Question about the $8,000 "first-time" home buyers tax credit.?
According to the American Recovery and Reinvestment Act of 2009 ($8,000 first-time home buyer law), "First-Time" home buyers are defined as people who have not owned a "primary residence" in at least three years. So My wife and I own a house that was a primary residence until August 2006 when we converted it into a rental (i.e. investment property). My question is after August 2009 (three years after we converted it into a rental) do we qualify for the $8,000 first time home buyers tax credit?
First time home buyers credit?
If you qualify, you 'd get an extra $8000, or 10% of the price of the house if the house is less than $80,000.
What are all the tax deductions that first-time home owners in the Bay Area qualify for?
The Bay Area is no different than the rest of CA or the US in terms of tax laws for home owners. There are two main deductions:a) Interest you pay on your mortgageb) Points you may have paid to get your mortgage; you may have to spread those for the life of the loan, or until you refinance.
First time home buyers tax credit/quit claim deed question?
you vacated the residence prior to the 3 yrs limit which means you are responsible to repay the FTHB credit you got as for the quit claim deed that only applies to the county records for the ownership of the property and the party responsible for the property taxes as far as the mortgage is concerned it is still your mortgage and until he refinances in his own name, you are the liable party
Is there a tax credit for a first time car buyer?
I bought a new car in July and was wondering if there is a first time car buyer tax credit just like there is a first time home buyer tax credit. Please provide a source to support your answer.
When did the first-time homebuyer credit start?
The first time homebuyer credit was a tax program effective for homes purchased in 2008, 2009 or 2010.More information can be found on the IRS website:First-Time Homebuyer Credit
How much should a first time home buyer put down?
Make your down payment as much as you can without damaging your emergency fund and without touching retirement funds.I personally like to have 6 months of emergency money saved.Beyond that it's simply a matter of choosing more savings or less debt.As a first time home buyer I put down the minimum possible with FHA. Buying a house has so many expenses that can strain your cash flow and savings before you even reach closing (deposits, inspections, appraisal, etc.).At the time I didn't have any savings for a house - it was a snap decision that rent was killing me and I hated being surrounded by hoodlums in an apartment complex.Flexibility and peace of mind were more important to me than a big down payment. With most loans you can add extra payments whenever.
First Time Home Buyer Eligibility Question.?
I co-signed with my fiancee 3 years ago in March (March 2016) and I have only claimed it on my taxes once in 2017. Will I be eligible as a First Time Home Buyer once again in 2020 or do I have to be removed from the mortgage loan to qualify? It was not my primary residence. Looking into buying my own first home in 2020 around summer time. Any help or advice is greatly appreciated. Thank you!
What are your advantages if you are not a first time home buyer in Bay Area, California?
My two biggest advantages:No rush to buy — I can wait until the right deal comes along and won’t be under constant pressure from rising rents.Large downpayment — Existing home owners have tons of equity gains that can be cashed out.Other nice advantages:Area expertise — I know what to look for and where.Network — I have the inside track on off-market deals. (This one is typically limited to real estate brokers like me. But, local homeowners can sometimes come across off-market deals.)