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.
Question by Nate: Does anyone know if the first-time home buyer tax credit is good towards buying a foreclosed home? Just wondering if anyone knows if the first-time home buyer tax credit that’s being offered is good towards to purchase of a foreclosure or housed purchased through a county tax sale? How would this work? Where can I find more information on the specifics of the tax credit?
Best answer:
Answer by hks_sugar http://www.federalhousingtaxcredit.com/
realestatemarketingthisweek.com – Real Estate Marketing – Now is a great time for first time home buyers to get into the real estate market – With Michael J Barnes, Brett Fallon and Dan Havey of Real Estate Marketing This Week Part 3 – Back in studio of course Brett Fallon are favorite and one of America’s best financial advisors, and a very good friend of mine for a long time also Dan Havey. Dan, what is the name of the book? The name of the book that I am in the middle of writing is called, Real Estates Future. What it is, is a model that I created with a friend of mine. I didnt believe this was possible when it was first brought to me, but after working on it for six months and doing a lot of research I found that we were actually able to predict, in advance, through a whole series of equations and data, we were actually able to predict in advance the top of the last real estate market here in Phoenix by six months. So were doing a lot more research to see if we can take that to a broader national level and see if we can come close to actually giving people an idea in advance of the top and bottom of the real estate market. And this is not the doom and gloom type stuff, this is reality, this is not media spin or anything, correct? No, this is just numbers. That’s all this comes down to, numbers, a lot of different equations. I am not going to bore people with all the complicated stuff. When I was in college I started out with a degree in computers and mathematics and … Video Rating: 5 / 5
Question by musa116: how to get the first time home buyer tax credit? We have already filed for the tax return we bought our home for first time and we closed last week. Now how we can file for the tax credit as a first time home buyer?We filed the tax in GA, but bought the home in OH, does this make any difference?
Best answer:
Answer by *toona* We just did that too…=)You;ll need to get a form from the IRS, # 5405;complete that; Then you need to have a Settlement statement or a HUD housing statement from your lender or Bank.These 2 things must accompany your tax form;or mailed seperately if necessary to the IRS in your State…or where ever you have filed taxes.Congrats!=)Oh and expect it to be a long wait for the money back too.We were told 16-18 weeks but it can happen faster if the IRS isn’t back-logged with filings.The IRS recently published a notice that most returns are being even more delayed due to the volume of New Home Owner filings sent in. It’s well worth waiting for though.=)
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