Thought this would engage some of you out there looking to take advantage of the Tax Credit situation we all face...
Do we extend the First Time Buyer Tax Credit another year?...



I saw another great article in the neswpaper about the Tax Credits. Some simple Q&A's that I felt may be helpful to any buyers out there who are not sure they qualify for the First Time Home Buyers Tax Credit...

Q- Who is eligible to claim the tax credit?
A- First time home buyers purchasing any kind of home, newly built or re-sale, are eligible. To qualify, the buyer must purchase a homebetween Jan. 1, 2009, and Dec. 1 2009. For the purpose of the tax credit, the purchase date is the date when closing occurs and the title of tha property transfers to the new owner. Tha tax credit is 10 percent of the home's purchase price or $8,000 maximum.

Q- What is the definition of a first time home buyer?
A- The law defines a first time home buyer as a buyer that hasnot owned a primary residence for threee years prior to the new purchase. The law tests the homeownership history of both buyers if they are married. For example, if a buyer has not owned a home for the past three years but their spouse has, neither would qualify for the tax credit. However um-married joint purchasers may have the tax credited to one purchaser if, for example, a parent who currently owns a home for the past three years is purchasing a home with a son or daughter. Ownership of a vacation or rental property not used as a principal residence does not disqualify a buyer as a first time home buyer as well.

Any other questions you have? Please direct them to me via this blog and I will update it regularly...