Home Buying in 55442>Question Details

1st Timer, Home Buyer in 55442

Eligibility for $8000 credit if Closing my first house and buying an additional lot

Asked by 1st Timer, 55442 Tue Oct 6, 2009

The closing date for my 1st home will be around mid Nov but I also want to purchase another lot next week with my fiance. Is the timing closing two transactions going to affect my eligibility to apply $8000 credit? Thanks.

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I would ask to close on the lot after you close on the house just to play it safe. You can still buy the lot (signed and accepted agreement, earnest money, etc) just put the closing date out past the date of the house.
1 vote Thank Flag Link Tue Oct 6, 2009
1st Timer,

I agree with Patrick. Just make sure you close on your home first and then on your lot. You should be fine to claim your $8,000 tax credit. Good luck.
Web Reference: http://noukhaschka.com
0 votes Thank Flag Link Wed Oct 28, 2009
I was told you need to earn less than $75,000...check with an account.
0 votes Thank Flag Link Sat Oct 10, 2009
Unless the lot you purchase next week becomes your primary residence before you close on the purchase of your home, you should be just fine claiming the $8,000 tax credit against your new home. But you should, of course, consult a CPA for a final determination on this or any tax matter.

Peter Boyle
Summit Mortgage
0 votes Thank Flag Link Wed Oct 7, 2009
I would agree with patrick, it shouldnt matter but just in case close it after.
Web Reference: http://www.lennyfrolov.com
0 votes Thank Flag Link Wed Oct 7, 2009
Thanks. That's a very good point.
0 votes Thank Flag Link Tue Oct 6, 2009
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