Comments on: $6500 Homebuyer Tax Credit For Current Homeowners Signed Into Law Today. Is It Retroactive?

By: Wendy

Wendy — Thu, 18 Mar 2010 01:07:56 +0000

The IRS sight stinks becasue when i read it it didn’t mention that the purchase had to be after November 6th at all….or we could have postponed our closing!

By: Wendy

Wendy — Thu, 18 Mar 2010 01:05:10 +0000

We closed on our house Oct. 26th so we just missed getting the $6500 credit by 11 days!! It is really disappointing that it didn’t cover all of 2009!! So here we are again doing whats right….oh well!

By: Peter Anderson

Peter Anderson — Wed, 17 Mar 2010 19:21:19 +0000

If it isn’t a new principal residence I don’t think it would qualify. As always I would check with the IRS to make sure.

By: Rick

Rick — Wed, 17 Mar 2010 18:15:51 +0000

My wife and I have had our house for 7 years, this year we decided to add an addition and remodel. the bank bought our old loan and we signed a new loan March 12th. does this qualify for the $6500 Homebuyer Tax Credit For Move-Up Buyers?

By: Peter Anderson

Peter Anderson — Mon, 15 Mar 2010 23:47:56 +0000

I believe this page should have your answer:

IRS Tax Credit Site

By: Tim

Tim — Mon, 15 Mar 2010 23:00:54 +0000

Sold my home of 8 years on 11/19/2008. Stayed in a rent house until new house was ready to move in, and we closed on 4/1/2009. Meet all other qualifications, but I still can’t tell if I qualify for $6500 credit. Please help!

By: Peter Anderson

Peter Anderson — Wed, 24 Feb 2010 16:00:32 +0000

I believe Robert is correct in that you would not qualify. Obviously do your due diligence and contact the IRS to make sure.

By: Robert

Robert — Wed, 24 Feb 2010 15:39:39 +0000

Clay, Peter may want to chime in, but if you look at the IRS form 5405, part I, question E, it asks if you are buying from a relative. I’m Robert (see above). If you answer yes, it says we don’t qualify. And, the property has to be owner occupied, primary residence. You will be required to attach the HUD-1 per the form 5405 instructions, so I see little wiggle room. Unless we contact our Congressional members, and ask if they would consider putting forth an amendment that no longer stipulates owner occupancy and preclusion of relatives.

By: Clay

Clay — Wed, 24 Feb 2010 15:25:17 +0000

My mother was planning on selling her large home (4,000 sq ft) after the death of my father and buying my smaller home which I’ve had for sale for about a month. Is it true that the credit does not apply if you purchase from a family member? That hardly seems fair. It’s not like my mother was trying to cheat the government. She had planned on using the money to upgrade part of the house.

By: Rhodesia

Rhodesia — Wed, 24 Feb 2010 12:25:22 +0000

I’m in the process of refinancing my house because I have an adjustable mortgage. Would I qualify for te $6500 tax credit?