First-Time Home Buyer Tax Credit: 6 Things to Know

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Item number three is not entirely correct. If you were active duty military during 2009 and/or 2010, you can claim the the credit if you bought a home in 2009 and/or 2010.

Army Wife of TX 10:55AM January 26, 2012

#6 Recapture: I know the buyer has to own the home for three years to captalize on the credit but do they have to live the house all three years or can they rent it out if need it?

Evelyn of VA 6:59PM January 11, 2012

Does the tax credit apply if I want to purchase a home in 2011 or 2012

willie mayes of MD 8:44PM October 14, 2011

I've been denied my 2008 first time home buyers credit. I declared bankruptcy in 2005 but did have a partial year of interest I claimed on my 2005 taxes. I did NOT own a home for the 36 months prior to the purchase of my home in 2008. My loan was an FHA first time homebuyer's loan and I had to wait the 3 years to qualify for financing. I've sent in copies of everything they asked for and more, yet they keep sending denials sating I owned a home during the 3 prior years. Even the IRS FAQs outline the 36 months (calendar vs 3 fiscal years.) I am sick to my stomach due to the stress. I've even started paying back the "loan" as I did not get the freebie credit.

Worried Sick of OH 11:13PM October 11, 2011

THE REASON EVERYONE IS WAITING SO LONG NOW IS THE IRS LET THE FIRST CREDITS GO RIGHT THROUGH.PRISONERS CLAIMED THE CREDIT SOME EVEN GOT IT TWICE ,THEY GAVE OUT BILLIONS NOW THE REST OF US HAVE TO SUFFER BECAUSE OF CROOKS AND THE IRS NOT DOING THEIR JOB.WE HAVE BEEN WAITING SINCE FOR 1 YEAR.NOW THEY ARE TRYING TO DENY IT BECAUSE THEY GAVE ALL THE MONEY AWAY

RACHAEL of OH 8:04PM May 18, 2011

I feel betrayed being I used the first time home buyer credit in 2009 for the year 2008 in which it has to be repaid this is entirely unfair why is it right just because these people bought a home one year later then I did they get a free ride. this is very wrong indeed unethical in my opinion. I helped the economy just as much as they something wrong with this picture?????????

Donald of IN 9:29PM March 18, 2011

check this blog out is has more information about the tax credit.
http://phxrealestatechannel.wordpress.com/

James of AZ 3:25PM February 19, 2011

I have been waiting since 6/2010 for 1st time howm buyer credit. I keep receiving letters stating, they are working on it...I sent them documentation 3x.

Andrea of DE 6:32PM February 15, 2011

Here is a Q&A article on this:
http://www.irs.gov/newsroom/article/0,,id=206293,00.html
You do not have to repay the credit unless you convert your entire property to rental or business.

Michelle of IA 4:42PM January 06, 2011

do you know the full details about 1st time home buyer's credit?
i wanna rent one of my rooms out, condo is still my primary residence and i still live here.
but i dont want IRS come after me and asking me for repayment ( i got my $8,000 check last year)
do you know anything about renting rooms out while homeowners are still living there as primary residences?

Sandy of CA 2:51AM January 06, 2011