Anonymous asked in Business & FinanceRenting & Real Estate · 1 decade ago

$7500 tax credit for home buyers?

I have a question regarding the $7500 tax credit for home buyers. I was in a land contract since 2002 - 6 years. And recently I just refinanced my home, FHA Stream Line Home Loan in June/08. I bought the home in 2002 on a land Contract, me only.

I got married in 2006 and refinanced 2 months ago, with my Wife...... Do I qualify as a "refinance land contract"? Or will my wife qualify - because she was just put on the house, and she never owned a home prior? We file our tax's jointly......

4 Answers

  • 1 decade ago
    Favorite Answer

    She just might qualify but i think it is only for a home "purchase" and she didn't purchase it from you. She was just added to the deed. If that worked, we would all be adding our friends and family to our deeds so everyone could get $7,500.

  • 1 decade ago

    This credit is still really sketchy even with tax people. They will not have these answers until it gets a little closer to tax time. Find out if this is right for you from your accountant. This is a interest free loan. YOU WILL PAY IT BACK. I think the amount will be around 500 per tax year meaning you will get it taken from your tax returns. This may or may not benefit you. Do not choose to use it unless it will help.

  • wanita
    Lv 4
    3 years ago

    i'm getting the 7,500 tax credit on my abode I in basic terms bought in September so I talk from expierence. it is extra like a pastime unfastened loan recieved by potential of potential of a tax credit. you need to pay decrease back $500.00 on each and every each year tax return for 15 years. once you get the tax credit - it is utilized on your tax owed/refund (final analysis). So in case you owed the IRS 500 when you filed, they could persist with the tax credit and you may recieve a examine of $7,000. in case you get carry of the abode in previous due January. you will in all probability ought to declare it on your 2009 taxes. i'm uncertain in this element however. yet another super factor approximately this credit is: in case you sell your abode at a loss earlier the tax loan is paid decrease back, the IRS will wipe away the relax debt. possible get the tax credit as long as you purchase the abode between Feb 2008 -July a million, 2009

  • 1 decade ago

    The credit is for first time buyers, the idea is to get houses off the market. It is not available to the population in general.

Still have questions? Get your answers by asking now.