Renee, Both Buyer and Seller in Rochester Hills, MI

we bought our home in dec. 08, our first payment was in 2009. Will we qualify for the tax credit?

Asked by Renee, Rochester Hills, MI Wed Feb 18, 2009

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Renee, since you bought in December IF you were first time buyers (hadn't owned in 3 years) and your income didn't disqualify you, you would be eligble for 10% of your purchase price up to $7500 as a tax credit that is repayable over 15 years. Check with your tax preparer to be absolutely sure!
1 vote Thank Flag Link Wed Feb 18, 2009
I am not a tax adviser.

You should qualify for the $7,500 tax credit that is repayable over 15 years if you were first time buyers. If you weren't first timers, then you don't. The date of your purchase is what qualifies you, not the date of your first payment

There are more posts on my blog below about the first time buyer credit.
Web Reference: http://miOaklandCounty.com
1 vote Thank Flag Link Wed Feb 18, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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