Posted by Dave T on August 07, 2009 at 16:17:16:
The amount of the first time homebuyer tax credit is 10% of the purchase price or $8000 whichever is less.
If the person is single, and if the person takes title on or before Nov 30, 2009, then the person can qualify for the first time homebuyer tax credit.
If the person is married, then both spouses must qualify as first time homebuyers to get the tax credit. If one fails to qualify, then both fail.
$8,000 tax credit - Posted by Brian_Wa
Posted by Brian_Wa on August 06, 2009 at 11:27:57:
If a person, who never owns a house before, buys a house subject-2, can this person claim the $8,000 tax credit?
Brian
Re: $8,000 tax credit - Posted by Art
Posted by Art on August 09, 2009 at 16:27:08:
Friend had to show the IRS proof by providing the final doc, settlement statement that shows the date property was acquired and address. That comes from the title company. Form 5404 needs to be filed with the IRS. He did not get the credit until about 2 months later cause IRS wants to verified that he did purchase the home. And yes it is up to 10% or $8000.00 of the purchase price. And also it depends on your gross income if you qualifly. Buyers need to verify with their Tax Preparer,CPA, or Tax Attorney.