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Message
First time Homebuyer $7,500 tax credit
Posted on 8/7/08 at 2:25 pm
Posted on 8/7/08 at 2:25 pm
Anyone know much about this? I have read it is like a 15 year interest free loan? Also are you still eligible if you buy your first house with a friend (who you are not married to)?
4
Posted on 8/7/08 at 3:46 pm to MITBTiger
There was a thread in late July on this: LINK.
EDIT: I don't know about the friend thing. Is it possible for you to just buy the house yourself, and have your friend buy ownership interest in the house from you personally?
EDIT: I don't know about the friend thing. Is it possible for you to just buy the house yourself, and have your friend buy ownership interest in the house from you personally?
This post was edited on 8/7/08 at 3:49 pm
Posted on 8/7/08 at 4:13 pm to Doc Fenton
Thanks for the link! I guess I should have searched harder. I actually bought the house with my bro. We are currently living in it and renting to two other buddies.
Posted on 8/28/09 at 8:48 pm to MITBTiger
Funny how this is not taxed as income like the cash for clunkers credit is.
Posted on 8/28/09 at 11:30 pm to prplhze2000
quote:
this is not taxed as income like the cash for clunkers credit is.
Uh, no.....it's not.....
Posted on 8/29/09 at 1:13 pm to prplhze2000
Since you dragged it up I feel obliged to point out that you are completely incorrect on this matter.
IRS Offers Guidance on “Cars for Clunkers” LINK ][LINK]
Sorry bub.
IRS Offers Guidance on “Cars for Clunkers” LINK ][LINK]
quote:
And the credit is like a discount, really, and doesn’t count as income to the buyer for tax purposes.
Sorry bub.
Posted on 8/30/09 at 10:51 am to MITBTiger
It's actually $8,000 tax credit if you have not owned a primary residence within the last 3years. Not sure on the friend thing.Their is a recapture part on the interest free part but you will have to consult your cpa on that. If i rember correctly this program may expire like December 1st of this year. Hope this helps.
Posted on 8/30/09 at 4:23 pm to MITBTiger
It is $8,000 and you can claim a percentage of the ownership of the house. In this situation I would assume is would be 50/50, thus you would get $4,500. Hope this helps. 
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