New homebuyer 08

[dor1500]

Client bought a new house in March of 08 never filed a tax return for 08 can she still file 08 and be entitled to the credit (she is a first time home buyer)..

[spencer]

Go ahead and file

Client bought a new house in March of 08 never filed a tax return for 08 can she still file 08 and be entitled to the credit (she is a first time home buyer)..

the 2008 return and apply for the credit. Client will have to pay it back in fifteen installments starting with the 2010 return.

[spencer]

Oops,

Client bought a new house in March of 08 never filed a tax return for 08 can she still file 08 and be entitled to the credit (she is a first time home buyer)..

I just looked it up..........Purchase had to be made on or after April 9, 2008

[RitaB]

This credit has been infuriating to me

Had a caller earlier today. Bought a house Sep 2009. Owned a "mobile" home (not a REAL home, mind you) for 8 years prior. I explain the bad news.

"Oh, well, we didn't OWN the mobile home. We were just paying for it during that time."

REALLY??????

[ChEAr$]

Had a caller earlier today. Bought a house Sep 2009. Owned a "mobile" home (not a REAL home, mind you) for 8 years prior. I explain the bad news.

"Oh, well, we didn't OWN the mobile home. We were just paying for it during that time."

REALLY??????

uH.. well. now. A mobile home IS a real home, i.e. personal residence for tax purposes.
So what's the bad news?

[Bees Knees]

uH.. well. now. A mobile home IS a real home, i.e. personal residence for tax purposes.
So what's the bad news?

The bad news is if you are not a first time homebuyer, you do not qualify for the first-time homebuyer credit on the purchase of a new residence...unless you have owned a home for at least 5 years and you purchase a new home after November 6, 2009.

Rita's client did not purchase the new home after Novebmer 6, 2009. It was purchased in September, 2009.

Bad news = no credit allowed.

[RitaB]

Thanks, Bees

Correct. (Sorry, my short version was too short, I will have to stop doing that.) And when I tell the caller they don't qualify for the long-time credit because of the date, she's knows they MUST qualify for something, so NOW she says, "It was not really a home, just a mobile home."

So I go, 'Uh, yeah a mobile home is really a home."

And she goes: "Well, we didn't really OWN it, we were just paying for it during those eight years."


I wonder how many millions of dollars has gone out to people who made their own rules on this one...