Comments on: Breakdown: The $8,000 First-Time Homebuyer Tax Credit

By: Jess

Jess — Wed, 26 May 2010 01:44:23 +0000

Beware. I bought a house and just received a letter that I can’t get the $8000 because I “could” have been claimed under my mom even though I wasn’t claimed. The only reason I bought a house at 22 was to take advantage of the credit.

By: dave

dave — Mon, 19 Apr 2010 06:12:54 +0000

why do i have to live in the house for 3 years. i can understand maybe 1 to prevent people for selling a day after getting the credit. will this ever be changed?

By: Anonymous

Anonymous — Sun, 06 Dec 2009 15:32:18 +0000

i brought a house back in july of this year when i file for the tax credit i only got 2,000 back does that mean i get the rest when i file my 09 tax returns. because there saying you get 10% of what u paid for the home. can some one explain that to me.

By: Anonymous

Anonymous — Wed, 25 Nov 2009 03:52:29 +0000

i am trying to buy a cheap condo cash no financing. would i still qualify for this $8,000

By: casey

casey — Thu, 19 Nov 2009 03:37:10 +0000

to Cynthia.

sounds to me like you dont need any more free money. you need to get off you free loading ass and get to work. its poeple like yourself thats whats ruining america. nothing is free get to work and quit whining

By: Drew

Drew — Sat, 17 Oct 2009 03:55:00 +0000

The $8000 can be for an individual, it does not have to be a couple.

I have already purchased a home, but my fiancee has not. If she bought a home now and then we get married July 2010 would that force us to give the money back??????????? Or would we get to keep the tax credit?

By: Cynthia

Cynthia — Mon, 14 Sep 2009 12:44:14 +0000

I’d like to file for this tax credit, but I’m not sure how to go about it because my situation is a little unusual. I have recently parted ways with a man I’ve lived with for 16 years. Because I took care of him, his very large home, and his children like a wife and mother would and didn’t work outside the home for all those years, he has purchased a home for me in my name and he will also be giving me money for awhile which will be tax-free to me as I transition into my new life. I’m planning to attend college full-time and I will not be working and won’t be filing taxes. As I mentioned, my name is on the title for this house and I am a first-time home owner. If I try to claim this tax incentive, am I going to have to explain to the IRS how I have a new home, but I have no job??? I’m so confused about how to do this.

By: Dru

Dru — Fri, 04 Sep 2009 01:48:27 +0000

Just a side note . people should either have their Green cards or be US citizens to qualify for the 8000$ rebate.

By: Amanda

Amanda — Tue, 21 Jul 2009 13:53:17 +0000

I have seen a couple comments on here about not being able to claim this tax credit on your 2008 taxes. That is not so… you can file a form 1040X to amend your 2008 tax return and attach a completed form 5405 – “First-Time Homebuyer Tax Credit” and receive a check in 8-12 weeks.
However, what most don’t seem to know is that this is not $8,000 for everyone. It’s not less than 10% of the purchase price of the qualifying home or not more than $8,000. So in other words, if you bought a house for $65,000.00 your credit is $6500. If you bought a house for $100,000.00, you get $8,000. I bought my house in January of 2009 and I have amended my 2008 taxes to receive the credit. I am getting $8,000 back because my house was bought for $90,000.00.

By: Steve

Steve — Mon, 18 May 2009 17:29:55 +0000

I have recently gotten back from a tour in Iraq and have purchase a home jointly with my sister. She and her husband own another home out of the state but I currently reside at the new residence. First would I qualify for the tax credit, would she (it is over 10 yrs since she purchased her home)? The second is if I am deployed again and rent the house out would I still qualify or have to give the credit back?

By: Jodi

Jodi — Fri, 17 Apr 2009 14:10:43 +0000

wow, we got super lucky with this! We’ve been planning and saving for a downpayment for 3 years to buy a house this summer, and now we get $8000! We never get this lucky…

By: frugal forums

frugal forums — Fri, 03 Apr 2009 11:50:14 +0000

Great summary, thanks for putting this up. It’s great to see the Government move quickly on a real incentive to get the economy moving again. Here’s to optimism :)

By: Memme

Memme — Fri, 13 Mar 2009 15:15:10 +0000

Karrie Kropp,

You can claim the $8K credit on your 2008 Tax Return and get the money now, but then you have to buy a house with it by the end of the year.

This was announced by the IRS on Feb. 25th, so you probably didn’t know that then.

By: Chris

Chris — Wed, 11 Mar 2009 22:31:49 +0000

Thanks, this is great info – just in time for tax season.

By: Mary

Mary — Wed, 11 Mar 2009 12:30:10 +0000

This makes my blood boil. Whatever happened to saving and maybe – GOD FORBID! – doing without the new big screen televisions and video games, etc., etc. in order to save money to purchase a house. MANY MANY people who have not lived beyond their means are having problems. Where is their tax credit? One of the reasons we are in this economic downturn is too much manipulation of the market and giving people credit who can’t afford it. ENOUGH ALREADY! Housing prices are too high as it is. Let them fall back to come more in line with the average salary and maybe then the government would not be giving my tax dollars to some one to purchase an overpriced house.

By: Ben Moradnejad

Ben Moradnejad — Tue, 24 Feb 2009 19:04:11 +0000

am engaged, we would like to buy a house in the next 4 month. I already own my home. so I am not a “first time home buyer.” My finance is a first timer.
I have read that if you are buying jointly, but not married then the tax credit can be allocated to the firs timer if the other purchaser is not a first timer.
We are getting married in June, so could we buy the house now, together, but single and then get married and my fiance still claim the tax credit? She’s canadian and hasn’t worked in the US. Can she still getthe credit?

By: Christopher R

Christopher R — Tue, 24 Feb 2009 18:25:30 +0000

I just missed the April 9th $7500 timeline.

Oh well.

By: Karrie Kropp

Karrie Kropp — Mon, 23 Feb 2009 21:31:40 +0000

You said:
How to Claim the Homebuyer Tax Credit:
Simply claim it on your tax return. You will not have to filed any other forms or papers. If you’re not a procrastinator like me and you’ve already filed your taxes, you can simply file an amended return for 2008 to claim the credit.

You can not claim this $8K tax credit on your 2008 taxes, this new $8K credit is for houses purchased after Jan 1st 2009. Admending your tax return for 2008 will do nothing.

Up until Jan 1st 2009 you could claim the “tax credit” of $7,500, but it’s not a true tax credit like the new $8K on is; It’s simply a tax free loan that will need to be paid back $500 a year for the next 15 years.

By: Dana

Dana — Mon, 23 Feb 2009 21:23:38 +0000

Here is my situation:
I am engaged, we would like to buy a house in the next month. I have owned a home before, it sold July of 2006 so I am not a “first time home buyer.” My finance is a first timer.
I have read that if you are buying jointly, but not married then the tax credit can be allocated to the firs timer if the other purchaser is not a first timer.
We are getting married in June, so could we buy the house now, together, but single and then get married and my fiance still claim the tax credit?

By: Fine Tuend Finances

Fine Tuend Finances — Sat, 21 Feb 2009 01:37:57 +0000

I wish they would release the phase-out specifics. I’m bordering on the edge of the $75,000 limit, and am trying to decide whether to buy this year or next…