Zillow Advice: Home Buying - Im closing on a foreclosure.What tax credits am I eligible for?Is there a credit for foreclosures ?

Read the other posts. No ...

Sun, 01 Mar 2009 04:03:00 GMT

Read the other posts. No special credits for foreclosures. But if you make repairs or renovations those are often able to be taken off on your taxes. So keep good records and receipts. And ask your tax accountant.

The main tax credit currently is for "first time homebuyers" which also includes buyers who have not owned a primary residence in the past 3 years. This is a no interest loan which must eventually be paid back. It was for homes purchased last year.

Currently the plan is to give those same types of buyers $8000 in a Tax Rebate -- a check which does NOT have to be repaid... and will apply to purchases from Jan 1 - Dec 1, 2009. Ask your tax accountant to see if you qualify.

actually, the other credit ...

Tue, 17 Feb 2009 03:17:00 GMT

actually, the other credit seems to have died last week.

The only credit on your taxes ...

Mon, 16 Feb 2009 22:56:00 GMT

The only credit on your taxes you can claim right now is the First Time Buyers Credit-can be claimed on Form 5405- it does not matter what type of home you purchase- foreclosure or not.

There is another credit in the works but nothing solid has come out.