can the seller take a sellers assist as a tax credit?

Asked by Hmcglade, Delaware County, PA Mon Dec 7, 2009

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Russ Ravary, Agent, Commerce Township, MI
Sun Mar 10, 2013
You should talk to your CPA or tax preparer for that answer. it would be out of our area of expertise
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Jien, , Philadelphia, PA
Tue Dec 8, 2009
Hi, Hmcglade

A Seller credit, better known as seller concessions, is a scenario when the seller agrees to pay a certain amount of buyer closing costs. The seller may pay a percentage, such as 3, or 6% of the purchase price, or they may pay a dollar amount, such as $1,000 or $6,000(as allowed or permitted by the buyer lender)

The federal tax credit is the (up to) $8,000 as a Home buyer incentive from the goverment. Most home buyers that haven't owned a home in the last 3 years will qualify for this. In general, this credit is realized as a credit for you when you complete your taxes in the spring of 2010 (for 2009's income)...Nothing to do with Seller Assist at all.

Thank you hope is helpful and Good Luck
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Michael Cohen, Agent, Philadelphia, PA
Mon Dec 7, 2009
The sellers asst is a credit for closing cost, you can deduct all the cost associated with closing
talk to your tax accountant
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Sean Dawes, , Philadelphia, PA
Mon Dec 7, 2009
The only tax credit which is available is the one offered by the government. The seller can not have cash come from the assist to you. It is intended to be used for closing costs on a home.

Sean Dawes
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