I bought my house in May 2009 but it was not brand new, do I still qualify for this credit?

Asked by Ajackson, 95630 Sun Mar 28, 2010

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Joan Lorberb…, Agent, Boca Raton, FL
Sun Mar 28, 2010
Here is a link to the IRS website: http://tinyurl.com/db3gnn that explains not only the Federal First-Time Homebuyer Tax Credit for years 2009 and 2010 but the site also gives various scenerios. You should also consult with your CPA or accountant to be sure your income tax filing is correct for your situation.
Web Reference:  http://tinyurl.com/db3gnn
0 votes
Sue Archer R…, Agent, Palm Harbor, FL
Sun Mar 28, 2010
Hopefully you used a CPA, and not Turbotax or H&R Block type services.

As others have said, the answer is best given to you by your tax preparer. If you've already filed your taxes and did not submit for the tax credit (assuming you meet the eligibilty requirements based on income level, etc.) then you can file an amendment to your 2009 tax report submission and get it processed that way.

The reason I suggest you work with a CPA is that you will need to be able to track back to your earlier tax years, to make sure you remain qualified, i.e. remain in the home at least 3 years, etc. A CPA normally keeps your previous (and complete) tax returns on file for easy access in later years. And many have fees that aren't any more than the big box companies. It's a good idea to have a long term relationship with someone licensed and experienced to answer these questions for you.
Web Reference:  http://www.suearcher.com
0 votes
Dan Chase, Home Buyer, Texas City, TX
Sun Mar 28, 2010
You could buy a new or used house and get the credit. It simply has to be your primary residence and you have to fit the parameters to get it.
0 votes
Richard Murp…, Agent, Eureka, CA
Sun Mar 28, 2010
That Quailies for the Tax Credit but You have to fall in the guidelines like hvae not own for five year or if you do own you can get $6,500 as investment property, and if you don't stay in the house for three years meaning if you get foreclosed you will owe the $8,000 back to the Gov. it is a grant not a credit...
0 votes
Carie Averill, Agent, Lees Summit, MO
Sun Mar 28, 2010
Hi Ajackson,

If you purchased your home in May 2009 and you were a first time homebuyer, then you should qualify for the Federal Tax Credit of up to $8,000. That was good for new or resale properties.

California just passed a new tax credit for people that purchase their homes between May 1, 2010 thru December 31, 2010. This is good for first time homebuyers that purchase a resale home or brand new construction. According to an article from the Associated Press, "Homebuyers can claim 5 percent of the purchase price against their California taxes, or up to $10,000".

So, in your situation, you would not qualify for the new California tax credit.

Always speak to your CPA or a tax attorney to figure out if you do in fact qualify for any tax credits.

Have a nice day!

Carie Averill-Branch
Coldwell Banker
0 votes
Robin Silver…, Mortgage Broker Or Lender, Garden City, NY
Sun Mar 28, 2010
The house does not have to be brand new to qualify. You would have to be a first time homebuyer, and qualify based on your income. If you have not filed your taxes yet, let your tax preparer know. If you already filed, they should have asked you once you gave them your mortgage interest statement.
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