Homebuyer Credits

/Tag:Homebuyer Credits

Tax Court: Home Bought on Contract, Not Yet Moved Into, Qualifies for Homebuyer Credit

By | October 27th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , |

The Tax Court on Thursday ruled that a taxpayer in Texas qualifies for the First-Time Homebuyer Credit even though he bought a home under a contract for deed (and so didn't have official title to the home yet) and even though he has not yet moved into the home. The taxpayer bought the home in 2008. [...]

IRS Mistakenly Sends Homebuyer Credit Repayment Notices to Thousands

By | October 19th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , , |

The homebuyer credits available to some taxpayers who purchased homes in 2008, 2009 and part of 2010, has caused administrative headaches for the IRS.  The Treasury Inspector General for Tax Administration (TIGTA) says the IRS has correctly processed the vast majority of homebuyer credit claims, but has also incorrectly handled notices sent to tens of thousands [...]

Comments Off on IRS Mistakenly Sends Homebuyer Credit Repayment Notices to Thousands

Gay Marriage, Divorce and the First-Time Homebuyer Credit

By | October 7th, 2011|Categories: Same-Sex Marriage and Taxes|Tags: , , , , |

Divorces are often messy -- and are even messier when the couple getting a divorce is a same-sex married couple.  One of the messes that can pop up is recapture of the Homebuyer Tax Credits. Background The Homebuyer Credits existed in several forms between 2008 and the first part of 2010.  Many people claimed these credits [...]

Comments Off on Gay Marriage, Divorce and the First-Time Homebuyer Credit

Home Bought from Parents Not Eligible for Homebuyer Credit

By | February 18th, 2011|Categories: Potpourri of Tax Topics|Tags: , , , , |

Taxpayers who bought their first home in part of 2008, 2009 and part of 2010 may have been eligible for the First-Time Homebuyer Credit -- but not if the home was purchased from a relative.  The Tax Court recently ruled that this is true even if the IRS forms and publications may not have included this [...]

Comments Off on Home Bought from Parents Not Eligible for Homebuyer Credit

Recapture and Repayment of Homebuyer Tax Credits

By | January 13th, 2011|Categories: Potpourri of Tax Topics|Tags: , |

Taxpayers who have claimed the homebuyer tax credits over the last couple of years may have to repay some of the credit, starting with 2010 tax returns.  The rules differ depending on which credit you claimed. $7,500 Credit for Home Purchases Between April 8, 2008 and December 31, 2008 The original First-Time Homebuyer Credit was a [...]