Comments on: Making Sense of the Homebuyer Tax Credit http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/ It's all about the refund Tue, 21 May 2013 20:45:12 +0000 hourly 1 http://wordpress.com/ By: Bob Meighan http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5221 Fri, 25 Feb 2011 02:57:07 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5221 Jennifer… Temporary absences such as for school are ok. You won’t lose the credit.

Bob Meighan

VP, TurboTax

]]> By: Jennifer Price http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5219 Wed, 23 Feb 2011 18:46:51 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5219 I was wondering if we recieved this credit if it is possible to temporaily live at a different location to attend a college or university while still owning the home and using it as a primary address. We want to keep the home, but want to further our education as well.

]]> By: Bob Meighan http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5209 Sun, 13 Feb 2011 20:26:20 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5209 Confused… If you have not moved into the home yet, you do not qualify for any of the credit (special rules apply for those in the service). The general rule is that you must have a binding contract in place by April 30, 2010 and have closed by September 30, 2010.

Congress has extended the closing date to provide buyers who had binding sales contracts in place by April 30, 2010, additional time to complete their purchases. In the case where you’re building the home, the same rules apply. For example, you must have taken occupancy by September 30, 2010 to qualify.

Bob Meighan

VP, TurboTax

]]> By: confused about the homebuyer credit http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5208 Sun, 13 Feb 2011 08:17:33 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5208 If you purchased property and are in the process of building a home on is there any part of the homebuyer credit that you qualify for?

]]> By: Bob Meighan http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5198 Wed, 19 Jan 2011 18:18:19 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5198 In response to Michelle’s post on 1/19/11… Based on what you described, it sounds like you may have qualified for the first time homebuyer credit in 2008 (it was actually a “loan” up to $7,500 that had to be paid back over 15 years) since you didn’t own a home for 3 years. You can still file an amended return to claim this credit. You have 3 years from the date of filing to amend your return.

The house you bought in 2010 does not qualify because it is not your primary residence. Rather it is for your older children. So no credit in this case. Sorry!

Bob Meighan

VP, TurboTax

]]> By: michelle http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5197 Wed, 19 Jan 2011 10:13:10 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5197 What if I bought a home in 1999 for 17,000.00 and lived in it till 2005,then sold it for 15,000.00, moved to another state and rented a house for three years, then bought a home in 2008 paid it off by 2010 and bought another home next door for my older children to live in and for the past 3 years, my income has been 20,000.00 or less and am a single mom with 2 minor children. Please answer.

]]> By: Robert D. Via http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5196 Wed, 19 Jan 2011 06:07:36 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5196 Excellent read, I just now passed this onto a friend who was doing a small research on that. And also he actually bought me lunch because I found it for him smile So let me rephrase that: Thanks for lunch!

]]> By: April http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5190 Sun, 09 Jan 2011 21:02:03 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5190 Question on $8,000 tax credit. I closed escrow on my house in April and I qualified for it, however my question is since my boyfriend and I bought the house together and we are not married, do we individual qualify the first time buyer credit or does only one of us get the tax credit? We are both first time homebuyers.

]]> By: Rick http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5149 Thu, 15 Apr 2010 03:02:47 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5149 For the home buyer tax credit TT lists documentation required for repeat home buyers as “settlement statement.” So, do I also need to prove residency for the last five years? This is confusing and it appears I may need to find my last five years tax returns to find Form 1098s or past five years property tax statements. Can someone clarify whether the settlement statement alone meets the documentation requirements?

]]> By: TurboTaxAshley http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5148 Wed, 17 Mar 2010 23:43:25 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5148 Hi Stutz – You don’t start paying that back until your 2010 taxes (next year). Here is a link to the IRS Q&A on it. http://www.irs.gov/newsroom/article/0,,id=186831,00.html

Hope that helps!

Ashley

]]> By: Stutz http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5147 Sat, 13 Mar 2010 01:29:55 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5147 This is so frustrating. I can’t ever find any info on the 2008 $7500 credit that applies to my home purchase. Guess what TurboTax? That program may be history to new homebuyers, but not to me! I still have to start paying it back, as far as I can tell, but when I went through my taxes in TT this year, there was no mention of the $500/year repayment. How on earth do I apply it? Just include an additional $500 check to the IRS with my return? Why can’t I find any support about this issue?

]]> By: Paul Kraft http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5146 Tue, 02 Feb 2010 15:32:52 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5146 So let’s get this perfectly straight. If I am claiming the first time home buyer credit, I cannot e-file with turbo tax (even thought the program will let you). I must print out the forms after finishing turbo tax and mail them in. Is this correct?

]]> By: TurboTaxAshley http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5145 Mon, 11 Jan 2010 18:40:46 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5145 Hi All – Bob Meighan, CPA and VP of TurboTax, is on Facebook right now answering questions about the Homebuyer Credit. If you still have Qs, go check it out http://www.facebook.com/turbotax

Ashley

]]> By: Chelsea http://blog.turbotax.intuit.com/2009/12/17/making-sense-of-the-homebuyer-credit/#comment-5144 Mon, 21 Dec 2009 15:32:20 +0000 http://blog.turbotax.intuit.com/?p=1078#comment-5144 For anyone with lingering Homebuyer Credit questions – be sure to stop by our page today, Dec. 21, from now till 9 a.m. EST. Tax expert, CPA and VP of TurboTax Bob Meighan takes your questions live on our Wall: http://bit.ly/74CpTU

Thanks!

Chelsea

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