Hello Mrs Barnes,

you definetly have to ask your accountant/CPA we are only realtor and connot give tax advices, on the other hand I posted on my web page a blog on the front page a very good article from the association of realtors that andwer and explains all the questions you may have.

CHECK OUT http://WWW.AKSOLDFAST.COM

Dear Ms. Barnes,

Let me see if I understand, your husband has bought and sold a house within the last three years.

You purchased a house on or after Jan 1, 2009?

You want find out if you can claim the newly revised First Time Homebuyer Credit that is not repayable in the amount of $8,000?

First, this is an IRS.gov question- there are several factors that may play a part in determining your eligibility. 1. What is the source of funds you used to purchase the home - is it a joint bank account with your husband.

2. How is the title vested..are you listed as a "married woman"?

Please be prepared for an audit to review your tax returns for mortgage interest deductions within the last three years.

These are questions and answers that the IRS will consider when reviewing your claim.

I went to the website http://www.IRS.gov but there is no new information on the revised Tax Credit posted to-date.

Please note there are income limits, $75,000 for a single person, $150,000 for a couple. More importantly, you don't automatically get $8,000. If you don't owe Uncle Sam taxes, you will get a refund based on 10% of the sale price not to exceed $8,000. In other words, if the house is 100,000 - you can get $8,000 if you don't owe taxes. If the house you purchased cost $70,000, will only get a credit for $7,000.

I strongly suggest you contact a tax professional who is familiar with the guidelines for claiming this tax credit.

Good luck,
Jacqueline Clarke

The tax issue should be investigated through your accountant. The credit is available to anyone who has not owned a home within the last 3 years (1095 days). AND makes less than $75,000 per year (150,000 for couples). Ask your realtor and/or your mortgage consultant to explain in detail.

Marie,

This new tax law is pretty confusing. I would advise you to talk with your CPA and hopefully they can make heads or tails of who qualifies and who doesn't. If you do qualify you definitely want to take advantage of it.