I want to help my grown children become first time homebuyers and get full advantage of the Housing tax credit. I have identified a house for $200,000. They will each own a deeded undivided interst in 50% of the property. I will finance the full purchase price. They will use the house as their full time residence. Are they each entitled to $8000 credit?

If i get my tax credit at tax time and i sell my house for example this fall do i have to pay back the credit?? thank you

If i get my tax credit at tax time and i sell my house for example this fall do i have to pay back the credit?? thank you

I am closing on November 24th. The seller wants to do a rent back so he can stay in the house until December 5th. Will giving him this rentback mess up my receiving the $8000 tax credit. I'm not buying the house for renting it and will move in December 6th.Thanks.

I think the video is great! gives a nice detailed explanation and answers some questions that other videos on the tax credit don't answer

Can my brother buy a hosue he rents from me and receive the housing tax credit? Tax forms just say etc. when describing relations. Is selling to a brother not allowed if he wants the credit? Thanks, Nick

No, you wouldn't be eligible. The credit is for first time homebuyers, defined as those that haven't owned a home in the last three years. You own a home right now. You're renting it out, but you still own it.

Bill - Sadly, I've heard no mention what-so-ever of any sort of extension for deployed military.

No, you wouldn't be eligible. The credit is for first time homebuyers, defined as those that haven't owned a home in the last three years. You own a home right now. You're renting it out, but you still own it.

Bill - Sadly, I've heard no mention what-so-ever of any sort of extension for deployed military.

Great article.I think it’s really a useful article i have ever seen.This post is likable, and your blog is very interesting.Thanks for making such a cool blog.It's really amazing.Thanx for all.Keep blogging.

It's a very good blog. I am following your blog regularly and got great information.Having written articles that require this much work, I commend you for your service to the future bloggers. I’m sure they will appreciate it! Great job.Thanks.

My son is active duty military and deploying overseas in November. Will there be an extended or deferred ending date for the housing credit for deployed military personnel? He is not scheduled to return to the U.S. until late spring 2010. Thanks - Bill , Seattle WA,

Can you tell me if there is a timeframe that you have to own the house before selling it in order to receive the credit? I may be moving out of the state in a year, but would love to buy a home now. Thanks!

I was wondering if I usually get $3000 back on my income tax and then I buy a house... do I get the $3000 plus the $8000 tax credit? So does that mean I will get $11,000 back on my 2009 income tax? Let me know please. Thanks!!

Very good video, we offered information on the tax credit as well and found people were unsure if it could be used for a down payment abd yes the $8,000 tax credit can be used as a down payment

**Home Buying Blog´s last blog post..Beware of Foreclosure Scams</abbr></abbr>

I would like to purchase a house now that we have the opportunity to get the 8,000 tax credit. However, I will be moving out of the country to work starting April 2010. Will I have to pay by the 8,000 if I am not officially residing in the house. I would not be renting it out to anyone else. But since I am going to be working 12-months a year out of the country, does that mean the government will not consider the house my primary residence.

Thanks in advance for anyone who replies to my question.

Jay,

It appears that your embedded video has been "removed by the user". I quickly searched, but I couldn't find another copy. The positive comments made me want to see it.

Steve

**Steve Lines´s last blog post..Top 10 Reasons College Graduates Should Use FHA Loans to Buy a House</abbr></abbr>

good explanation and a great video

Great video on first-time home buyers tax credit details. It goes over alot of different scenarios and addresses most questions. Thanks Jay!

I really like the video. In Ohio the state has even taken up a bill that would give first time home buyers additional tax credits on a state level.

**Cincinnati Real Estate´s last blog post..Cincinnati Real Estate: Tax Credit For Vacant Home Buyers</abbr></abbr>

Fantastic break down of the $8000 tax credit for first time buyers. You can write all day long about something like this but having it broken down in simple form with a video simplifies the whole thing. I have started using a few more videos on my site and the visitor not only seems to understand the issue better, they stay longer. Really nice video and blog. There's not a better real estate blog on the internet than The Phoenix Real Estate Guy.

Thank you for the video. That was pretty long, but it explained everything you need to know about the new tax credit.

**Portland Real Estate´s last blog post..Bay 13</abbr></abbr>

With everyone hooked on video these days, hopefully this will help get the information to the masses. It also makes for a great reference point for first time home buyers who have questions.

RT <a rel="nofollow" href="http://twitter.com/PhxREguy">@PhxR...: Federal $8000 Housing Tax Credit Explained (new video posting on TPREG): http://is.gd/tcN4 ( very nice

I want to help my grown children become first time homebuyers and get full advantage of the Housing tax credit. I have identified a house for $200,000. They will each own a deeded undivided interst in 50% of the property. I will finance the full purchase price. They will use the house as their full time residence. Are they each entitled to $8000 credit?

If i get my tax credit at tax time and i sell my house for example this fall do i have to pay back the credit?? thank you

If i get my tax credit at tax time and i sell my house for example this fall do i have to pay back the credit?? thank you

I am closing on November 24th. The seller wants to do a rent back so he can stay in the house until December 5th. Will giving him this rentback mess up my receiving the $8000 tax credit. I'm not buying the house for renting it and will move in December 6th.Thanks.

While many housing groups support extending the housing tax credit, others worry that an extension would cause consumers to postpone their decision to buy, rather than responding the urgency of an expiring federal credit. Economists also suggest that expanding the credit to all buyers is less effective economically than the current first-time buyer requirement.http://betterblog.ning.com/profiles/blogs/feder.....

I think the video is great! gives a nice detailed explanation and answers some questions that other videos on the tax credit don't answer

Can my brother buy a hosue he rents from me and receive the housing tax credit? Tax forms just say etc. when describing relations. Is selling to a brother not allowed if he wants the credit? Thanks, Nick

No, you wouldn't be eligible. The credit is for first time homebuyers, defined as those that haven't owned a home in the last three years. You own a home right now. You're renting it out, but you still own it.

Bill - Sadly, I've heard no mention what-so-ever of any sort of extension for deployed military.

No, you wouldn't be eligible. The credit is for first time homebuyers, defined as those that haven't owned a home in the last three years. You own a home right now. You're renting it out, but you still own it.

Bill - Sadly, I've heard no mention what-so-ever of any sort of extension for deployed military.

Great article.I think itu00e2u0080u0099s really a useful article i have ever seen.This post is likable, and your blog is very interesting.Thanks for making such a cool blog.It's really amazing.Thanx for all.Keep blogging.

It's a very good blog. I am following your blog regularly and got great information.Having written articles that require this much work, I commend you for your service to the future bloggers. Iu00e2u0080u0099m sure they will appreciate it! Great job.Thanks.

I have a question in regards to the new house tax credit. In 2000 we purchased a mobile home in Oregon. The home is still in our name, however we are renting it out. The mobile home is in a park and not on its own land. We are now in the process of purchasing a condo in Az. My question is will we be eligible for the housing tax credit?

My son is active duty military and deploying overseas in November. Will there be an extended or deferred ending date for the housing credit for deployed military personnel? He is not scheduled to return to the U.S. until late spring 2010. Thanks - Bill , Seattle WA,

Can you tell me if there is a timeframe that you have to own the house before selling it in order to receive the credit? I may be moving out of the state in a year, but would love to buy a home now. Thanks!