Comments on: Get an $8,000 Federal Tax Credit … NOW! http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/ Just another WordPress weblog Wed, 08 Sep 2010 12:39:16 +0000 http://wordpress.org/?v=2.9.2 hourly 1 By: network marketing http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-482 network marketing Sun, 13 Jun 2010 22:31:37 +0000 http://expectmoreinahome.com/blog/?p=340#comment-482 Awesome post. One of the things I love running my own online biz, and absolutely it is different for all, is the time freedom, what is yours? Awesome post. One of the things I love running my own online biz, and absolutely it is different for all, is the time freedom, what is yours?

]]> By: Steve http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-172 Steve Thu, 30 Apr 2009 22:22:50 +0000 http://expectmoreinahome.com/blog/?p=340#comment-172 Mary Anne, There is not a "rebate hotline" that I am aware of. However,you can find a local IRS office help line on the IRS website. They may be able to help you. Go to: http://www.irs.gov/localcontacts/index.html for more information. I hope this helps, Steve Mary Anne,

There is not a “rebate hotline” that I am aware of. However,you can find a local IRS office help line on the IRS website. They may be able to help you. Go to: http://www.irs.gov/localcontacts/index.html for more information.

I hope this helps,
Steve

]]> By: Mary Anne http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-171 Mary Anne Thu, 30 Apr 2009 21:30:53 +0000 http://expectmoreinahome.com/blog/?p=340#comment-171 How do I check on my first time home buyers rebate check? I filed an amended 2008 tax returns before April 15th and we still haven't recieved it..do you have a phone number to call to check? Thanks Mary Anne How do I check on my first time home buyers rebate check? I filed an amended 2008 tax returns before April 15th and we still haven’t recieved it..do you have a phone number to call to check?

Thanks
Mary Anne

]]> By: Steve http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-169 Steve Thu, 23 Apr 2009 21:21:14 +0000 http://expectmoreinahome.com/blog/?p=340#comment-169 Bill, As with Joe's question, there appears to be a lot going on in this transaction. And, the question really requires a lot more discussion. Again, I would suggest you discuss the specifics with your tax consultant. Some questions to consider ... will your son's name be on title? Will he own the condo or share in the ownership? There are no restrictions in the Federal Tax Credit regarding the purchase of a home that you were renting. There are no restrictions regarding the source of funds to buy the home. So, it may work out for your son to get this tax credit. I hope this helps, Steve Bill,

As with Joe’s question, there appears to be a lot going on in this transaction. And, the question really requires a lot more discussion. Again, I would suggest you discuss the specifics with your tax consultant.

Some questions to consider … will your son’s name be on title? Will he own the condo or share in the ownership? There are no restrictions in the Federal Tax Credit regarding the purchase of a home that you were renting. There are no restrictions regarding the source of funds to buy the home. So, it may work out for your son to get this tax credit.

I hope this helps,
Steve

]]> By: Steve http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-168 Steve Thu, 23 Apr 2009 21:07:56 +0000 http://expectmoreinahome.com/blog/?p=340#comment-168 Joe, You might. This level of specificity really requires a lot more discussion. I suggest you talk with your tax professional. Generally speaking, you may not have owned a home in the past three years. If you lived in an apartment, that would seem to justify your applying for the credit. But, did you claim a home owner's deduction or property tax exemption on the "investment property"? That could disqualify you from the tax credit. I hope that helps, Steve Joe,

You might. This level of specificity really requires a lot more discussion. I suggest you talk with your tax professional.

Generally speaking, you may not have owned a home in the past three years. If you lived in an apartment, that would seem to justify your applying for the credit. But, did you claim a home owner’s deduction or property tax exemption on the “investment property”? That could disqualify you from the tax credit.

I hope that helps,
Steve

]]> By: Steve http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-167 Steve Thu, 23 Apr 2009 21:04:20 +0000 http://expectmoreinahome.com/blog/?p=340#comment-167 Jay and Maria, If you have not yet purchased your home, but will purchase the home before December 1, 2009, you will apply for the tax credit on your 2009 income taxes. You can not apply for the tax credit on your 2008 tax return if you did not purchase the home prior to December 31, 2008. Please let me know if that answers your question, Steve Jay and Maria,

If you have not yet purchased your home, but will purchase the home before December 1, 2009, you will apply for the tax credit on your 2009 income taxes. You can not apply for the tax credit on your 2008 tax return if you did not purchase the home prior to December 31, 2008.

Please let me know if that answers your question,
Steve

]]> By: bill keenan http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-170 bill keenan Wed, 22 Apr 2009 04:30:15 +0000 http://expectmoreinahome.com/blog/?p=340#comment-170 Maybe I should have stated my question differently. Is a equity buy in a home with a private non-commerial mortgage eligible for the stimulus payment The equity would be recorded The equity buyer is presently renting a portion of the condo. Maybe I should have stated my question differently. Is a equity buy in a home with a private non-commerial mortgage
eligible for the stimulus payment The
equity would be recorded
The equity buyer is presently renting a portion of the condo.

]]> By: steve http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-164 steve Tue, 21 Apr 2009 18:33:11 +0000 http://expectmoreinahome.com/blog/?p=340#comment-164 Claudia, If you purchased your first home 10 years ago, then the question is have you owned the home for the last 10 years? The "First Time Homebuyer" qualification is defined as a new owner of a home, who has not owned a home in the last three years. If you have had continued ownership of the first home you purchased, then you may not qualify. As to the tax filing question, you claim the Tax Credit on the tax return for the year in which you purchased the home. Since you are planning to purchase the home in 2009, you would claim the credit on your 2009 tax return. Steve Claudia,

If you purchased your first home 10 years ago, then the question is have you owned the home for the last 10 years? The “First Time Homebuyer” qualification is defined as a new owner of a home, who has not owned a home in the last three years. If you have had continued ownership of the first home you purchased, then you may not qualify.

As to the tax filing question, you claim the Tax Credit on the tax return for the year in which you purchased the home. Since you are planning to purchase the home in 2009, you would claim the credit on your 2009 tax return.

Steve

]]> By: bill keenan http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-159 bill keenan Sun, 19 Apr 2009 05:31:42 +0000 http://expectmoreinahome.com/blog/?p=340#comment-159 Hi. I would like to advance $88,000 to my over 40 son who is interested in buying a 45% interest in a 2 bedroom condo that he shares with and pays rent to the owner. There would be no commercial mortgage. The owner would use the money to pay off his mortgage. The owner has a $112000 equity in the $200000 condo. My son has never owned any previous residence. Hi. I would like to advance $88,000 to my over 40 son who is interested in buying a
45% interest in a 2 bedroom condo that he shares with and pays rent to the owner. There would be no commercial mortgage. The owner would use the
money to pay off his mortgage. The owner has a $112000 equity in the $200000 condo.

My son has never owned any previous residence.

]]> By: Joe http://blog.brookfieldsd.com/homebuyers-can-get-an-8000-tax-credit-now/comment-page-1/#comment-109 Joe Mon, 13 Apr 2009 22:52:29 +0000 http://expectmoreinahome.com/blog/?p=340#comment-109 I have an investment prop. that was bought more than 3 years ago and have been living in an apt. Do I qualify as first time home buyer? I have an investment prop. that was bought more than 3 years ago and have been living in an apt. Do I qualify as first time home buyer?

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