renting. I just bought a home in Dahlonega, Ga.I will be closing on it March 5,2010. My wifes is an editor for a wedding magazine here in Maui but will be able to do her job online from Dahlonega, Ga. I have a commit here where I can’t leave. Our new home loan is based on our Maui income. I guess here is the question. Can my wife live in the new home full time still working for her Maui employer and myself live in Maui and still get the $8,000.00 tax credit? Hope I made sense Thanks in advance.

Thom Search

]]> By: Rachelhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203589 Rachel Wed, 10 Feb 2010 23:55:53 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203589 My husband and I signed a land contract in February 2008. So this means we can't get the $7500 tax credit? Besides getting a mortgage before April 31st, is there any way to get this tax credit? Redoing the land contract or renewing it wouldn't help us to receive the credit, would it? My husband and I signed a land contract in February 2008. So this means we can’t get the $7500 tax credit? Besides getting a mortgage before April 31st, is there any way to get this tax credit? Redoing the land contract or renewing it wouldn’t help us to receive the credit, would it?

]]> By: snesbithttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203573 snesbit Wed, 10 Feb 2010 07:31:42 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203573 My husband owe the goverment for an overpayment but arrangrments was made and he being keepin since he start paying back. will they take the balance from the 8,000 credit or will they just leave him alone since he's not in default. My husband owe the goverment for an overpayment but arrangrments was made and he being keepin since he start paying back. will they take the balance from the 8,000 credit or will they just leave him alone since he’s not in default.

]]> By: justmarriedhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203542 justmarried Tue, 09 Feb 2010 16:08:50 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203542 Kerry, I've ready several places that eligibility for the tax credit is determined at the time of purchase.but I'm in sort of the same situation: I do not qualify for the tax credit, in Oct 2009 my fiance and I bought a home together. she does qualify. in Nov 2009 we got married. i found this to show that she can in fact claim the full tax credit: http://www.irs.gov/newsroom/article/0,,id=206294,00.htmlwhat i haven't been able to figure out is if i can file "married filing jointly" or not.anybody know??? Kerry,
I’ve ready several places that eligibility for the tax credit is determined at the time of purchase.

but I’m in sort of the same situation:
I do not qualify for the tax credit, in Oct 2009 my fiance and I bought a home together. she does qualify. in Nov 2009 we got married. i found this to show that she can in fact claim the full tax credit:
http://www.irs.gov/newsroom/article/0,,id=206294,00.html

what i haven’t been able to figure out is if i can file “married filing jointly” or not.

anybody know???

]]> By: KJhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203525 KJ Tue, 09 Feb 2010 00:12:12 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203525 My salary is 120,000 dollars. However, if I do overtime which is probably the case, it can go up to 130,000. If I buy the house in april this year, Can i file for the 8000 dollars this year or I will have to wait for next year? And do they consider my base salary when determining my eligibility or they take into account my overtime? My salary is 120,000 dollars. However, if I do overtime which is probably the case, it can go up to 130,000. If I buy the house in april this year, Can i file for the 8000 dollars this year or I will have to wait for next year? And do they consider my base salary when determining my eligibility or they take into account my overtime?

]]> By: Camhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203390 Cam Mon, 08 Feb 2010 05:13:37 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203390 You can still amend you 2008 tax return for this credit. If you amend your taxes for that year you should be able to get the credit bc you weren't married then. You can still amend you 2008 tax return for this credit. If you amend your taxes for that year you should be able to get the credit bc you weren’t married then.

]]> By: Kerryhttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203154 Kerry Wed, 03 Feb 2010 01:34:34 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203154 I purchased & closed on my home of my own accord on 9/4/09. I qualify for the tax credit as I have never owned a home before. However, I got married on 10/10/09 to a man who has owned a house in the last 36 months. Does HIS past disqualify ME even though I purchased the home before we got married? I purchased & closed on my home of my own accord on 9/4/09. I qualify for the tax credit as I have never owned a home before. However, I got married on 10/10/09 to a man who has owned a house in the last 36 months. Does HIS past disqualify ME even though I purchased the home before we got married?

]]> By: Robohttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203118 Robo Tue, 02 Feb 2010 14:00:58 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203118 I bought a home on 11/06/09 my income is over the limit to receive the 8k credit for a single person. I was married on 11/14/09 but my wife was not involved in the purchase of our home. If we file jointly, do we qualify for the 8k credit since our joint income does not exceed the limit? I bought a home on 11/06/09 my income is over the limit to receive the 8k credit for a single person. I was married on 11/14/09 but my wife was not involved in the purchase of our home. If we file jointly, do we qualify for the 8k credit since our joint income does not exceed the limit?

]]> By: Lisahttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203095 Lisa Tue, 02 Feb 2010 05:34:32 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203095 I filed for the return with my 2008 taxes and purchased my house in July 2008. I am filing my 2009 taxes.... Do I need to report this as income, or something? Do I need to pay taxes on this? I filed for the return with my 2008 taxes and purchased my house in July 2008. I am filing my 2009 taxes…. Do I need to report this as income, or something? Do I need to pay taxes on this?

]]> By: Jessicahttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-203055 Jessica Mon, 01 Feb 2010 16:32:58 +0000 http://www.consumerismcommentary.com/?p=5426#comment-203055 My husband and I bought our first home in August of 2009, expecting to receive the first-time homebuyer credit. We purchased our home from his mother, who has retired and has moved. Is it true that because we purchased the home from a relative, we don’t qualify for the $8000 tax credit? Is there anyway to get around it? Thanks! My husband and I bought our first home in August of 2009, expecting to receive the first-time homebuyer credit. We purchased our home from his mother, who has retired and has moved. Is it true that because we purchased the home from a relative, we don’t qualify for the $8000 tax credit? Is there anyway to get around it?
Thanks!

]]> By: Frank Marinohttp://www.consumerismcommentary.com/2009/02/25/how-to-claim-the-8000-home-buyer-tax-credit-of-2009/#comment-202998 Frank Marino Sun, 31 Jan 2010 22:47:31 +0000 http://www.consumerismcommentary.com/?p=5426#comment-202998 My son is buying his first time home March 12 2010. He is getting 5000 back before the 8000 tax rebate. He wants to send his tax in now get the 5000 back (maybe by efile). Then he wants me to amend his tax in March after his purchase. He does already have a signed contract to purchase with dates the and price. I'm afraid this might cause problems and long delays. I prefer him to wait to March and file it all. Do for see any problems or long delays with his 8000 rebate by amending it in March? My son is buying his first time home March 12 2010. He is getting 5000 back before the 8000 tax rebate. He wants to send his tax in now get the 5000 back (maybe by efile). Then he wants me to amend his tax in March after his purchase. He does already have a signed contract to purchase with dates the and price. I’m afraid this might cause problems and long delays. I prefer him to wait to March and file it all. Do for see any problems or long delays with his 8000 rebate by amending it in March?

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