Category Archives: Homebuyer Tax Credit

Homebuyer Credit is Broken – Again

Today TaxMama® hears from MelissaMarie in the TaxQuips Forum, with a new problem. Let me summarize. She sold her home at a loss last year. She had bought it in 2008 using the Homebuyers Credit – which was required to be repaid – unless she sold the home at a loss. This year, the IRS […]

No Repayment Needed

Today TaxMama® hears from Dave in the TaxQuips Forum, with an excellent question  (let me summarize).  “His friend’s daughter bought a home in 2008 subject to the First Time Homebuyer Credit repayment. During 2011, she was deployed to Iraq for 11 months. Can she file an amended return and have the entire balance of her repayment […]

Homebuyer Credit Repayment

Today TaxMama® hears from Kelly in the TaxQuips Forum who cares about her friend. “A friend’s home will soon be going into foreclosure. He’s owned the home for 2.5 years and we’re trying to figure out if he’ll have to repay the $8,000 tax credit he received as a first time homebuyer. I’ve read that […]

Moved out Too Soon

Today TaxMama® hears from Elisa in the TaxQuips Forum with this question. “I purchased a home in 2009 getting a first-time homebuyers credit. I lived in it for 1 year.  I moved to be closer to work and am renting an apartment. I have been renting my house out since July 2010.  How will me […]

Homebuyer Credit Nightmare

  Today TaxMama hears from Jewelz in the Tax Quips Forum, in distress. “I purchased my primary residence in October of 2009. My roommate moved out in April 2011. That led me to turn home into a rental due to not being able to make mortgage payments. I am barely breaking even, so there is […]

Land and Lot

Today TaxMama hears from Mark in the TaxQuips Forum, who got denied – again. Let me summarize – Mark bought land in March of 2009. Bought a manufactured home in April of 2010 – and had the property graded, receiving the occupancy permit by June of 2010 – before the deadline for the First Time […]

What is Half of the Homebuyers Credit?

Today TaxMama has been fighting the good fight for the rights of homeowners who filed for the homebuyers credit.  The latest issue? When a married person files a separate tax return, how much is half the homebuyer’s credit? Is it based on half the purchase price of the house? Or half of $8,000? (or $6,500, […]

Missed the Deadline?

Today TaxMama hears from Jesus in the TaxQuips Forum, who is on the cusp. “I made my offer for my home on 04/29/10 but I closed escrow on 06/14/10. My HUD-1 statement says STAEMENT DATE : JUNE 14, 2010, basically the day I closed escrow. Do I still qualify? The binding contract is confusing. What […]

Residential Energy Credits

Today TaxMama hears from Seth in the TaxQuips Forum, who wants to get credit for his work. “I got an $8,000 tax credit on my 2009 taxes for being a first time home buyer.  I spent quite a bit of money insulating my house at the end of 2010.  My Dad told me that the […]

Two Mortgages

Today TaxMama hears from Seth in the TaxQuips Forum, with this question. “In order to qualify for my mortgage in 2009, I needed to put down 20% of the purchase price of my house.  I only had 5% to put down.  Therefore, I got another loan to cover the remaining 15% that I needed to […]