Comments on: First Time Home Buyer Tax Credit Extended to April 2010, Previous Homeowners

By: Mike

Mike — Tue, 06 Jul 2010 20:08:49 +0000

Is there any likelihood that they will do this credit again? Especially with hoe the housing market fell drastically.

By: maggie

maggie — Sat, 26 Jun 2010 01:03:16 +0000

did the extension for the september deadline get passed? or is it still june 30th

By: Dennis Norman

Dennis Norman — Mon, 21 Jun 2010 15:23:27 +0000

The way I read it unfortunately no…if you go to the IRS site link in the article in my previous response you should find a link to either “questions” or “FAQ’s” and in that section there are scenarios…I think there is one similar to yours..

By: Tobi

Tobi — Mon, 21 Jun 2010 13:44:01 +0000

Hi. Thanks for your response to earlier question. To clarify my husband bought house before we were married in Dec 2005 we were married in June 2006. I have no legal claim to his house. Does this help me any?

By: Dennis Norman

Dennis Norman — Mon, 21 Jun 2010 10:06:52 +0000

Tobi, You didn’t say when you got married, but assuming you were married on 4/19/10 when you purchased this new home I don’t think yo qualify for the credit…you would not be a “first-time” buyer because you had owned a home within the 3 year period prior (I’m assuming your husband retained ownership of the house he bought in 2005 at least past 4/19/07 and you did not qualify as a “long-term owner” as the house your husband bought was not owned and used as a primary residence for 5 years….complete info is in an article I wrote and includes a link to an IRS page that you may find helpful at:

http://realestateconsumernews.com/home-buyers/new-updated-info-from-irs-on-homebuyer-tax-credit/

By: tobi

tobi — Mon, 21 Jun 2010 00:44:24 +0000

My now husband bought a house in Dec 2005. We were not married at the time he purchased it. We are now married and I have bought a house for our principal residency that I had in contract on 04/19/2010 and closed on the home on 06/11/2010. Do I qualify for anything or am I basially up the creek?

By: Dennis Norman

Dennis Norman — Thu, 17 Jun 2010 18:07:49 +0000

Good news…the Senate passed an amendment yesterday that would extend the deadline to close on home purchases for the homebuyer tax credit to September 30th (does NOT extend the April 30th deadline to enter into a contract to buy though)…I have all the info, including links to the bills, in a post at:

http://realestateconsumernews.com/home-buyers/senate-passes-key-amendment-to-extend-closing-deadline-for-homebuyer-tax-credit/

By: Steve

Steve — Thu, 17 Jun 2010 17:39:10 +0000

My wife has owned her home for eight years now and we have both been living there. I am not on the title or the mortgage of that home. Recently, I purchased a new home but she is not on the title or the mortgage of that one. We do file taxes jointly. Would we be eligible for the 6500 tax credit?

By: Dennis Norman

Dennis Norman — Wed, 16 Jun 2010 03:48:56 +0000

Good news…there is a chance Congress will extend the deadline to close on the purchase of a new home to September 30, 2010 from June 30,2010…Read all about it at:

http://realestateconsumernews.com/home-buyers/closing-deadline-for-homebuyer-tax-credits-may-be-extended/

By: Hitesh

Hitesh — Thu, 10 Jun 2010 05:49:03 +0000

The contract has to be executed by April 30th, 2010 but home buyers have until June 30, 2010 to close on the property and no you cannot take the $8,000 before the closing. If you do the IRS will ask for the money back in the future plus a penalty. If the bank will loan on the property you could do the repairs after the closing with the tax credit. Just file a tax amendment to your 2009 taxes. File 1040X form (amendment form) with form 5405 for 8000 Tax credit. On aother note I centanly hope the Government will extend the Tax Credit. Homes are still being foreclosed on and our market has far from recovered.