$8,000 homebuyer credit
Submitted by Anonymous on Wed, 2009-11-04 15:13.
Hi Linda
I have a question about the qualifications of the First Time Home Buyer Credit.
I purchased a home in 2002 used as my primary residence. In 2007 I purchased a rental property (never used as primary residence, its 100% rental). Now in 2009 I rented my primary home and I am staying with family. I am hoping to close on a new home (to be my primary residence) before Dec 1, 2009. Do I qualify for the credit or does the Rental purchase affect me even though it was never my primary residence??
If I do not qualify I hear they may be extending the credit thru next year & reducing the amount to $6500.00, would I qualify then if I do not close by Dec 1, 2009???
Help. By the way fantastic website!!!
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New & Improved Homebuyers Credit
Although the new credit is smaller, it's been extended to folks who already have principal residence and have lived in it for the last 5 years any time during the last 8 years.
The new credit is for primary residences purchased between Nov 6, 2009 and April 30, 2010. Escrow must close by June 30, 2010.
Based on what you've posted, you should be eligible for the new credit.
You should check out the income limitations. The credit starts to phase out if your modified AGI is over $125K for singles & $225K for joint filers and if completely gone once your AGI reaches $145K single, $245K joint.
More info is available on the IRS website.
L:)
Linda, Thank you so much for
Linda,
Thank you so much for responding!!!
P-