Who Qualifies for New Homebuyer Tax Credit?

Yes this is the big question. From reading the amendment, it seems to me that it should be enacted today. (if signed today) and anyone closing a house after today would get the 6,500. I don't see how a purchase agreement has anything to do with it and I don't think the IRS will be looking at stacks of contracts for dates signed. Purchased means closed. Just because you sign an offer to buy, you have not purchased anything. This is my take and I am a real estate broker.

Great posting. Easy for buyers to understand.

Thank you,
Lou M Brawley,
Broker Associate

for the extended home buyer tax credit, what is the time frame to buy a new home? does it start at Dec 1, 2008 like the original tax credit?

I have a question. We already sold our home last June 2009 and are contracting the building of our new home ourselves ~ which is in progress now. We plan to close on our loan either December 09 or Janauary 2010. Do we qualify?

Is purchasing a lot for a future home qualify?

We have lived in our current home for more than 5 years, but have officially "owned" it for 4 years. Would we qualify?

We closed on Mon. Nov 2 in the evening!!!!&*$^@#%^&%^#!!!!!!!

We are purchasing a new house and qualify for the step-up home credit for most conditions. Due to an abnormal income in tax year 2009, we would not qualify due to income limits. With this expanded law, can you still apply the credit towards an amended 2008 return, or should we delay escrow to 2010?

I'm wondering the same thing as Mike. Does this apply to homes purchased after Dec. 1, 2008 or Dec. 1, 2009? My daughter sold her home of 7 years and bought a new home in the summer of 2009. Does she qualify for this $6,500 credit?

Jim, purchasing a lot does not qulify. Unless you have it built and completed prior to the deadlines.

As of December 28th, my husband has owned his home for 5 years. We plan to sell/close on his home on December 7th. Do we have to wait and close on the 28th, to be eligible for the tax credit? Or can we close "anytime" in December to be eligible? Thanks

The article states that the $6500 credit is for "home buyers that have lived in their current primary residence for at least five consecutive years out of the past eight years." If this does in fact apply only to their CURRENT residence, how does Example 1 qualify?

Still looking on clarification whether you have to close on or after 1 Dec or anytime after the bill is signed by the President. Thanks!

I sold my home last year, was in it for 15 years, currently renting (couldnt find what we were looking for)...if I purchase between December 1 and April 30....do I qualify for the $6500 Tax credit....???

Do you have to take out a mortgage to qualify for the "new" credit? I hope to sell our current home and close on a new home using cash.

Do you have to take out a mortgage to qualify for the "new" credit? I hope to sell our current home and close on a new home using cash.

How about this scenario. I purchased my home in 1999,my domestic partner moved in with me in 2002. We refinanced together in march 2008 and a quit claim deed was filed putting her name on the deed. The house was sold in august of 2009 and she purchased her new home in september. My name is not on the mortgage or deed. Is she eligible for any tax credit for either home?

How about this scenario. I purchased my home in 1999,my domestic partner moved in with me in 2002. We refinanced together in march 2008 and a quit claim deed was filed putting her name on the deed. The house was sold in august of 2009 and she purchased her new home in september. My name is not on the mortgage or deed. Is she eligible for any tax credit for either home?

We have lived our current primary residence since 1999, will we still qualify the $6500 credit if you buy another house for renting out in coming months?

Thanks!

Could someone PLEASE clarify whether you have to close on or after 1 Dec or anytime after the bill is signed by the President. Thanks!

Who qualifies? People who have jobs. Who has jobs in america? People selling foreign made products.

What about those of us who bought a new home over the summer months of 2009, but meet all the requirements for the step up buyer....do we get nothing for stimulating the economy???

I bought my home 7 years ago and have lived in it ever since. I got engaged in 2004 at which time my finace moved in with me. We got married early 2005. So I have lived in my house for 7+ years and my husband has lived there for 5+ years (of which 4.5 years as a married couple). We are bying a new home together. Do we qualify for the 6500 credit? Thank you very much.

Matt

Current home owner does not mean you own a home right now;
Also, not home owner right now
does not mean you are a first time buyer.
First time buyer does not mean you never bought a house.

Here, the term current home owner and first time buyer has special meaning. Refer to the IRS code.

We bought our house in June 2004 and relocated to another state and rented out that house in 1/09. We just bought a house in Sept. 2009. Do we qualify for $6500 credit?

We closed on our current home around May 15, 2004 - so we're just shy of 5 consecutive years, but from a calendar year perspective we meet the 5 year limit. Do we qualify for the $6,500 credit if we purchase a second house in the next few months?

I Purchased a house a little over a month ago and did not qualify for the first credit because we owned (lived in for more than 5 years). Will their be a retro period for the new $6,500 credit or will I get hosed again???

Does America really have money to burn on people with equity and profit from the homes? Stop wasting my taxes on this

Marie,
According to the National Association of Realtors, the closing date must be after the date of enactment, which should be today.

I bought my first ever primary home in Feb. 2009. for $1,010,000. I was not quilify for $8000 credit since my income was just over the limit then. Am i eligible under new bill since the income limit has gone higher?

What if an existing homeowner, who lives in his current primary residence for at least five consecutive years out of the past eight years, buys a second home to rent out, will he qualify for the $6500 credit on the second house?

We bought our current home in November 2005. Do we qualify for the $6500 credit if we buy a house in 2010? Does the first year of ownership (2005) counts towards the 5 year requirement? Thanks.

Does the purchase require one to not sell their home for 3 years under the new bill?

I purchased a home in 2006, then added my boyfriend to the title in 2007 not the mortgage. He refianced the home in his name in 2009 but left me on the title. If he didn't claim the intrest this year, would he qualify for the tax credit since he didn't have claimed intrest on a home in the last 5 years? or would he not qualify because he was on the title?

If I buy the 2nd home but not as a primary residence because I still live in my first house, does that qualify?

My 2009 income as a single is over $75,000 (in fact, over $125,000), but my retirement in early 2010 will result in income under $125,000 for 2010. Will I qualify for the credit if the closing (at least) occurs timely in 2010?

We bought our house in 2008 but did not qualify for the tax credit because we were just outside the income threshold. Now we qualify. Can we re-file 2008 income tax to claim the $8,000 credit?

I beleive that I qualify for the new $6500 tax credit as I owned and lived in a home from 9/2000 - 2/2008 and am currently renting. (Correct me if I am wrong) My question is this, is the credit truly $6500 or is it a formulated percentage based on the cost of the residence purchased...

I closed on an FHA loan Dec. 12 2008 after having been a renter. What do I qualify for? Is it only the "loan" of 8000?

How about this scenario? My girlfriend bought a house is 3/2004. We were married later that year, but I was never on the title. We sold the house this summer, and I (exclusivly in my name) closed on a new one 2 weeks ago. Based on what I'm seeing, we missed the boat on both the $8K and $6500?!?!?!?
Timing's a bitch...

I sold my main residence in 2007 and I am buying house with another person in 2010, we are not Married and she is a first time buyer. Will she qualify for first time buyer credit and I will qualify for 6500 credit? I don't see anything in the wording of the Bill that precludes this scenario?

So I'm screwed, I just closed on my new house last week and i've been in my 1st house for ten years?

I have the same question as N. We sold our house in August 2009 and renting a townhome while we have a house built which we should close on February 2010. Do we qualifyf or the tax credit?

We owned our previous home for 8 years took a loss on it. Bought it for $125,000 sold it for $119,000. We closed on our new home October 30th!

So we can't get a tax deduction on our old home's loss and we miss out on the $6500 by 7 days!

according to the actual bill. You must close after 12/1/2009. Your thoughts?

http://finance.senate.gov/sitepages/leg/LEG%202009/103009_Worker_Homeownership_Business_Assistance_Act.pdf

I am wondering the same thing as Mike and Jan. We sold our home of 6.5 yrs this summer, built and closed on our new home in Mid-August 2009. Do we qualify for the extended tax credit?

I read the bill and it replaces the previous income limits of 75K and 150K to 125K and 225K.. Does that mean that people who have bouyght their homes before today with income limite higher than 75K(150K) would now qualify for the credit as the income rule has been modified?

Any thoughts ? i think yes...

I'm buying my mother's house; can I qualify for the tax credit?

I'm buying my mother's house; can I qualify for the tax credit?

Great post, very helpful. I'm a real estate broker in the NYC metro area, and spent most of yesterday going over the legislation to look at this issue. From the text of the legislation, it seemed to me that anyone who closes on the day after the enactment (i.e., the signing) is eligible, regardless of when they went into contract.

We have about 800 agents, and do about 3,000 transactions a year, so we sent out an advisory yesterday advising all our clients who were closing on Friday to examine the new criteria to see if they were eligible, and to discuss the issue of putting off the closing with their attorney.

http://www.randrealty.com/blog.aspx?postid=1224

It's unfortunate that some people who closed in the last month, and were otherwise eligible, will not get the tax credit, but that's what happens when laws change. First-time home-buyers who closed in December 2008 had the same issue.

I have the same question as Leslie and N. We sold our home Sept. 2008 and have been renting while our new house is being built. We should close on the new home in Dec....Do we qualify?

I have a lot, and want to build a house on it. If I sign a building contract before April 30 2010, and close before June 30 2010, does that count? I plan on signing a contract soon. Just looking for more clarification on new houses.
Thanks

We have ordered and put down payment on a brand new doublewide mobile home but have not closed on it yet. We are supposed to close november 10th. We have owned our home for 8 years. Will we qualify for the $6500 or should we wait until december to close?

what if I sell my 4 BR house for around 230K and buy a 3 BR house for around 200K? If I get $6500 from the government that may make it worthwhile

The eligibility period for the tax credit is for homes purchased after Nov. 6, 2009, and before May 1, 2010. However, home purchases subject to a binding sales contract signed by April 30, 2010, will qualify for the tax credit provided closing occurs prior to July 1, 2010.

we sold are house at a $15,000.00 loss after 25 years in order for us to down size is this $6,500.00 credit we closed on both homes on september 14 2009 do we qualify for the tax credit is it retroactive from 1/01/2009

Hi. My husband and I are currently living with my parents. The four of us had purchased a home back in 2004 so technically we own a house; therefore, I was told that I don't qualify for the $8,000 credit. So, am I eligible for the $6,500 credit if I decide to move out and buy my own primary residence?

Would I still be eligible for the 6,500 as long as I have lived there for at least 5 consecutive years but longer than 8 years?

Thank you.

Seems there is quite a bit of confusion on when the "step up" home buyer tax credit takes effect. The National Assoc of Realtors is stating Nov 6th (http://www.realtor.org/home_buyers_and_sellers/2009_first_time_home_buyer_tax_credit) but a release from Congressman Courtney of Connecticut, alliteration not intentional, states Dec 1, 2009 ( http://courtney.house.gov/UploadedFiles/HR_3548.pdf ). Seems their is quite a bit of confusion on when the "step up" credit takes effect. If NAR & Congress can't figure it out how are we supposed to? Hopefully they'll get it figured out before I claim it, get audited & then go to jail!

Will those of us who close today 5 p.m. Pacific Time qualify if the President signs before we close?

We bought our home and closed on it the end of Sept. Do we quailify for the tax credit?

Will this be retroactive for long-term homeowners who purchased in 2007 and meet the requirements of living in the primary residence for 5 of the last 8 years? Or, are we just out in the cold because we bought before the economy crashed?

IVE LIVE IN MY HOME SINCE 2002. I JUST PURCHASES ANOTHER HOME IN APRIL 2009. DO I QUALITY FOR THE 6,500

I purchased and living in our house since May 20 2005. If I purchase a new house before April 30 2010 and close after May 20 2010 and before June 30 2010, will we qualify for having lived in our present house for 5yrs?

Does the $6500 credit apply if you are selling and buying a less expensive house? We're downsizing our home for almost 6 years and capitalizing on the equity in our house to have a minimal mortgage in a smaller home and wonder if this will apply to us.

I don't see the effective date for the 8000K credit for new income limits in the bill. I feel It would depend on how the tax form is set up for claiming the 8K credit. if it has home purhased on or after 11/6/09 clause only then will it not be retroactive else I think if it is a pure replacement of previous income limits the credit may still be in play,...

We purchased our home May of 2005 and are selling it and closing on November 20th 2009. We've lived in it for 4 years and 5.5 months so does that mean we would not qualify since we are several months shy of 5 years?

We bought a new home this year and closed July 31st 2009. Are we eligible for the tax credit for this year.

We bought a home Nov 1, 2004 and sold it March 14, 2009. Would we qualify for the $6500 credit?

I'm about to make a counter-offer for $800k. To get the credit, can the house be $800k or does it have to be UNDER $800k (ie, $799,999)? I'm reading conficting information.

There is no way that the income limits for first-time should be increased retroactively for any home sales prior to Nov.6; if the $6500 home buyer credit is not also enacted retroactively to Jan 1, 2009.

We owned and lived in a house from the end of April 2004 to mid April 2009. What is used to calculate the 5 year requirement - exact days? months? We have since been living in an apartment while waiting on a short sale. We are finally scheduled to close mid November. Would we qualify for the $6,500 tax credit?

they keep saying 'must have been in home at least 5 years'. 5 years from when? when the bill gets signed? we signe papers with the bank dec. 9, 2004. if the bill is passed dec 1, 2009, do we qualify? we are still in the home and it is our first home.

How can the $6500 credit be applied for if the house is sold without a real estate agent?

How can the $6500 credit be applied for if the house is sold without a real estate agent?

I see there's a restriction against buying a home from a "blood" relative. What if the home I'm buying is currently owned by a company my parents own? I'm buying from a company, not an individual, so would that be eligible?

I already have a contract on the new house (which I've been renting for 20 months) and am supposed to close in two weeks. Plus I still own my previous home and have rented it out the last 18 months. I lived there continuously from October 1992 though March 2008, so that's more than 5 years of the past 8 years...ugh.

Help!
And many thanks!

God I hate this administration! Another give away of our hard earned tax dollars, that in the long run accomplishes nothing.

Why can't the idiot Barrach just let the free Market take its course and let housing prices drop to their actual true value?

The Government giving people money to buy over priced homes is just crazy!

So my wife and I sold our home in August after living there for five years. We are currently looking for a new home, and hope to buy one by year's end. If there is a four month gap between when we sold our home and upgraded to a new one, would we still qualify for the $6,500? Thanks!

I have lived in my current residence since Sep 2001 then became official owner May 2005 until the present. I am currently in contract to buy a house which is going to close mid Feb 2010. am i eligible for the $6500 tax credit?

Ask not what this new law or country can do for you but what you can do for your country! What a bunch of poorly educated selfish whiners posting above. No wonder this country is in such bad shape. Thank you Sanke Oil Salesmen of the House and Senate! You really know how to spend our kids and grandkids future away!

I currently own a home and has been my primary residence for more than 5 years,I will be closing on another residence in late Nov 09 in Florida. I have not been able to sell my current residence yet but when it does sell the new Florida house will become my permanent residence. Do I qualify for the 6500 also what if I rent out the Florida residence as i wait to sell my current residence

For all of your questions, I would sek advice of a tax professional. Not the general public who obviously have questions themselves.

This is the best article I've found explaining this new credit for current homeowners. We have signed a contract to buy a house and our closing has been pushed back again and again- I guess that may be a good thing now! I am anxious to hear the clarification on closing vs. contract date, and also the effective date of the whole thing- hoping it's not Dec. 1 as I have read other places, we would miss the credit by 2 weeks.

Please just post a link to the bill!!

This is crap for those of us who wanted to help the economy, sold our exisiting homes that we owned for over 5 years; then we bought homes between jan 2009 - 11/5/2009 and we are not eligible for the 6500 refund/credit.

Everyone please call, email or write to your congressman/woman and senators and hopefully it will be retro to 1/1/2009 or retro 6 months.

Kyle

I've been renting a condo from my parents. If I buy the condo from them for a legitimate appraised price, will I qualify for the credit? If so, does it matter if they provide seller financing?

The income limitations that you cite for a single or couple to apply for the credit, is that from earned income (active-gainful employment) or does it include pensions, interest and dividends etc?

Hi, me and my husband purchased our home in June of 2004.It is our primary residents and I wanted to know do we qualify for the tax credit?

have long to kno if I qualify please le me no

If someone owned a home as their primary residence for 4 years and 363 days (just 2 days shy of the 5 years needed) will they qualify for the 6500 tax credit as a move up buyer should they choose to buy now? Only 2 days shy of the 5 years??? Please let me know. Thank you.

Lived in home 6 years sold and bought new July 2009. Will I qualify for tax credit of 6500

i haved lived in my house a little over five years is there any thing that i could qualify for to get some free money for upgradeing my house?

What if I owned one home for 10 years...sold it in 2006...then bought another home in 2006 and sold it in 2007...now renting...but getting ready to close on another home in December of this year...2009. Do I qualify for the 6500 tax credit ?

Good Afternoon,

My wife and I purchased our home at full appraised value from my mother inlaw . but we don't qualify for the tax credit? How is this fair?

HI,
Appreciate if we get this answer as soon as possible. Here is our suitation:-
1. We closed on a new home on Nov 5th.
2. Living in our current home for more than 5 years.
3. We qualify for the income requirement.

Question: Do we get the tax credit for $6,500 ?

Thanks

Can you purchase a home before selling the home you have owned and lived in for five years and still qualify for the $6500 tax credit? Any time limites for the sale of the first home?

Can you purchase a home before selling the home you have owned and lived in for five years and still qualify for the $6500 tax credit? Any time limites for the sale of the first home?

How do I know know when, for tax purposed, I've officially "lived" in my house for 5 years? purchase agreement signed 12/05/2004, or is this based on the first time I payed the mortgage?

If we sell our home we have lived in for 25 years and purchase a condo with cash, will we still qualify for the tax credit?

Hello,

In January 2010 we will have lived in our home five consecutive years. But it will not really be five years because we closed on the home in Sept of 2005.
Are the years figured fiscally or must you live in the home 5 years to the day?

We bought the home in July 2005

Thank you.

1. What form do you send to the IRS?
2. Is the $6,500 credit available on purchases made in Nov. after the president signed the bill?

I purchased my home in Aug 1997. Sold the home in Oct 2007, rented for awhile and then purchased our current home in Apr 2009. Could we qualify since we owned our previous home for 5 out of the last 8 years.

John
I asked that question on Turbo Tax's website and this is the answer I got:
"If you purchased your home (for example) on June 1, 2005, you would need to own it at least to June 1, 2010."

i bought a home in Jan. of 2009 i lived in my previous home for more than five years. do i qualify for the $6,500.00 credit.. or can i apply for the $8,000.00 credit, i got divorce in 2008 and my husband stayed with our primary home, can i qualify at a first time buyer for the home that i purchase as a single person on Jan. 2009. Thanks

I heard the effective date of the Bill is Dec. 1st. Does that mean if I close on my house on Nov. 23rd, I will not be eligible or was I eligible on the day the Bill was signed on Nov. 6th?

The tax credit is limited to people earning <125,000/year. On which tax year is this based 2009 or 2010?

So basically.... I get hosed again. Anyone know of an exception/loop hole here's my situation: Owned a home in Denver for 2 years, wife got a new job in Chicago and we sold the house and moved to Chicago 2 years ago where we rent. We are buying a primary residence in Kansas City closing the end of December. My read of things is we miss out on all tax credits... but since tax code reads like greek thought I'd throw this out to the masses. thanks!

We lived in our house 15 yrs. Purchased new home in Sept. Of 2009 as primary residence. Do we qualify for the $6,500.
tax credit.

We have lived in our house for the last 6 years but owned it for 4 do we qualify for the 6500 credit
thanks

My wife and I were married last February (did not live together before getting married), and now face the following situation:

My wife has not owned a home in the last three years, so she qualifies as a First Time Homebuyer. However, because we are married, it appears that we don NOT qualify for this as a married couple. I have owned a condo for over five years, so I qualify as a Long Term Resident Homebuyer. However, because we are just recently married (and have not lived in the house for 5 years together) my wife does not qualify for this. Can we qualify as a married couple for this Long Term Resident Homebuyer credit? Or can she take the First Time credit while I take the Long Term credit?

ED LAMBERT -
We have lived in ours for 5 years but have only owned it for 4 also. I asked this question on a different forum and this is the answer that I got...

"The wording from the statute is "In the case of an individual (and, if married, such individual's spouse) who has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period . . ."
The word AND sets the requirement that you have to live in AND own it for five years. Owning it for only four years would disqualify you."

I sold my house in july 30 and we bought a new home this year and closed July 30 2009. Are we eligible for the tax credit for this year.

Thank you for the article. It was helpful. My parents have lived in their primary residence for over 15 years. They are planning on selling it and buying a house my husband and I bought to rent. I read on someones post that they wouldn't qualify for the $6500 tax credit because we are related. Is that true?

I have always been a renter.
Is the $8,000 tax credit restricted to primary residence? Do I qualify if I continue to live in the apt. and buy a second home?
thanks.

I got married in May, my wife had a house she lived in for 3 years but sold it and moved in with me. I have been in my house for 12 years, but refinanced it last year. We live in my house together now. We are in the process of building a house. Do I or we qualify for the $6500 house credit on our new house.

We bought our current home in May 2005. Do we qualify for the $6500 credit if we buy a house in 2010? Does the first year of ownership (2005) counts towards the 5 year requirement? Thanks

I bought my home in May 2005. Do we qualify for the $6500 credit if we buy a house in 2010? Does the first year of ownership (2005) counts towards the 5 year requirement?

I qualify for the $6500 tax credit. My wife qualifies for the $8000 tax credit. But since we will be purchasing a home together for the first time, we don't qualify at all. But on the bright side, my taxes go towards all those that do qualify. How does that make sense?

I had my last home built. From the date I closed on it to the date I sold it was 28 days short of 5 years. I put a down payment on that house two months prior to closing which puts it over the 5 year mark of "ownership." Would I qualify for the $6500 credit?

I had my last home built. From the date I closed on it to the date I sold it was 28 days short of 5 years. I put a down payment on that house two months prior to closing which puts it over the 5 year mark of "ownership." Would I qualify for the $6500 credit?

Have owned our home for three years, but rented it for four years before purchasing. Does this qualify us for the $6500 credit?

Similar question. I owned a home from 2003-2009. We bought a new house in a different state when we relocated.

My brother purchased the home from me on contract (so I maintain title and the mortgage and he has notes payable to me).

Would I qualify for the credit?

Jeanna -
We have lived in ours for 5 years, but have only owned it for 4, and I was told that we don't qualify.

I purchased my house in August of 2004. I Recently got divorced. My name was on the Mortgage of my ex unitl September of 2009 which is five years and 1 month. My issue is that i purchased myself a new home on June of 2009. Do i qualify since my name was on my old home over five years? Please advise.

Thanks

Do you see anything that will allow those of use that purchased earlier in 2009 any sort of credit? Is there anything in the hopper that would suggest they date this back to January 1? They are not helping those folks out that purchased earlier in the year.

I have lived in my current house since 2001 - I recently got married and my husband moved into my place. He did not own a home for the past 5 years. Would we qualify for the $6500 if we buy a new home.

Write your congressman to get this retroactive to the beginning of the year!

my husband and i purchased our house october 30, 2007..and he is currently on active duty in the army..do we qualify for the new tax credit that was introduced on november 6, 2009?

I purchased my house on June 06, 2005 and currently living in as my primary residence...if I purchase a new one and get closed before June 06, 2010...will I qualify for the tax credit?

What is the definition of 5 years? Is it based on months, days? For example, we have been living in the current house from May 15th 2005. Do we have to live in the current house until May 14th 2010 to qualify for the $6500 tax credit?

I purchased a brokendown home in September 09. It is vacant and has been vacant for years. I have hired a contractor to fix, repair and update it. It will be my perminate residence. I will move in in December 09. Does this house qualify under the construction of a home/move in date requirements.?

I closed on a foreclosed home July 2009. Do I qualify for the 6500.00 since Ive only been living in it since then? 4 months to be exact.

I just wanted to know if there has changes with FHA loan. Mainly, I want to know if one can have two FHA loans. Sorry if I asked the question at the wrong place, but if you know the answer I would like to know.
Thanks in advance.

My son purchased his first home in Feb 2007. does he qualify for any tax credit espacially the 6500. Where can I find more literature and when do we expct it to be approved finally

My son purchased his first home in Feb 2007. does he qualify for any tax credit espacially the 6500. Where can I find more literature and when do we expct it to be approved finally

? i bought my 1st home in 2002. Sold it in 2008 and bought a new one in 2008! Do I qualify for the 6500??

I BOUGHT A HOUSE IN JULY OF 2008 AFTER LIVING IN MY OLD HOME FOR 30 SOME YEARS. DO I QUALIFY FOR THE $6500.00 STEP UP CREDIT? THANKS

Hello,

I heard there was a loop hole for a first time home buyer tax credit if the is a husband and wife who purchase a home from a relative ie. the husbands father and uncle, that because the wife is only related by marriage under the previous rules before November 6th, that the wife can actually file her taxes individually claiming the tax credit legally in this manner. Please let me know if this is at all possible, legal, etc... if our closing was complete as of November 5th 2009. I look forward to hearing some comments.

Two questions:

We purchased our current house in March 2005 and have our house on the market. If it closes prior to March 2010, will we qualify for the $6500?

If we purchase a home for less than we sell our home, do we still qualify?

I have never owned a home. My girlfriend purchased her home in 2006 and I have lived with her for 3 years. We would like to refinance to include me as co-owner of the property. Would I qualify for the tax credit?

I have owned and lived in my current house since 1998. This summer, I found a house. A foreclosure that needs a lot of work but I closed on it Sept 2009. I am still working on the house but hope to be moved in by December. Do I qualify?
Thanks.

We purchased and had closing on our new house on November 6. Since it was signed this day does that mean we qualify? If not, that would be the pits because we woudl have considered waiting a day. (We were previous over five year owners)

So your telling me this tax credit is only eligible for the people who bought more than 5 years ago, the whole purpose of this is for those of us who bought in the last 5 years at a ridiculous price and now we aren't entitled to the credit.....what the f----

My husband and I sold our home Sept. 2008, can we still qualify for the $6500.00 tax credit?

Do you qualify for tax credit if you have been buying a house for 20 years and still owe $27000.00 and don't know how i am going to keep this house now.

Kay Wright

I've lived in my current home for more than 5 years. Do I qualify for any tax credit if I tear it down and build a new one?

I have lived in my home for 5 years. If I buy another home and designate that home as my primary residence do I qualify for the 6500.00 credit?

What if you are downsizing and buying a less expensive house than what yours sold for? Do you still qualify?

I have a question, I co-signed for my parent’s house at least 8 years ago. I never lived in the home and have always rented an apartment of my own. My father pays all the mortgage bills that come directly out of his bank account. I have never claimed the house in my taxes and have always paid for my rent with my checks from my bank account. Will this affect me getting the first time home buyers tax credit?

I have a question....
In 1996 we built a new home, I lived in that home as my primary residence with my husband. In September 2009 we were divorced. I had signed a temporary quit claim deed to have my name removed from the homes deed in May 2009, only because we were divorcing and he was keeping the home. Then in Sept. when everything was final, my names was removed completely. So will I qualify for this $6500 tax credit when I purchase a home now as long as it is within the allowable time frame? I was concerned because there will be a few months that I do not actually own a home. I'd really appreciate an answer, because I have been told yes I will quality, and I have been told no, I will not qualify.

I bought a house in Feb. 2009. It was $404,000.00. I live in houston, TX I am married with one child and I make $275K annually. Would I be eligable for any of the tax rebates?

I closed on my new home on Oct. 29th, I lived in my previous home for six of the last eight years. Since my closing date was before Nov.6th does this mean I don't qualify for the $6,500.