Question by : tin you get the money for the first time home owner tax credit the same day you apply?
Best answer:
Answer by Doctor Deth
technically, you aren’t eligible for it until the house closes and you would have to wait until you file for tax return next year – lenders may allow some kind fo bridge loan or something
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Question by Big Iron: Can the first time home buyer credit be used for a down payment?
Keep hearing that the first time home buyer credit can now be used for a down payment. Trying to find out if that is true or what the qualifications/requirements are for that.
Best answer:
Answer by Professional Peon
I have not heard that and do not know how that would be possible as the tax ascribed would be given to you when you file for your 2009 tax returns next spring
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Question by Vishnu S: A question about first time home owners credit?
I am 18 years old, with a stable job, my parents are travel to give me liquidate to buy a house, will I qualify for the first time home owner credit, if the admitted is payed off and bought by the parents by giving me the cash??? Because, technically I wont be paying for it, but will be paying my parents in payments, because i don’t have any credit established as yet. Thanks in advance.
Best answer:
Answer by Alterfemego
If the property is purchase in your name only, then yes you may qualify for that tax credit.
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Question by dennis h: why cant I e-file with first time home owner credit for 2008 we bought the home in Jan. 2009?
Turbo tax says IRS wont accept this credit yet via e-file. will they ever should I file by cover or waylay to see when they will accept e-file. just e-file is just so much easier
Best answer:
Answer by travelguruette
If you want the new 8k credit that doesnt have to be paid back the revised form is not away yet. That is probably why. Right nowadays that form is only good for the 7500 credit that has to be paid back.
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The IRS says there was significant abuse and fraudulent claims related to the 00 First Time Home Buyers tax credit. Pretty shocking…
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Charles D’Alessandro Brooklyn Realtor® with Fillmore Real Estate discusses the first time Brooklyn home buyer with Real estate attorney Michael Reinhardt.. Free book offer for Buying or Selling Your Real Estate Does Not Have To Be Stressful!
Video Rating: 5 / 5
Question by misskh2000: How does the first time home buyer tax credit work?
My fiance and I bought a house this year so we qualify for the first time home buyer tax credit. I’m just wondering how this works exactly. We are suppose to get a certain amount back according to what we paid for our house. My question is, do tax get deducted from the tax credit we’d be getting back for the house?
Best answer:
Answer by Flower
The tax credit reduces your tax liability by $ 8000 or whatever the amount was.
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