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Homebuyer Tax Credit Surprising Facts

Time is running out for those that want to take advantage of the first-time homebuyer tax credit.  Most of you buyer’s out there just know that there’s $8,000 involved.  Well here is the fine print that you may not seen.  Not saying that the credit isn’t good, just giving you the “other” info that no one else has.

  • A home owner must have occupied the same principal residence for 5 out of the last 8 years consecutively can qualify for the move-up tax credit.
  • The credit can be claimed on either your 2009 or 2010 tax return, whichever is better for you
  • If you decide to claim your credit in 2009, you cannot file electronically because the IRS does not have the form online.  The wait for the refund is 3-4 months.
  • Mobile homes count if it is fixed to land owned or leased by the home owner.  A mobile home or travel trailer that is actually mobile does not count.
  • The home cannot be purchased from a close relative, including a parent, spouse, child, grandparent, or grandchild.
  • A buyer who earns no taxable income or doesn’t owe any federal  income tax can qualify for the tax credit and file a tax return just to claim it.

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