Does anyone know any new info on this? I'm about to purchase my first home and don't know if I should wait. $15,000 is a lot more helpful then $8000 but either way I'm not complaining.
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no idea, but i don't like the idea of removing the income limit. also agree with his worry over the 1st-time-home-buyer restrictions.
Nothing changed yet. But you have until November 30 to purchase and get the 8000.00. I'm sure they'll know more by fall... If you can wait that long. I havent heard anything about this as of yet.
I've wondered something...
note - this isn't something I would actually do . just have idle curiosity as to whether it would be possible
Our home is in my name only - husband's name isn't on the deed or mortgage. Just never bothered to get it changed over to add his name. (yes, I know we need to get around to that one of these days...)
So, technically my husband would be a first time homebuyer. He has never purchased a home/had a mortgage in his name.
Wonder if he would be eligible for the tax credit if I sold "my" house to him? lol
(again...not worth the hassle to me, even if it were possible. But I suspect there would be others out there who would be more than happy to scam the system if such a loophole existed...)
I'm getting very disgusted watching this Congress try to "reflate" the housing bubble.
Something I'm wondering....why is it just first time buyers who get a credit? Isn't that what sub-prime mortgages were doing, getting first-time buyers or people unable to afford regular processes into houses? I know it's not the same thing, but it seems like it will have the same result: a lot of people who couldn't afford a home without some kind of break will get homes they can't afford to maintain. I'm looking at buying only my second home ever, and have one to sell that's totally paid off. I've done well and followed all the rules, never had any problems making my payments, how come I can't get a tax break?? I'm one of the ones who supported everyone else! ;p
Copied from the irs site.
S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?
A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36©(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.
I totally agree. Why do those who get themselves into trouble always get the breaks.. at the expense of those who dont.
nana said: “ I've done well and followed all the rules, never had any problems making my payments, how come I can't get a tax break?? ”
Because you're the rube. The patsy. The sucker. The designated victim.
Bother to vote in REAL fiscal conservatives next time.
swantucky...thanks for the info.
At least they thought to close that loophole. (Of course, I'm sure there are other ways for people to exploit the system...)