Comments on: Is The $6,500 Homebuyer Tax Credit Retroactive for Existing Non-First Time Home Buyers?

By: Matt Jabs

Matt Jabs — Fri, 29 Jan 2010 16:42:17 +0000

Sounds like you should be able to claim the credit Chip… as long as you meet the conditions they lay out in the form.

By: Chip

Chip — Thu, 28 Jan 2010 03:16:29 +0000

I have owned my house for 7 years now and I am trying to sell it. I know Im going to have to hope to break even or even sell at a loss but I was told I could get a tax credit for it? How much and what are the rules on it? Im probably just going to rent for a while while I figure out my job situation, so will that mess anything up?

By: Tax Credits for Home Buyers and Homeowners

Tax Credits for Home Buyers and Homeowners — Thu, 21 Jan 2010 08:22:12 +0000

[...] qualifies: A refundable $6,500 credit max or non-first time home buyers who are purchasing a replacement home and have lived in their [...]

By: Rob

Rob — Fri, 15 Jan 2010 18:57:57 +0000

New form and instructions now published

http://www.irs.gov/app/picklist/list/formsInstructions.html?value=5405&criteria=formNumber&submitSearch=Find

Stupid IRS. The actual law is open to interpretation, but unfortunatly we have to go off of what the IRS thinks, and they say not retro. That really pisses me off. I had to pay an extra $8K because of this plan, and I don’t get a penny back.

What a joke.

Lets punish those who are actually helping out the economy without handouts. I would have used this to pay for a fence and employ those to install it. Oh well, our country is going to hell reguardless.

By: Julie

Julie — Tue, 12 Jan 2010 02:14:42 +0000

Is the $6,500 tax credit for previous home owners buying a new primary residence contingent upon selling your old (or shall we say current) residence? If so, what is the time frame/dates/deadlines for that? Thanks.

By: Rob

Rob — Fri, 08 Jan 2010 18:01:25 +0000

Yes the $6500 is retro according to the draft of the new form which is supposed to be approved today.

By: Matt Jabs

Matt Jabs — Thu, 07 Jan 2010 02:53:23 +0000

I don’t see why not, unless it is specifically forbid in the tax code.

By: PW

PW — Thu, 07 Jan 2010 02:03:28 +0000

can a relative buy your home and be a first time home buyer

By: PW

PW — Thu, 07 Jan 2010 02:00:38 +0000

can I sell my home to my son who is a first time home buyer And will I get the 6500 credit on my new home I have meen in my home over ten years

By: Paul

Paul — Thu, 31 Dec 2009 03:45:03 +0000

I seem to be the odd man out. I purchased my first home Feb. ‘07. It seems as though I don’t fall into either first time[$8000] or existing home owner[$6500] category.

By: Matt Jabs

Matt Jabs — Sat, 26 Dec 2009 06:39:24 +0000

Thanks for your question Linda. To make your proper decision I advise you to present your complete situation to a tax or real estate attorney. But based on the info you gave here, I would say no… you will not be eligible due to the fact that you have owned before, but not consistently over the last 5 years.

By: Linda

Linda — Thu, 24 Dec 2009 08:44:28 +0000

We have lived with my daughter in her house for 6 years and now want to purchase the home from her. We will be purchasing around March of 2010. We have not owned a home for many years. Will we qualify for either the $8000 or $6500 credit for home buyers?

By: Rob

Rob — Wed, 02 Dec 2009 01:58:18 +0000

Nick, why do you think it isn’t retroactive. There is nothing to say that it is not. And according to the IRS they are making statements about people that purchased homes before November as long as you were within the original income limits.

What it comes down to is the IRS 5405 form and how the IRS views the law. It is still in the workings for getting revised.

By: nick

nick — Wed, 02 Dec 2009 01:08:48 +0000

Created this petition for anyone like myslef who purchased a home between 1-1-09 and 11-06-09 and would have qualified for the $6500 if it was retroactive

http://www.thepetitionsite.com/1/homebuyer-credit-expanded-and-extended-isnt-rectroactive-for-2009

By: Matt Jabs

Matt Jabs — Tue, 24 Nov 2009 06:26:34 +0000

You’ll need to consult a local tax attorney or accountant to figure out if you are eligible.

By: Dillon

Dillon — Mon, 23 Nov 2009 03:47:49 +0000

I’ve been included in taxations for longer then I care to acknowledge, both on the private side (all my employed life-time!!) and from a legal stand since satisfying the bar and following tax law. I’ve supplied a lot of advice and righted a lot of wrongs, and I must say that what you’ve posted makes perfect sense. Please uphold the good work – the more people know the better they’ll be armed to deal with the tax man, and that’s what it’s all about.

By: Matt Jabs

Matt Jabs — Thu, 19 Nov 2009 14:28:56 +0000

Yeah… I agree Dennis. And to go one step further… the government needs to check itself and stop meddling in the affairs of economics and “free” markets.

By: Dennis

Dennis — Thu, 19 Nov 2009 14:03:07 +0000

The Congressmen/women keep getting it wrong. To create stimulus, you need to give money to people who are not expecting it. Those are the ones that will spend it, not someone who buys or sells a house because of an incentive. They will just buy more house and not spend the money. This existing homeowner credit should be retroactive to the start of the first time home buyers credit and I guarantee the homeowners that have already purchased a home based on their current financial situation will be the ones to stimulate the economy the most, not the new deals.

By: Jennifer

Jennifer — Sat, 14 Nov 2009 19:15:34 +0000

I sold my house of 12 years in December 2007 and moved in with my fiance. I’m now buying a house and closing in the next month or so. Am I out of luck?

By: Matt Jabs

Matt Jabs — Sat, 14 Nov 2009 02:20:35 +0000

Or rather challenge your Congressmen/women to read the bills before voting on them… novel idea I know, but they honestly do not even read them.