Answers to Home Buyer Tax Credit Questions

First Time Home Buyer Tax Credit Extended

Need help addressing qualification questions?

Home buyer tax credits provide an outstanding opportunity for both first time home buyers and repeat home buyers. House hunters will now be able to claim a credit if you have a binding contract date on or before April 30, 2010 and close by June 30, 2010. This extension is the third revision to the tax credit and the web is full of information - some current, some outdated. We attempt to provide you the most accurate details available. The new legislation was written by members of Congress and the Senate - not by the IRS. So, there are several qualification questions that have not been addressed or are misunderstood. We been receiving a large number of questions and here are the most common:

• Does a current home owner have to sell the existing home before the purchase or before filing for the tax credit?
• What if a person owned a home 5 of the last 8 years but it was sold and a subsequent home was purchased? Do they qualify?
• What if a husband and wife want to buy a home? The wife owns their current home by herself (she is the only one on the loan and on title) but can't qualify since she has only owned it for 3 years. The husband is a first time home buyer. Can he qualify if he purchases a new home all by himself?

The first time home buyer tax credit will not be extended again. Take advantage of the opportunity but be sure you qualify. If you are considering purchasing in the Southeast, primarily Georgia, Florida or South Carolina, we'd like to help answer your questions. This is a free service from a CPA. Contact us at 770-399-7775 or email at bob@southeastmortgage.us.

Bob Bregitzer is a licensed CPA in the State of Georgia.