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January 4, 2010

Answers for your home buyer tax credit questions

Got unanswered questions about the home buyer tax credit?

The Consuming Interests blog is hosting a live chat at noon Tuesday -- Jan. 5 -- with Jackson Hewitt’s chief tax officer, Mark Steber. You can ask him your tax-credit (and other tax) questions then, or better yet, submit them in advance to eileen.ambrose@baltsun.com.

Comments

I qualify for the first time home buyer credit of $8000, but my husband does not. He qualifies for the $6500 tax credit but i do not, since i have not lived in the residence more than five years. can we get any tax credit for the house we are buying this month? thank you

Crissy, the IRS has weighed in on this one, and the answer is no (to many homeowners' dismay). More details here: http://bit.ly/63EGny

If I sell to someone now 2010 can they get the rebate on their 2009 taxes? Tks

I built a house last year and was living in an apartment until it was finished. I had the mail and utilities in my name just as though I lived there but I didn't move in until mid November of 2009 and the banks final inspection has not been complete yet. I lived in my previous home for 14 years. What does the government look for when they determine occupency for this program.

What is the definition of "primary residence?" We bought a house in FL on Nov 17, 2009, but, for now, are keeping the VA house we have been in for 14 years. Our intention is to become FL residents, but be at the old house in the summer. Do we qualify for the $6500 credit?

If we buy our first home as a primary residence (contract and closing by required dates) and rent back the home to the sellers until their new home construction is finished (April- June timeframe for their occupancy in the new construction is projected) can we still claim the tax credit?

We bought a home in 4/2009. The last time we owned a home was 2007 for one of us and 2008 for the other. Are we eligible for any tax credit?

My husband and I lived in a house for 8 years. We sold it 2 1/2 years ago. Last Oct, we filed for divorced but under MS law, he couldn't purchase a house without my signature. I have never lived in his house. I am now in a new state and just purchased a house on 30 Oct 09. Do I qualify for the $6500 tax credit?

Folks, if you asked a question BEFORE the noon live chat on 1/5, I passed it along to the organizers. I hope you got an answer there.

Shawn, I'm afraid your question came in too late. But I'm pretty certain you don't qualify for the $6,500 credit because that credit only went into effect for homes purchased after Nov. 6.

About Jamie Smith Hopkins
Jamie Smith Hopkins, a Baltimore Sun reporter since 1999, writes about the regional economy. Her reporting on the housing market has won national and local awards. Hopkins is a Columbia native and has lived in Maryland all her life, save for 10 months spent covering schools in Ames, Iowa.
She trained to become a wonk by spending large chunks of time as a geek and an insufferable know-it-all.
Baltimore Sun articles by Jamie
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