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2008 homebuyer tax credit repayment exceptions


2008 homebuyer tax credit repayment exceptions

If a taxpayer purchases a mobile home (manufactured home) with land and qualifies for the credit, is the amount of the credit based on the combined cost of the home and land?
Both you and your spouse must be first-time homebuyers in order to qualify for the first-time homebuyer tax credit.
I solely purchased a new principal residence. .
Form 5405 and its instructions will be revised for tax year 2009 to include information about repayment of the credit.Depending on the year of purchase, you will claim the credit on your 2008, 2009 or 2010 federal income tax return.Are there income limits?For purchases after Nov.I am a single co-owner of a home.You can either file an amended return to claim it on your 2008 return or you can claim it on your 2009 return.By statute, a residence which is constructed by the taxpayer is treated as purchased on the date the taxpayer first occupies the residence. .For a married couple, only one spouse must meet this age requirement.
But imagine it had gone another way.
If you claim the credit as a long-time resident of the same main home, please provide documentation showing you lived in that home for a five-consecutive-year period during the eight years ending on the date you buy the new home.
I plan to build a home and occupy it in 2009 or early 2010. .
That would allow me to use the refund for a down payment.
Can I apply for the credit if I bought a vacation home or rental property?Do taxpayers affected by Hurricane Katrina or other disasters qualify as first-time homebuyers if their principal residence (i.e.Certain additional supporting documentation will be required when filing claim for the credit with your 2009 or 2010 return or amended return.If you bought your previous home on Nov.What do I need to do to get the 8,000 credit?While both spouses must meet the requirements of the long-time resident test, only one spouse has to purchase a home for that purchasing spouse to be eligible for the credit.Repaying the Credit. .You must enter into a binding contract to buy the home before May 1, 2010, and close before July 1, 2010, in order to obtain the credit.


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