David Hawkins Posted June 2, 2010 Report Share Posted June 2, 2010 Did you do the Tax Credit? Just wandering how it works.......... I have heard a few local Commercials say "........and receive an $8,000.00 Tax credit" and I have heard some say "...................and use the $8,000.00 Tax Credit as your Down Payment". I have been temped to trade UP but the Commercials are confusing. Link to comment Share on other sites More sharing options...
i8acobra Posted June 2, 2010 Report Share Posted June 2, 2010 I believe the tax credit is for first-time buyer's only, but not sure. I'm sure you can find info at the IRS website. Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted June 2, 2010 Report Share Posted June 2, 2010 Unless there is a new program you needed to have a home under contract by April 30th. Link to comment Share on other sites More sharing options...
David Hawkins Posted June 2, 2010 Author Report Share Posted June 2, 2010 I believe the tax credit is for first-time buyer's only, but not sure. I'm sure you can find info at the IRS website. If you already own a Home, you get $6,500.00. But I own a Mobile Home on a Rented Lot and was told that I should qualify for the $8,000.00. Link to comment Share on other sites More sharing options...
David Hawkins Posted June 2, 2010 Author Report Share Posted June 2, 2010 Unless there is a new program you needed to have a home under contract by April 30th. It was extended to June 30th. Link to comment Share on other sites More sharing options...
stormeaston Posted June 2, 2010 Report Share Posted June 2, 2010 You get 8k OR 10% of the purchase price. Meaning that if you buy a home (first time) and the purchase price is 80k or better, then you get the 8k. If your purchase price is 75k then you would recieve 7500.00 and so on. they are pretty strict on the first time thing........if you have owned other property get that checked out to make sure you qualify. Link to comment Share on other sites More sharing options...
ejrail Posted June 2, 2010 Report Share Posted June 2, 2010 A guy my wife works with bought his first home before the April 30th deadline and qualifies for the 8K. His realator told him he can file an amended 1040 tax return for 2009 and get the $$ back now instead of waiting until next year. I'm no accountant but this sounds suspect to me. My daughter just closd a week ago on her first home. They are checkng in to this as well. Link to comment Share on other sites More sharing options...
jsarkis Posted June 2, 2010 Report Share Posted June 2, 2010 If you already own a Home, you get $6,500.00. But I own a Mobile Home on a Rented Lot and was told that I should qualify for the $8,000.00. Unfortunately that credit to upgrade is only if you make less than $160k a year... Link to comment Share on other sites More sharing options...
RUFDRAFT Posted June 2, 2010 Report Share Posted June 2, 2010 David - what kind of house are you looking to "trade up" to? Link to comment Share on other sites More sharing options...
David Hawkins Posted June 2, 2010 Author Report Share Posted June 2, 2010 David - what kind of house are you looking to "trade up" to? I was thinking about a Townhome but now I am thinking about a Doublewide Mobile Home with some land so I can spread out. Link to comment Share on other sites More sharing options...
svtkeith Posted June 2, 2010 Report Share Posted June 2, 2010 I was thinking about a Townhome but now I am thinking about a Doublewide Mobile Home with some land so I can spread out. Tes good luck either way...Hope thing works out for you bud. Link to comment Share on other sites More sharing options...
RUFDRAFT Posted June 2, 2010 Report Share Posted June 2, 2010 I was thinking about a Townhome but now I am thinking about a Doublewide Mobile Home with some land so I can spread out. I'm sure you're aware: Townhome - better investment -- Doublewide - lower payments? Link to comment Share on other sites More sharing options...
JeffIsHereToo Posted June 4, 2010 Report Share Posted June 4, 2010 It was extended to June 30th. Do you have a reference for this change? I can't find anything that says this, everything talks about it expired in April, other than an extension for military that were out of the country due to a deployment etc., until June 30, 2011. Here is the IRS page on the program that might be of some help. IRS Home Credit Overview IRS Home Credit Detail Link to comment Share on other sites More sharing options...
David Hawkins Posted June 4, 2010 Author Report Share Posted June 4, 2010 Do you have a reference for this change? I can't find anything that says this, everything talks about it expired in April, other than an extension for military that were out of the country due to a deployment etc., until June 30, 2011. Here is the IRS page on the program that might be of some help. IRS Home Credit Overview IRS Home Credit Detail Yep, your right............ You have to CLOSE by June 30...... These Commercials on the Radio are SOOOO miss leading. I called on one and found out that it is only good for the Military that was out of the Country. Thats like maybe 2% here. They run the Commercial like that so more people will call.........."Bate & Switch" con. Link to comment Share on other sites More sharing options...
Stormracer Posted June 6, 2010 Report Share Posted June 6, 2010 Built and bought new house and moved in Jan 29th of this year. So I filed with my 2009 return, it went through just fine. Link to comment Share on other sites More sharing options...
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