First time buyer tax credit questions!

[bubbles0605]

Is December 2009 the "deadline" for buying in order to get the tax credit? I thought it was August 2009.

Also, is the tax credit 15,000 now?

[Anonymous]

Deadline for acquiring the credit is Dec 09.  It is $8,000. 10% of purchase price, up to $8,000. max.

the $15,ooo. didn't get through.   However; the $8,000 credit does not have to be repaid if you stay in your home at least 3 years.w

[luvs2barre]

Also I believe the deadline is December 1, 2009.

[Anonymous]

• Home must be purchased by November 30, 2009 (hence before December 1, 2009)
• The credit is refundable up to $8,000.00. If you purchase before the date you can either amend your taxes for 2008 or file with your 2009 taxes.
• Remember you must be a first time home buyer,(Have not purchased or sold a home in the last 3 years) it has to be your principle residence.
• Income limit of $75,000.00 for single person $150.000 if married.

Hope this answers your questions.

[Anonymous]

Remember you must be a first time home buyer,(Have not purchased or sold a home in the last 3 years) it has to be your principle residence.

How would a divorce effect this? Separated in like 2005....divorced march 2007. She was suppose to have the house taken out of his name but never did. He never got any never was able to claim any of rthe interest on the house during that time and when she sold it he had to sign the papers and didnt get any of the proceeds. Can he claim first time home buyer?

[Anonymous]

I read something about the critera being that the person could not have an "ownership interest" in the property. Certainly not being able to claim the interest, not getting proceeds, etc would qualify. But I am not a professional so who knows if I am correct.

[Anonymous]

There has to be three years since the person has had any home-ownership stake.  the divorce will not matter.  If the home was in someone's name in the last 3 years, they do not qualify reagrdless if the person's ex-spouse was suppossed to refi the house into their name or sell the house, etc.