Zillow Advice: Home Buying - How much tax credit I will receive for a house that worth 50k. Is there a minimun ? http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ Zillow Advice | Zillow Real Estate If you are paying $9.8k for ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ If you are paying $9.8k for the "foreclosure" property, and you are a "first time buyer", your maximum "tax credit" is $980. Not $5k, nor $8k.<br/><br/><br/> Thu, 27 Aug 2009 18:19:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-27T18:19:00Z If your partner is paying ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ If your partner is paying $50k cash for the house, why did you want 65% financing on a $9.8k "foreclosure"? If the two of you don't even have $10k, where are you going to get $50k cash since you state that neither of you work?<br/> Thu, 27 Aug 2009 18:00:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-27T18:00:00Z By the way, it is not what ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ By the way, it is not what a house is "worth" that determines the "credit", it is what you PAY for it. Thu, 27 Aug 2009 17:37:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-27T17:37:00Z If your sale closed by November ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ If your sale closed by November 30, and you are a "first time buyer", and you file a tax return with the correct forms, you would get 10% maximum of the purchase price you paid, up to $8k, assuming your income level is not too high.<br/><br/>Since you stated you are NOT a "first time buyer", you do not qualify, and will get NOTHING!<br/><br/>Since you stated your "partner" is doing the purchase with cash, and your partner MIGHT be a first time buyer, and you stated your partner has no income, your PARTNER could file an income tax return with the correct forms to get $5k assuming the property closes on time AND he or she is not buying from a "relative".<br/><br/>Why are you trying to trip yourself up to get false answers?<br/> Thu, 27 Aug 2009 17:35:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-27T17:35:00Z The 10% rebate (up to $8k) ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ The 10% rebate (up to $8k) IS refundable so even if you have no income you can get the rebate.&nbsp; If you do not file a tax return, file one and include the requisite forms for the rebate.&nbsp; Go to <a href="http://www.irs.gov/" rel="nofollow">www.irs.gov</a>&nbsp; Also if you've already filed a 2008 tax return you can "amend" your 2008 tax return to get the rebate now. Sun, 09 Aug 2009 12:03:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-09T12:03:00Z THE REBATE IS NOT REFUNDABLE ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ THE REBATE IS NOT REFUNDABLE therefore you will only get the 5k bribe, IF you file a tax return and have paid 5,000 in income taxes...<br/><br/> Sun, 09 Aug 2009 10:32:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-09T10:32:00Z If you got the cash you can ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ If you got the cash you can get the credit (assuming you qualify for the program).<br/><br/>You would get $5,000 for a $50,000 house (10 percent of purchase price).<br/><br/>You will need to file either an amended 2008 tax return or file in 2009. <br/><br/>See link for more information.<br/><br/><a rel="nofollow" href="http://www.irs.gov/newsroom/article/0,,id=206291,00.html">http://www.irs.gov/newsroom/article/0,,id=206291,00.html</a> Sun, 09 Aug 2009 04:25:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-09T04:25:00Z 10% of the price up to 8k ... http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 10% of the price up to 8k (so you'll only be getting a 5k bribe.)&nbsp; You have to file your taxes without income. Sun, 09 Aug 2009 04:24:00 GMT http://www.zillow.com/advice-thread/How-much-tax-credit-I-will-receive-for-a-house-that-worth-50k-Is-there-a-minimun/265991/ 2009-08-09T04:24:00Z