Mary, Home Buyer in 90064

My husband and I bought a house from my husbands sister before nov 6 09. will we be eligible for the tax credit?

Asked by Mary, 90064 Mon Jan 18, 2010

Help the community by answering this question:

+ web reference
Web reference:

Answers

3
Dyanna, , California
Mon Jan 18, 2010
Mary, in order to qualify for the credit, the property can not be purchased/sold by a family member. Sorry.

Dyanna
0 votes
Don Linden, Agent, Sherman Oaks, CA
Mon Jan 18, 2010
The best recommendation is to speak directly with your tax consultant to make the proper arrangements. I hope that this helps.
Web Reference:  http://www.DonaldLinden.com
0 votes
Angela Bond, Agent, Los Angeles, CA
Mon Jan 18, 2010
Hi Mary,

The Worker, Homeownership, and Business Assistance Act of 2009 has extended the tax credit of up to $8,000 for qualified first-time home buyers purchasing a principal residence. The tax credit now applies to sales occurring on or after January 1, 2009 and on or before April 30, 2010. However, in cases where a binding sales contract is signed by April 30, 2010, a home purchase completed by June 30, 2010 will qualify.

The Worker, Homeownership, and Business Assistance Act of 2009 has established a tax credit of up to $6,500 for qualified move-up/repeat home buyers (existing home owners) purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010).

You can find this info and answers to common faq's at this site: http://www.federalhousingtaxcredit.com and always check with your tax advisor, just to be safe!
0 votes
Search Advice
Search
Ask our community a question

Email me when…

Learn more