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Marvin,EA
Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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Hi, I live in Missouri and Im wondering about the 8,ooo tax

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Hi, I live in Missouri and Im wondering about the 8,ooo tax credit... I show on my taxes I had house and deductions in 2006 but haven own one since then.... Im about to close on a new home at the end of July, and was hoping to be able to get the tax credit... My credit report shows I sold my house in late 2005... Was needing advice
Submitted: 5 years ago.
Category: Tax
Expert:  Marvin,EA replied 5 years ago.
Hello and thank you for using Just Answer. The credit is available to those who purchase a home from January 1, 2009 to November 30, 2009 provided the buyer has had no ownership interest in a principal residence in the United State during the three-year period prior to the purchase of the home. What year did you stop using the home as your principal residence?
Customer: replied 5 years ago.
I sold in 05' or the beginning of 06'... My credit report show I sold my house in 2005, but my tax lady said I itemized in 06... Does that matter??? I'm closing on this new house on July 31st..
Expert:  Marvin,EA replied 5 years ago.
Its does not matter that the home was sold in 2005 on your credit report. The law state that a "first-time homebuyer" is a taxpayer who has had no present ownership interest in a principal residence during the three-year period ending on the date of the purchase of the home. If you sold your principal residence in January 2006 and own no other home used as your principal residence you will be eligible for the credit if you purchase a home July 31, 2009.
Customer: replied 5 years ago.
I think I sold it in April or May of 2006... So I would be eligible for the tax credit..????? Because it's been 3 years without owning a house... So how does the tax credit work and how long does it take to get.....   One last question so it doesn't matter if I had intrest in 2006 for my old house as long as I haven't owned one in 3 years I would be eligible???   Thank You so much I was worried that I wasn't going to get it.... Im using it to put back into the new house we are purchasing....
Expert:  Marvin,EA replied 5 years ago.
If you sold your home in May 2006 you would be eligible for the credit after May 2009 if you had no ownership interest in a principal residence from May 2006 to present. If you filed your 2009 tax return you can amended your return to receive the credit. Use Form 5405, www.irs.gov/pub/irs-pdf/f5405.pdf, with Form 1040X, www.irs.gov/pub/irs-pdf/f1040x.pdf, to claim the credit for 2009.
Marvin,EA, Enrolled Agent
Category: Tax
Satisfied Customers: 1663
Experience: Enrolled to Represent Taxpayers Before The IRS
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