http://abclocal.go.com/wabc/st.....id=7087955

If you want to skip it, here’s the interesting part (which they do not explain in detail):

1,400,000 homebuyers have taken advantage of the tax credit.

The story specifically states that NAR estimates that 350,000 of those wouldn’t have purchased without the tax credit, meaning 1,050,000 would still have purchased without the tax credit.

This means the total cost of the program breaks down like this:

1,400,000 x 8,000 = $11,200,000,000 (11.2 BILLION)

This means the total cost to give the 350,000 people who wouldn’t have purchased a home without the tax credit was the 11.2 Billion; which means:

11,200,000,000 / 350,000 = $32,000 per transaction

So:

It cost $32,000 for each individual who got the $8,000 tax credit, to motivate them to purchase a new home.

Wow.

no, the home must be your primary residence for the first three years of ownership or else you would be required to pay back the credit.

A “trailer” is still a home. It was your primary residence too I would assume. The answer to your question is no.

2008 Purchaser,

No, if you bought or built a home in 2008 and recieved the $7,500 interest free tax loan then no you cannot do an ammended return and also get the $8,000 credit. the $8,000 credit is for purchases made during the 2009 calendar year.

We closed on our home June 26th of this year. Surprisingly we got our $8000 check only 9 weeks later. Is there anymore tax credit, us as 1st time home buyers can take advantage of?

thanks,
Chris

THANKS,
JUDY JOHNS-MEEKS

The question seems rather straightforward (but I want to make sure I don’t violate any codes/laws): After purchasing a 2 bedroom home, can I have a room-mate that contributes half of my mortgage? OR, will I be violating the “non-rental” clause? Albeit, I will plan to live there as well, as my primary residence for three years.

Thanks much in advance!
Sach

I was just thinking, you may need to make sure that they have not mailed the check to your old address, even though you have purchased a home, your address is NOT automatically updated! You are supposed to fill the address change form out from the IRS which is separate and mail it in. I do know that if they did mail it to your old address they won’t call or let you know it was returned unless you call them and inquire (US postal service does NOT forward US Treasury checks. So, also remember to update your address with IRS. I called so much that they updated my address over the phone, because it would have taken forever to send the form in; im sure the check and my address change would have gotten criss-crossed in the mail.

If you have serious legitimate questions and can’t find the answer yourself call the IRS and ask them.

Michael T.,
This is quoted from the 5405 Form from the IRS website “If you constructed your main home, you are treated as having purchased it on the date you first occupied it.” that should answer your question. If not Then You shold call the IRS as well.

my husband and i purchesed our first home sept 30, 2008. we filed, and got our $7500 “credit” (that we have to pay back). i have been told that we can refile an amended return and somehow switch to the $8000 that we dont have to pay back.

i cannot find anything on IRS’s site tho so i do not know if this is true.

can someone PLEASE let me know if i’m wasting my time trying to do this? yeah it would be nice to not have to repay the $7500 but either way i guess we won.

Thank You,

Michael T.
Summerville, SC

I bought my home Dec 31st 2008, and qualified and received the $7500 tax credit (the one that has to be paid back).

I recently received an email for my real estate agent saying the following:

“I was in a real estate class and the instructor said that there was a change (either tax law or stimulus bill or something like that) that would allow you to amend your 2008 tax returns to change over from the $7500 credit that has to be paid back, to the new $8,000 credit that does not have to be paid back.”

Has any one else heard or seen anything about this?

Have you found out when your will be mailed?

First-Time Homebuyer Credit Q and A: Basic Info:
http://www.irs.gov/newsroom/ar.....91,00.html

Q. I purchased a home that qualifies for the first-time homebuyer credit. I will be renting two of the bedrooms and reporting the rental income on Schedule E. Will I still qualify for the credit if I use the home as my principal residence? Yes.

Q. Would I be considered a first time homebuyer if I owned a principle residence outside of the United States within the previous three years? Yes.

Q. Is a step-relative considered a related party? No.

Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer? Yes.

For 2009 Home Purchases
The American Recovery and Reinvestment Act of 2009 expanded the first-time homebuyer credit by increasing the credit amount to $8,000 for purchases made in 2009 before Dec. 1.

For home purchased in 2009, the credit does not have to be paid back unless the home ceases to be the taxpayer’s main residence within a three-year period following the purchase.

First-time homebuyers who purchase a home in 2009 can claim the credit on either a 2008 tax return, due April 15, 2009, or a 2009 tax return, due April 15, 2010. The credit may not be claimed before the closing date. But, if the closing occurs after April 15, 2009, a taxpayer can still claim it on a 2008 tax return by requesting an extension of time to file or by filing an amended return. News release 2009-27 has more information on these options.