Q & A on New Home Buyer Tax Credit

I've owned a house for 10 years and would like to buy another house in another state to move to. I want to buy that house BEFORE I sell my current house.Would I qualify for the credit if I buy within the deadline??

Many thanks. I finally learned the effective date from you. All the other news articles did't mention the effective date at all. Thanks! Thanks!

I am in contract to close on my present home within the next 2 weeks. I am also in contact with a proposed closing date on my new home 1 week after the first closing.
What are the time restrictions related to this new tax benefit for repeat buyers ?
Should I go ahead with the closing on my home that I have ( owned and lived in for 35 yrs.)and delay the closing date on my new home until after Dec 1.
There have been some blogs that have said that the purchase ( closing) on our new home must occur after Dec 1, 2009. What if the contract was signed in September ?
Thank s for the response

I bought my house Oct 2005 just miss the Tax Credit. Will I be able to apply for the tax credit now. Also is $125,000 net or gross income. Thanks.

My boyfriend and I are closing on a home 11/12/09. I have recently sold my old home and qualify for the repeat home buyer tax credit of $6500. My boyfriend sold his home 5 years ago and qualifies for the new home buyer tax credit of $8000. The IRS tax credit form #5405 says that two unmarried individuals can buy a main home and allocate the credit using "any reasonable method" so long as the credit is not allocated to a co-owner who is not eligible to claim that part of the credit. (I can't find a tax form for repeat home buyers) How can we take advantage of these credits? Does it matter how we take title? (we were planning on taking title as joint owners giving each 100% ownership with rights of survivorship) If we need to change that I'll need to know asap since we're suppose to close in 4 days. Any clarification you can provide is greatly appreciated!

waste of my tax money. Those people who need this tax credit in order to buy a house are exactly the people who should not be buying a house. It means they are taking on too much risk - they have little to no savings and need this credit to make the deal work. there are advantages to renting, not everyone needs to be an owner(at any cost or risk)- people need to wake up, use their brain and break out of the herd.

If you need this credit to buy a house then you should not be buying a house. Take responsibility for your finances; with unemployment at 10.2% (and growing) the risk is significant, you should have money in the bank to whether possible impacts to you.

If you need this credit to buy a house then you should not be buying a house. Take responsibility for your finances; with unemployment at 10.2% (and growing) the risk is significant, you should have money in the bank to whether possible impacts to you.

My wife and I just closed on a house on October 19th. She was in her previous house for 5 1/2 years. Anyway we could get the tax credit? Or are we just out of luck?

Are you kidding...90% of the people that are going to get the credit are people that were going to buy a house anyways. I would just like to thank Obama for upgrading all of my appliances in my new house, and supplying enough funds to install hardwood floors throughout the house.

My wife and I bought our house on 11/20/07. First time home buyers does anybody know of any type of credit, that we could use, to get some money back.

am in contract to close on my present home within the next 2 weeks. I am also in contact with a proposed closing date on my new home 1 week after the first closing.
What are the time restrictions related to this new tax benefit for repeat buyers ?
Should I go ahead with the closing on my home and delay the closing date on my new home until after Dec 1.
There have been some blogs that have said that the purchase ( closing) on our new home must occur after Dec 1, 2009.

I have owned and lived in my present home as a primary residence for 15 years. I plan on buying a new home as a primary residence and keeping my existing home as a second home/vacation property. Will I be eligible for the $6500 tax credit on the purchase of my new primary residence and what burden of proof will I require to demonstrate my new home as primary?

Unless stated otherwise in the legislation, the start date of that legislation is the date it is signed into law. If it was signed on the 6th, it is presumed it is effective the 6th.

Unless stated otherwise in the legislation, the start date of that legislation is the date it is signed into law. If it was signed on the 6th, it is presumed it is effective the 6th.

Unless otherwise stated in the legislation, the effective date of that legislation is the same as the date it is signed into law. If HR 3548 was signed on the 6th, it goes into effect on the 6th.

We closed on our newly built house in October 2009. 3 weeks later the 6500 repeat buyer tax crdit is signed into law. Since we did not close after 11/1/09 do we miss the tax credit altogether even after 3 weeks. If we would have known this we would have postponed closing. What do you think SOL?

How does the $8000 tax credit work do you get the money to help out with whats wrong with the house or does it help pay part of the house bills like the loan.I really want to buy a house & when is the closing date for the tax credit.

I closed on my new principal residence in September 2009. Am I eligible for the $6,500 tax credit since I did not close after 11/1/09. Didn't I participate in the economy recovery as the legislation implies to. Please comment if you know the start date of the $6500 tax credit.