Comments on: Home Buyer Tax Credit Passes Both House and Senate (Update: Has been Signed by President)

By: New Westminster Real Estate

New Westminster Real Estate — Wed, 17 Feb 2010 16:10:23 +0000

Nice to see Obama is being progressive in helping the real estate market in the States, seems like it needs a little jolt. Jason

By: It Is Time to Buy Real Estate in Estes Park Colroado — Estes Park Real Estate Estes Park Real Estate Blog

Wed, 10 Feb 2010 17:22:17 +0000

[...] of the free money? If you are looking for more information on the tax credits, here is a great blog post by Jay Thompson filled with more information on taking advantage of the tax [...]

By: Jay Thompson

Jay Thompson — Sun, 27 Dec 2009 08:49:17 +0000

Nicole – this is an extension (and expansion) of the existing tax credit. If you qualified as a “first time buyer” under the existing credit, you’re still qualified. But the $6500 credit for existing home buyers is new, and not retroactive.

By: Nicole

Nicole — Sun, 27 Dec 2009 06:02:17 +0000

Thanks for the post. I’ve been waiting to hear about the extension for a while…since we bought our home this summer. So does that mean people who bought a home in 2009, but before Nov. are out of luck? That’s what it sounds like…
Nicole´s last blog ..Christmas 2009

By: Federal Government at Work: Let’s help people buy homes! No, wait. Let’s make it harder. New Rules for FHA mortgages. — The Phoenix Real Estate Guy

Fri, 04 Dec 2009 20:47:01 +0000

[...] building over the last couple of months to get the first-time homebuyer’s tax credit extended (and expanded beyond first-time buyers) was touted as necessary to help people buy homes and turn around the ailing real estate market – [...]

By: Visualizing the Effect of Tax Credits « RealTime Realtor Marin

Visualizing the Effect of Tax Credits « RealTime Realtor Marin — Wed, 02 Dec 2009 22:16:45 +0000

[...] reading on the tax credit and how Realtors should get it while it’s [...]

By: dpellegrini

dpellegrini — Tue, 10 Nov 2009 20:45:23 +0000

Thanks Jay. You beat my realtor to the answer on this one

By: Jay Thompson

Jay Thompson — Tue, 10 Nov 2009 04:27:24 +0000

Yes, Senator Isakson's office confirmed to a journalist that the $6,500 credit was effective on the date of enactment (Nov 6). Sorry, but I can't find the link to that. Know that's what I read though…

By: Jay Thompson

Jay Thompson — Tue, 10 Nov 2009 04:25:57 +0000

Just found this in the legislation:

"(g) Election to Treat Purchase in Prior Year.--In the case of a purchase of a principal residence after December 31, 2008, a taxpayer may elect to treat such purchase as made on December 31 of the calendar year preceding such purchase for purposes of this section"

My interpretation is the key words are "... of the calendar year PRECEDING such purchase..."
To me, that means if you buy a home in 2009, you could amend your 2008 return. And if you buy a home in 2010, you could claim it (or amend) on your 2009 return. But you can't buy in 2010 and amend 2008 -- that wouldn't be "the preceding year".

But I'm no attorney / politician / CPA.

By: Jay Thompson

Jay Thompson — Tue, 10 Nov 2009 04:16:19 +0000

Nate – everything I'm reading and hearing says the $6500 credit was effective on the date of enactment (Nov 6). I'm 99% sure you could apply the credit for a home purchased in 2010 to your 2009 return. Haven't dug deep enough to see if you could amend 2008.