Tax

Ask a Tax Question, Get an Answer ASAP!

Have your own Tax question?

Tax Professionals are Online Now

characters left:

Not a Tax Question?

Question

Hi, I purchased a home on 6/30/09. My wife and I rented for the prior 2 years 8/07-6/30/09. Prior to that we owned our home for 10 years. From what I understand we dont qualify for the first time home buyer credit but may qualify for the step up credit of 6500 just passed. I saw something hwoever that said the qualifying period started with homes purchased after 11/9/09. Would we qualify for either credit in your opinion ? Thanks

Submitted: 14 days and 21 hours ago.

Category: Tax

Value: $15

Status: AWAITING CUSTOMER ACTION

State/Country relating to question: Pennsylvania

Accepted Answer

Stoney,

I regret to tell you that although you meet the other requirements, the fact that you purchased the home before November 6, 2009 will disqualify you from the $6,500 credit. You may read about the details of the repeat homebuyer credit here: http://www.federalhousingtaxcredit.com/faq2.php#1.

You will not be eligible for the $8,000 credit either as you had owned a house within 3 years of purchasing the new home. You may read about the details of that credit here: http://www.federalhousingtaxcredit.com/faq1.php#1.

Please let me know if I can assist you further.

Accepts:
Expert:	TaxMomNJ
Pos. Feedback:	100.0 %
Answered:	11/7/2009

Tax Advisor

5 years experience with tax preparation company, over 200 hours of tax courses taken

14 days and 20 hours ago.

Reply

Thanks for getting back so quickly. Seems like we are caught right in the middle here.

Posted by TaxMomNJ 14 days and 20 hours ago.

Answer

I'm happy I was able to clarify for you. I wish I had an answer that would be nicer to hear.

Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.

Tax