First time Home Buyer Credit

[spacebar]

Greetings All!!! This is a very unusual place to get this question answered but I'll give it a shot. After all, if it wasn't for the

 

wise men/women, my Lao po wouldn't be with me and I would never have made this post lol. My question is obvious but I will make it clear

 

. My wife and me have been living together for about three years since her arrival in America and since then, a lot has happened. We

 

had a baby who is now about 1 year and 8 months, we bought a home, and I have a better stable job. I am extremely thankful to everyone

 

who helped me on this journey on Candle for Love. Tonight is my first time on it since god knows when. It's been a while. Anyhow, We

 

bought a home last year on August and entered into an executed contract on July. We have gone to HR Block and Jackson Hewitt tax

 

agencies to ask whether we qualified for the First time home buyer credit since we are first time home buyers. However, I have read

 

online that you must meet certain requirements. One of them is to enter into a contract by April 30 or 31st 2010 and close by September

 

something. lol. Anyhow, I went to these tax agencies to ask them about this and the tax reps. from each agency stated I could claim it.

 

However, I am still skeptical and believe they are lying. Which brings me to this forum, I would like to ask if there are any tax

 

professionals out there in this forum who can give me an answer whether they know if I can or CANNOT claim the credit!

 

Here is the situation,

 

I entered into a contract to buy my first home on July 29th and closed on the property on August 7th. Yes it is an incredibly short span of time to close. But we missed the damn April deadline so I am wondering if these tax reps. are trying to slip a fast one on me. I do not want to get my hopes up but I am asking for a TAX GURU'S advice.

 

Thank you!!

Edited January 28, 2011 by spacebar (see edit history)

[Daviation]

Your suspicion is correct. To be eligible you must have been "under contract" by end of April, 2010... the actual closing date had to occur before end of September. Under Contract means that you had to have a signed Purchase and Sale Agreement fully signed by all parties before end of April.

 

There was a tremendous amount of fraud chasing these tax credit dollars... so note the IRS is really scrutinizing any returns claiming the credit.

[dnoblett]

I agree too, last summer my brother in law was giving ma advice to possibly buy his small house, he was talking about the contract April and close September thing too.

 

My brother in law is very good CPA and owns a firm, he knows all the ins and outs of Tax Law.

 

JH and HRB are nothing more than tax filers. I wonder if they would eat an 8000 mistake?

[spacebar]

I agree too, last summer my brother in law was giving ma advice to possibly buy his small house, he was talking about the contract April and close September thing too.

 

My brother in law is very good CPA and owns a firm, he knows all the ins and outs of Tax Law.

 

JH and HRB are nothing more than tax filers. I wonder if they would eat an 8000 mistake?

 

 

Thanks everyone!!! I felt that same feeling. Yesterday they asked me I would probably have to send a paper return instead of an Electronic return. Which leads me to believe more that they are lying and want me to pay for the return up front. I know that they are going to charge me about $300+ for my tax return and then screw it up leaving me to wait a longer time than usual. No thanks JHewitt and HR BLock lol

[Amaro]

I believe there was a thread around here or somewhere that stated the homebuyers tax credit wasnt a great deal at all. I believe you end up paying it all back to the government down the road. I could be wrong.

[dnoblett]

I believe there was a thread around here or somewhere that stated the homebuyers tax credit wasnt a great deal at all. I believe you end up paying it all back to the government down the road. I could be wrong.

 

 

Depend on which well thought out stimulant you took.

 

The 'first' one required repayment over 15 years. The last one required no repayment. Kinda heart-warming to realize that we all got to help pay for someone else's house at a price inflated by the amount of the 'credit'.

 

Got to love wealth redistribution that is Tax and Spend.

[Jeikun]

Yeah, I just started paying mine back. $500 a year for 15 years. I didn't wait the extra year until they made it all on the taxpayer's dime (Actually I got mine just a couple of months BEFORE they announced the first credit, but they made it retroactive to several months, so at least it didn't affect my home price)

Edited January 29, 2011 by Jeikun (see edit history)