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What are the important details on 8000 tax credit for first time home buyers?
Wiki User
∙ 15y ago
Some important facts of $8,000 tax credit for first time home buyers are: # It is a true tax credit to home buyers, not a loan as initially devised. # It is only for "first time" home buyers who haven't owned real estate in the last 3 years. # It is capped at 10% of the purchase price. # The buyer must remain in the home for the minimum of 3 years. # It is applicable for first time buyers that buy or have bought between 1/1/2009 and 12/1/2009. # Full credit is available to those making $75,000 or less or $150,000 for joint filers.
Wiki User
∙ 15y ago
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What is first time home buyers credit?
First time home buyer's credit will not prevent you from getting a home loan. This credit is intended to help first time home buyers. You can check with your lending company to get more information.
Is there a first time home buyers credit?
You can find information regarding first time home buyers credit at the following website...www.irs.gov/newsroom/article/0,,id=186831,00.html or www.zillow.com/.../is-first-time-homebuyer...credit.../436914/
Do first time house buyers still get a tax credit from the government on their federal income tax return?
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
What does one do when they are a first time home buyer with bad credit?
There is information available on the internet that suggests that first time buyers with bad credit need not worry about their bad credit causing issues as they may be a good candidate for a federal mortgage payment plan.
What are some benefits for mortgages for first time buyers?
First time buyers get tax benefits and begin to build a credit.
What is first time home buyers credit?
First time home buyer's credit will not prevent you from getting a home loan. This credit is intended to help first time home buyers. You can check with your lending company to get more information.
Is there a first time home buyers credit?
You can find information regarding first time home buyers credit at the following website...www.irs.gov/newsroom/article/0,,id=186831,00.html or www.zillow.com/.../is-first-time-homebuyer...credit.../436914/
Are there rebates available for first time home buyers?
There is currently an $8000 tax credit to those who purchased a new house in 2009. However, this tax credit only applies to new home buyers, previous home buyers will not qualify for this credit.
Do first time house buyers still get a tax credit from the government on their federal income tax return?
First time house buyers do still get a tax credit from the government on their federal income tax return. This is a very nice tax credit that helps thousands of new home buyers every year.
What are the details of the First Time Homebuyers' Credit?
The details of the First Time Homebuyers Credit are that you are allotted to a certain amount of money, based on your credit score, to put into your homes mortgage.
What is the amount of the first time home credit for a first time home buyer?
First time home buyers get a $8,000 tax credit for a home contract signed by April 30, 2010 (completed no later than June 30, 2010). Repeat buyers get a $6,500 tax credit.
Is there a tax credit for first time home buyers?
Yes. There is a first-time home buyer credit of up to $8000 until 4/30/2010.
Do you have to claim the 8000 first time home buyers tax credit as income on your next tax filing?
No.
Is there still a tax credit available to first time home buyers?
Yes. The first time home buyers tax credit has been extended through May 1, 2010. According to irs.gov if a home is under contract by May 1, 2010 and closed on by July 1, 2010 the first time buyer will receive an $8,000 tax credit.
Is there a stipulation with first time home-buyers credit that you have stay in your home for 3 years If you don't do you have to pay it back?
It is prorated.
You are a retiree and dont file taxes do you qualify for first time home buyers tax credit?
Yes, the credit is fully refundable. You will have to file a tax return to claim it, however.
