Comments on: Housing Market Update- New Buyer Tax Credit Rules http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/ Empowering Business Owners & Real Estate Investors With Knowledge Wed, 25 Jan 2012 16:08:13 +0000 hourly 1 http://wordpress.org/?v=3.1.4 By: Mickey Brooks http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/comment-page-1/#comment-1435 Mickey Brooks Wed, 22 Jul 2009 14:24:16 +0000 http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/#comment-1435 Linda, Unfortunately, in most cases, you can not claim the credit if the home is purchased from a relative. As always, you should consult with a tax advisor for your specific situation. In general you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse. For the exact details on who doesn't qualify for the tax credit, please follow this link to review IRS form 5405 which is the document filed with your tax return to claim the credit. http://www.irs.gov/pub/irs-pdf/f5405.pdf Best Regards, Mickey Brooks Linda,

Unfortunately, in most cases, you can not claim the credit if the home is purchased from a relative. As always, you should consult with a tax advisor for your specific situation.

In general you cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse.

For the exact details on who doesn’t qualify for the tax credit, please follow this link to review IRS form 5405 which is the document filed with your tax return to claim the credit.

http://www.irs.gov/pub/irs-pdf/f5405.pdf

Best Regards,

Mickey Brooks

]]> By: Linda Lawson http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/comment-page-1/#comment-1434 Linda Lawson Tue, 21 Jul 2009 18:18:55 +0000 http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/#comment-1434 Does the 8,000 tax credit for first time homeowners NOT apply if the house was purchased from a family member? Does the 8,000 tax credit for first time homeowners NOT apply if the house was purchased from a family member?

]]> By: Becki http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/comment-page-1/#comment-1419 Becki Thu, 02 Jul 2009 03:26:26 +0000 http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/#comment-1419 I have a quick question that I just can't understand from the Fed wording. Our home is in only my husband's name, therefore I know I don't qualify for the tax credit. However, our youngest son has never owned a home before, so he would qualify. He'll need a joint applicant due to his income. Would I be able to be apply with him and have him still get the tax credit? I have a quick question that I just can’t understand from the Fed wording. Our home is in only my husband’s name, therefore I know I don’t qualify for the tax credit.

However, our youngest son has never owned a home before, so he would qualify. He’ll need a joint applicant due to his income. Would I be able to be apply with him and have him still get the tax credit?

]]> By: Matt http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/comment-page-1/#comment-1398 Matt Fri, 12 Jun 2009 05:00:39 +0000 http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/#comment-1398 A land contract is ordinarily deemed a sale under tax law. So, it would follow that a land contract would satisfy the requirements for te tax credit. I'll check the new law for you to be sure and give you an update. A land contract is ordinarily deemed a sale under tax law. So, it would follow that a land contract would satisfy the requirements for te tax credit. I’ll check the new law for you to be sure and give you an update.

]]> By: pamela http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/comment-page-1/#comment-1397 pamela Fri, 12 Jun 2009 02:11:21 +0000 http://www.askmattonline.com/real-estate/housing-market-update-new-buyer-tax-credit-rules/#comment-1397 how does the new tax credit affect seller finanaced contracts? or can it? how does the new tax credit affect seller finanaced contracts? or can it?

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