Regarding The $8000 Stimulus Credit.....

[Takunda1]

I just read in the Dallas Morning News, that the credit is $8000 for an individual and $16000 for couples, is this correct?

Message Edited by Takunda1 on 03-08-2009 10:47 PM

[Anonymous]

No. It's $8,000 period (assuming the house price is at least $80k, and the buyer is within the income limits.) No double dipping.

[Tnic79]

Hi!

Can someone answer this for me?

I sold my condo on Feb 06 & I'm trying to purchase a home this year. Am I considered a First Time Home buyer? It has been 3 years since I owned but someone said that they don't count 06 as the first year they count 07. Is that true?

Message Edited by Tnic79 on 03-09-2009 10:12 AM

[john398]

I am wondering, do you have to clainm the 8,000 as income? I mean if you claim on 2008 taxes do you claim it as income on 2009 return?

[Anonymous]

IRS states you qualify if "You did not own any other main home during the 3-year period ending on the date of purchase."

[Anonymous]

What is the definition of a first-time home buyer?
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.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer

Hope this helps. 

[Anonymous]

gigi5,

Just to clarify your last post, I got engaged recently and I am a first time home buyer but my fiance currently owns a home.  If we buy a house together, can I still qualify for the $8000 credit? 

[Anonymous]

I got this post from the Stimulus package Q & A page.  As long as you guys don't get married before you purchase you can receive the $8,000.00.  If you get married before you purchase neither can collect.