$8000 first time home buyer tax credit?

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The 8000 first-time home buyer credit is it a check for 8000 or a deduction. and what is a tax credit.?

The 8000 first-time home buyer credit is it a check for 8000 or a deduction from your over all income. and what is a tax credit.

Answer:

When you file your taxes, it is a credit towards your tax return. For example, when you do your taxes...

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For the 8000 Housing Tax credit, can the first time home buyer not be on the mortgage?

I have read that a cosigner is eligible for the credit if they are a first time home buyer but does this person need to be on the mortgage to receive the tax credit or simply on the deed? Federal Housing states: "However, unmarried joint purchasers...

Answer:

Hello Rich, The homebuyer can receive the credit by being on the deed. Factors that indicate that a...

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How can I claim $8000 first time home buyer tax credit when Im unemployed?

I read that I have to file my taxes in order to receive my $8,000 first time home buyer credit. Thing is I have been unemployed so I have no taxes to file. How do I go about doing this? Anyone know the correct way for me to claim my $8000 first time...

Answer:

In theory, you can qualify if you have $0 income and live on savings. Unless you paid cash for the entire...

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First time home buyer - Do I qualify for $8000 tax credit if I bought the home with an existing renter?

Hello, I know qualified first time home buyers are now able to get a tax credit of up to 8000 if purchased before April 2010. If the home is originally rented to someone when the purchase takes place although it will be my prncipal residence does this...

Answer:

The purpose of the credit is for you to move. If you have a tenant and don't move in, you do NOT qualify...

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Do you have to pay back the $8000 first time home buyer tax credit?

Do you have to pay back the $8000 first time home buyer tax credit? i know you have to stay in the house for 3 years, but i got different answers about if i have to pay it back in 15 years on never have to pay back. i just need to know if its a yes or...

Answer:

This is a USA question. Which year did you buy the house? For 2008, the maximum credit was $7500 and...

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How does the $8000 first time home buyer tax credit work for someone who didn't owe anything on taxes?

I am in the process of buying my first home, and I am wondering how the $8000 tax credit will help me if at all. I have never owed anything on my taxes, I have always got a refund. ...show more

Answer:

I'm also a first-time home-buyer and asked the same question to the guy running the class for first...

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Is the new $8000 First time home buyer tax credit Taxable income?

If we get the $8000 tax credit for buying a home, is this considered taxable income when we file our taxes the following year?

Answer:

Of all the websites I've looked at for this it says nothing about it being taxable income that you'd...

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Am I eligible for the $8000 first time home buyer's tax credit if my copurchaser is related to the seller?

My boyfriend and I are buying a house that his dad is building. I've read that buying a house from a relative excludes you from the tax credit; but I've also read that for unmarried couples, if one person does not qualify, their partner can still claim...

Answer:

As long you aren't married before the closing, you should be OK.

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$8000 tax credit (first time home buyer)?

My mom bought a house in city A, IN in 2002, and she paid off the house during that year. In 2007, she tranfered the deed's tittle ONLY to me (my wife doesn't have any record on that house). Now, my wife bought a house in city B IN, and she tries to...

Answer:

no. she owned the house in 2007 which was not 3 years ago. her loan is not relevant. she owned that...

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If one received the $8000 First-Time Home Buyer's Tax Credit, how long must he wait to sell the house?

What is the length of time required to own the home until he is no longer liable to refund the tax credit?

Answer:

3 years

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