If it is your main home primary residence and you meet all of the rules that have to be met for this purpose.
Go to the IRS.gov website and use the search box for First-Time Homebuyer Credit
Does a land contract qualify a first time home buyer for the new tax credit?
I would love to know the answer to this question! I find conflicting data everywhere.
In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.
A UK resident can get a first time home buyer mortgage through a local financial institution such as "RBC Royal Bank" and "Halifax". Often they will also qualify for tax credits the next time they file income taxes.
There are some restrictions. Examples: Dependents aren't allowed to claim credit, NO credit if home is price is above $800,000, and you must be at least 18.
Does a land contract qualify a first time home buyer for the new tax credit?
I would love to know the answer to this question! I find conflicting data everywhere.
In a span of three years mainly, from 2008 to 2010, a person may qualify for the First Time Home Buyer Credit if they had bought primary residence from that year.
A UK resident can get a first time home buyer mortgage through a local financial institution such as "RBC Royal Bank" and "Halifax". Often they will also qualify for tax credits the next time they file income taxes.
As long as the deed will be in the buyer's name they will quailify for the credit. The credit is for anyone purchasing a home (for the first time. There isn't a financing requirement. So in theory if someone wanted to buy a home outright with all of their own funds, then they would still qualify for the credit. However, if the person is still unsure, they should check with their tax professional. In fact, I would put a stiuplation in the contract and/or mortgage that you are not guaranteeing that they will qualify for the first time home buyer tax credit. Because if for so reason they don't, you don't want them coming after you for the credit.
No you cannot take the credit when you buy your home from a close relative. This includes your parents.
There are some restrictions. Examples: Dependents aren't allowed to claim credit, NO credit if home is price is above $800,000, and you must be at least 18.
No you cannot related party sales don't count
Do things that will improve your credit score. Pay off your credit cards as much as you can, contributing most to the one with the highest interest rate. If you have declared bankruptcy in the past, you should wait until after 10 years before the bankruptcy is no longer listed on your credit report. Look into whether you qualify for the $8000 federal first-time home buyer tax credit.
Yes, according to posts at this website: http://www.cincinnatilivingonline.com/2009/02/2009-first-time-homebuyer-tax-credit-2.html
A credit note (also known as a credit memorandum or credit memo) is a document that is issued by a seller to a buyer. The credit note is used to reimburse a buyer for goods that have been returned to the seller or for goods/services that were not received by a buyer.
Often times, your bad credit may help you out in the situation of buying a home. There are federal mortgage problems that can help you find the right loan and bank to work with. There are numerous housing couseling agencies who can walk you through exactly who to contact in this situation.