Re the 8k tax credit in the stimulus package, does it have to be a first time home buyer? Or does it apply

Asked by Lorin Ruttenberg, Los Angeles, CA Thu Feb 19, 2009

to buyers purchasing their primary residence, whether or not it's the first time they've done so?

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6
Michael, , Raleigh, NC
Sat May 30, 2009
To qualify as a first-time homebuyer, the purchaser cannot have owned a home within the previous three-year period. However, ownership of a vacation home or rental home does not disqualify the buyer.

you can be a home owner, the question is if you rent out a room in your primary home, collect rent, and file a schedule E can you now claim the credit, or if you own a rental must you also rent in a seperate location to qualify for the 8k credit?
0 votes
Jonelle Bech…, Agent, Beverly Hills, CA
Sun Mar 8, 2009
Yes , it also removes the requirement that the credit be paid back if the buyer stays in the home more than three years. Home Buyer must have purhased home after Jan 2009 and before Dec 1st 2009 to be eligable.
0 votes
Lezlie Brazil, Agent, Culver City, CA
Thu Feb 19, 2009
Lorin,

The 2009 First Time Home Buyers Tax Credit defines a First Time Buyer as: Purchasers (and their spouses) who have not owned a principal residence in 3 years previous to purchase.

Please contact me if you have any further questions.

Lezlie Brazil
Keller Williams Realty
4644 Admiralty Way
Marina Del Rey, CA 90292
T 310-991-4263
F 310-861-0207
E lezliebrazil@kw.com
Web Reference:  http://www.lezliebrazil.com
0 votes
Monique & Joe…, Agent, Beverly Hills, CA
Thu Feb 19, 2009
Hello Lorin,

The 8k tax credit in the stimulus package is for first time buyers only. You must have not owned a home in the past three years to qualify.

Best,

Monique Carrabba
The Carrabba Group
Keller Williams Hollywood Hills
323.899.2900
mcarrabba@kw.com
0 votes
Joan Patters…, Agent, Rancho Cucamonga, CA
Thu Feb 19, 2009
Dear Lorin,

Yes, you must be a first time home buyer in order to get that tax credit and a home must close before the end of November. If you sell a home that is purchased this way before 3 years, you must repay it then. Otherwise, if you keep the home over 3 years, you don't have to repay that. It is a great deal!

Good luck,

Joan Patterson, B.A., A.S.P., G.R.I., Realtor
Keller Williams Realty
951-204-1864
http://www.calljoan4homes.com
0 votes
Crestico Rea…, , Los Angeles County, CA
Thu Feb 19, 2009
The bill provides for a $8,000 tax credit that would be available ONLY to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser.
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