Comments on: Home buyer tax credit extension update; Senate Passes Bill http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/ Real Estate Consumer News is a one stop source for consumers to get the information they want and need concerning real estate Wed, 08 Sep 2010 15:49:29 +0000 hourly 1 http://wordpress.org/?v=3.0 By: Dennis Norman http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1326 Dennis Norman Sun, 15 Nov 2009 04:00:29 +0000 http://realestateconsumernews.com/?p=1759#comment-1326 Hi Mario I'm not sure where you found the quote you have in your comment but I didn't search...You are correct though, there is no mention of Dec 1st...the bill went into effect when it was signed on November 6th....Thanks for pointing this out.. Take care, Dennis Hi Mario
I’m not sure where you found the quote you have in your comment but I didn’t search…You are correct though, there is no mention of Dec 1st…the bill went into effect when it was signed on November 6th….Thanks for pointing this out..
Take care, Dennis

]]> By: mario http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1325 mario Sun, 15 Nov 2009 03:58:09 +0000 http://realestateconsumernews.com/?p=1759#comment-1325 Hi Denis Where did you get below, dont think Dec 1st is mentioned any where in the bill , you may want to correct above article ... thanks "New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years." Hi Denis

Where did you get below, dont think Dec 1st is mentioned any where in the bill , you may want to correct above article … thanks

“New $6500 tax credit for repeat buyers who purchase between December 1, 2009 and May 1, 2010. Repeat buyers must have lived in their homes consecutively for 5 of the previous 8 years.”

]]> By: Dennis Norman http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1142 Dennis Norman Thu, 05 Nov 2009 22:03:49 +0000 http://realestateconsumernews.com/?p=1759#comment-1142 Hi Carol, Unfortunately the way I read it, the credit only applies to principal residences and not vacation homes... Here is the section of the bill that references it: (b) Special Rule for Long-time Residents of Same Principal Residence- Subsection (c) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: ‘(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’. Take care, Dennis Hi Carol,
Unfortunately the way I read it, the credit only applies to principal residences and not vacation homes…

Here is the section of the bill that references it:

(b) Special Rule for Long-time Residents of Same Principal Residence- Subsection (c) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph:

‘(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’.

Take care, Dennis

]]> By: Carol http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1140 Carol Thu, 05 Nov 2009 22:01:27 +0000 http://realestateconsumernews.com/?p=1759#comment-1140 So, Dennis, we live in Pennsylvania and the condo is in Florida. Can it be a Principal residence or is it vacation home? A vacation home doesn't qualify, does it? Thanks, Carol So, Dennis, we live in Pennsylvania and the condo is in Florida. Can it be a Principal residence or is it vacation home? A vacation home doesn’t qualify, does it?

Thanks, Carol

]]> By: Tony http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1132 Tony Thu, 05 Nov 2009 21:24:06 +0000 http://realestateconsumernews.com/?p=1759#comment-1132 I purchased a new home in August 2009 and coverted my condo, which i lived in for the past 6 years, into a rental property. The way the Bill appears to be written the $6.500 credit only applies to purchaes between 12/1/09 and 5/1/10. Will I be the target of the creadit but miss out b/c of the date restrictions? Could this be an error and correctly reflect Jan 1, 2009? I purchased a new home in August 2009 and coverted my condo, which i lived in for the past 6 years, into a rental property. The way the Bill appears to be written the $6.500 credit only applies to purchaes between 12/1/09 and 5/1/10. Will I be the target of the creadit but miss out b/c of the date restrictions? Could this be an error and correctly reflect Jan 1, 2009?

]]> By: Lauren http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1126 Lauren Thu, 05 Nov 2009 20:12:35 +0000 http://realestateconsumernews.com/?p=1759#comment-1126 I purchased a home (my first home) in August 2009 and did NOT qualify for the tax credit due to my income. However, with the income limits raised with the new bill, I would have qualified. Do you think the income limits will be retroactive, or did I miss the boat by a few months? I purchased a home (my first home) in August 2009 and did NOT qualify for the tax credit due to my income. However, with the income limits raised with the new bill, I would have qualified. Do you think the income limits will be retroactive, or did I miss the boat by a few months?

]]> By: Dennis Norman http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1125 Dennis Norman Thu, 05 Nov 2009 19:31:18 +0000 http://realestateconsumernews.com/?p=1759#comment-1125 HI Carol, Here is the part of the bill passed by the Senate that discusses the credit for previous homeowners – I’m not sure if the condo you are buying is going to be your principal residence, but it appears it would need to be in order to qualify…If you want to see the entire bill as passed by the Senate, I just added links to the entire bill as well as to just the home-buyer tax credit section of the bill my latest update on the tax credit at: http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/ `(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’ HI Carol,
Here is the part of the bill passed by the Senate that discusses the credit for previous homeowners – I’m not sure if the condo you are buying is going to be your principal residence, but it appears it would need to be in order to qualify…If you want to see the entire bill as passed by the Senate, I just added links to the entire bill as well as to just the home-buyer tax credit section of the bill my latest update on the tax credit at:

http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/
`(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual’s spouse) who has owned and used the same residence as such individual’s principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.’

]]> By: Carol http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1124 Carol Thu, 05 Nov 2009 19:25:42 +0000 http://realestateconsumernews.com/?p=1759#comment-1124 Dennis, We have a first home where we have been in for more than 5 years. We have also bought a condo in Sept, 2009. If we buy another one, which is not a second home but a third home, in Dec, 2009, will we qualify for this new tax credit? Thanks, Carol Dennis,

We have a first home where we have been in for more than 5 years. We have also bought a condo in Sept, 2009. If we buy another one, which is not a second home but a third home, in Dec, 2009, will we qualify for this new tax credit?

Thanks, Carol

]]> By: Dennis Norman http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1123 Dennis Norman Thu, 05 Nov 2009 16:33:20 +0000 http://realestateconsumernews.com/?p=1759#comment-1123 Hi Diane, Thanks for your comment. Thanks for you comment..For starters, I am not an attorney and this is not legal advice. Having said that, I have been very closely following the home-buyer tax credits though. Remember, this is not fully passed yet, still needs to go through the House and President, but assuming it passes in it’s current form, it states for existing home owners they have to purchase after Dec 1st…I’m not sure if this means not enter into a contract to purchase until after Dec 1st or just close the transaction after Dec 1st. My guess is, it is based upon the closing of the sale. Therefore if that is the case and I was you I would talk with the seller, explain the situation and see if you can negotiate to change the closing until after Dec 1st. For whatever inconvenience this may cause you it may be well worth it to get the $6,500 credit. Good luck! Hi Diane,
Thanks for your comment. Thanks for you comment..For starters, I am not an attorney and this is not legal advice. Having said that, I have been very closely following the home-buyer tax credits though. Remember, this is not fully passed yet, still needs to go through the House and President, but assuming it passes in it’s current form, it states for existing home owners they have to purchase after Dec 1st…I’m not sure if this means not enter into a contract to purchase until after Dec 1st or just close the transaction after Dec 1st. My guess is, it is based upon the closing of the sale. Therefore if that is the case and I was you I would talk with the seller, explain the situation and see if you can negotiate to change the closing until after Dec 1st. For whatever inconvenience this may cause you it may be well worth it to get the $6,500 credit.

Good luck!

]]> By: Diane http://realestateconsumernews.com/financing/home-buyer-tax-credit-extension-update/comment-page-1/#comment-1122 Diane Thu, 05 Nov 2009 16:22:26 +0000 http://realestateconsumernews.com/?p=1759#comment-1122 Hi Dennis, In regards to the new $6,500 credit, do you need to sign a contract or close between December 1, 2009 and April, 2010? I am in nogitations at this time and if all works out my contract should be signed shortly. I will close in that time frame but my contract would most likely have a November 2009 date. Would this purchase qualify? Hi Dennis,

In regards to the new $6,500 credit, do you need to sign a contract or close between December 1, 2009 and April, 2010? I am in nogitations at this time and if all works out my contract should be signed shortly. I will close in that time frame but my contract would most likely have a November 2009 date. Would this purchase qualify?

]]>