Home Buying in Whittier>Question Details

Anayesli, Home Buyer in Whittier, CA

Can I claim the new tax credit for first time home buyers?

Asked by Anayesli, Whittier, CA Thu Feb 11, 2010

I purchased a main property but it was rented when purchased. It took 4 months to get the renters out. Can I still claim the new tax credit for first time home buyers?

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4
Hello ,

Here's is what the IRS website says...

A first-time buyer is anyone who has not owned a home for the past three years
– Income limits (for homes purchased after Nov. 6, 2009):
•Single filers $125,000
•Joint filers $225,000
•Partial credits may be available above these income limits
– Home purchase price cannot exceed $800,000

You can always find answers to tax questions at http://www.irs.gov
Web Reference: http://www.frankamador.com
0 votes Thank Flag Link Mon Feb 15, 2010
Talk to your CPA or Tax Consultant regarding this issue but it seems as though you will be able to claim the tax credit as long as you are a first time home buyer.

Here is some more information that may be helpful to you http://www.vgrouphomes.com/atj/user/AdditionalGetAction.do?p…

John & Sarena Villaescusa
Keller Williams Realty
Owner/Realtor/Broker
Cell: 562-818-2671
Email: Johnv@kw.com
Website: http://www.VGroupHomes.com
Web Reference: http://www.VGroupHomes.com
0 votes Thank Flag Link Thu Feb 11, 2010
Hi Anayesli,

The law requires that the home you purchase & claim the tax credit on must be your principal residence. As long as the renters are out & you are now living there, I don't think you will have any problem claiming the credit. I would recommend verifying with your tax preparer or CPA to be sure.

You can find more information on the credit here: http://www.federalhousingtaxcredit.com/faq1.php#2

Hope this helps.. Good luck!

John Barry
DRE #01856079
Coldwell Banker Residential Brokerage
Cell: 323-810-7976
Email: john.barry@coldwellbanker.com
Facebook: http://www.facebook.com/RealtorJB
Twitter: http://twitter.com/RealtorJB
Web Reference: http://www.jbknowsthevalley.com
0 votes Thank Flag Link Thu Feb 11, 2010
The tax credit has two components which is for "First Time" & "Owner". The difference being $8000 vs. $6500.

It appears that you may be eligible for the Owner Tax Credit of up to $6500 if you buy to occupy the property. However, there are requirements that you will have to meet. The best thing is to consult with a CPA or Tax Consultant to be sure.
Web Reference: http://www.tedcanto.com
0 votes Thank Flag Link Thu Feb 11, 2010
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