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who is qualified for first time Buyers Tax credit and what are the terms

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September 07 - Gainesville

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Mike Hammill, "chauncypepper"
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Mike Hammill, "chauncypepper"

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Make less than $75,000 a year and you are set, they expire in December so act fast, unless congress extends it !!

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September 30

klarek the realist
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klarek the realist

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"I just helped a client who was looking at renting a home for $1,550/month to buy a home instead using a 3.5% downpayment FHA loan."

Oh good, glad to see our lesson from the bubble and its fallout about people buying homes they couldn't afford has been completely ignored. Doesn't this bother you?

Yay, everybody can buy!!!!!!

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September 18

BankOwnedColorado
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BankOwnedColorado

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First time home buyers purchasing any kind of home, like when you buy a bank owned homes, but [content removed by moderator for being self-promotional] ends November 30th.

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September 18

Greg Cook, "SoCalRealPro"
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Greg Cook, "SoCalRealPro"

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Sometimes these threads get so far away from the question.
Here's the answer from the IRS:
http://www.irs.gov/newsroom/article/0,,id=204671,00.html
Hope this helps!

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September 18

Randy_H
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Randy_H

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Licensees? GMAFB. Real estate salesmen and women are not qualified to dispense any tax advice simply because they passed the coloring book agent license test. Most CPAs I know don't consider themselves qualified to dispense tax advice (because they aren't tax accountants but financial accountants), even though they had to pass a tax portion of their exam so rigorous most realtors probably couldn't even understand the instructions.

It's not that hard. Go to a **tax professional** for tax advice. To a **financial professional** for financial advice. To a **qualified mechanic** to fix your car, to an actual **medical doctor** to diagnose your ailment, to a **used car salesman** to buy a used car ... and to a realtor to buy or sell a used house.

(so happy to see the more things change the more they stay the same)

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September 18

sunnyview
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sunnyview

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I am sorry, but in my neighborhood all the rentals that look shabby have owners that do not do regular repairs or painting on their income property. The rentals with good tenants managed by solid companies look the same as the houses with owners in them. You can take pride in a house that you rent or a house that you own. The pride does not necessarily come with the deed or mortgage, it comes with the kind of person living in the house.

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September 17

Todd Held, "Todd Held"
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Todd Held, "Todd Held"

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Pasadenan, your statement about giving tax advice should be rethought and restated.
Licensees should help guide their clients through all phases of real estate transactions. We don't make the decisions and we certainly aren't giving tax advice when we tell them about how the tax credit currently works. NAR even has a campaign going on to explain it and help get it extended.
I'm going to disagree about home prices being inflated because of the program, and I bet home sellers in Detroit would too. Each local market is different and I know my local market is seeing a rush on homes that qualify, but not with inflated pricing.
One thing you totally missed when comparing renting vs. ownership is pride. people tend to take more pride in their home when they own vs. when they rent. This affects values in neighborhoods. You can almost always spot the rental in a neighborhood, because it isn't taken care of as well. The other thing would be that when you own the home, you do what you want. Want a dog? Get one. Want a hot tub? Get it.Want your walls a color other than white? Paint them.
I'm with Steve on this. It's better to own than rent.

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September 17

Pasadenan
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Pasadenan

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Why to people ask tax questions on a Real Estate site? Real Estate people and lenders are not qualified to give tax information!

If you have specific quesitons about the tax credit, call the IRS' toll free number. That is what they are paid to do; answer tax law questions. They are responsible for adminstering the Internal Revenue Code, they have all the forms and references, and they practice answering the questions every day. You can call any day off the week round the clock.

(800)829-1040.

And don't forget, that tax credit has temporarily increased the cost of buying, so you just are giving that money away to someone else, and would probably be $12k better off if the credit already expired.

And steve is WRONG about it being "cheeper to own" for his client as
1) the standard deduction was not considered, and is higher than the itemized deduction
2) You have to factor in the 3.5% somewhere
3) the property will depreciate in value over the next 2 years, thus the loan will be underwater
4) The monthly rental included all maintance, replacement and yard care costs, but the ownership does not. Also property taxes, insurance, and sometimes some utilities. And if you are in an Home Owner Association area? The HOA fees are already part of the rent, but you pay them out of pocket as an owner.

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September 15

Steve Wagner, "Hinsdale Realtor"
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Steve Wagner, "Hinsdale Realtor"

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The credit must be repaid if you sell the house within three years. Otherwise, you file your tax return after you buy the home and collect the amount of the credit for which you are eligible.

I just helped a client who was looking at renting a home for $1,550/month to buy a home instead using a 3.5% downpayment FHA loan. His monthly payments for the $200,000 loan are lower than the monthly rent and his interest and real estate taxes are tax deductible which makes it cheaper to own.

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September 15

Steve Wagner, "Hinsdale Realtor"
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Steve Wagner, "Hinsdale Realtor"

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The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts.

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September 15

Roberto Ribas, "azrob"
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who is qualified for first time Buyers Tax credit and what are the terms

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