Home Buying in 10021>Question Details

Cashbuyer, Home Buyer in 10021

In relation to the first time home buyer tax credit, is it valid for a purchase of a coop apartment in cash, no mortgage, no banks. Do I qualify?

Asked by Cashbuyer, 10021 Tue Aug 24, 2010

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Answering this question now is a moot point but I do like the question. Ann and Ralph makes two solid points. Yes, you would have had to be in contract by last April 30th, 2010 in order to even qualify and close no later than this coming Sept. 30th 2010. No matter if you paid cash or financed the purchase you would qualify based on the dates already stated.

Ralph make another point. The Fed tax credit does have income restrictions and you should talk to your tax consultant in that regard.

So tell us, have you closed? Good luck.
0 votes Thank Flag Link Sun Sep 26, 2010
You will qualify provided that you were in contract no later than April 30, 2010, and will close by September 30, 2010. Consult with your tax professional and or attorney for additional information regarding IRS qualifying codes--see IRS link--
0 votes Thank Flag Link Wed Aug 25, 2010
If you were not already in contract by April 30 of this year, you do not qualify. There are also income limits to the tax credit. Without knowing more information about your purchase or perspective purchase, I cannot make a totally accurate answer. If you're considering purchasing and are not represented by a buyer's agent, I would be pleased to assist you.

Ralph Windschuh
Certified Buyer Representative
Senior Real Estate Specialist
Associate Broker
Century 21 Princeton Properties
In The Top 2% of Century 21 Agents Nationwide!
0 votes Thank Flag Link Wed Aug 25, 2010

It doesn't matter if it was cash or if a mortgage was involved. What matters is meeting the deadlines - that you were in contract by April 30 and will close by the extended deadline of Sept. 30
0 votes Thank Flag Link Tue Aug 24, 2010
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