Brand Candid - Latest Comments in NAR Frequently Asked Questions About The Homebuyer Tax Credit Changes

Re: NAR Frequently Asked Questions About The Homebuyer Tax Credit Changes

Ken Brand — Wed, 18 Nov 2009 13:51:20 -0000

Suzie Plen, Ugggg, based on the material I've read and this from NAR (The National Association of Realtors) you missed is by 2 days. The bill was signed November 7th. To be sure, check with your CPA.

Here's the Q&A

Question: I am an existing homeowner. On October 25, 2009, I signed a contract to purchase a new home. I have lived in my current home for more than 5 consecutive years and
am within the new income limits. I will go to settlement on November 20. If President Obama has signed the bill by the time I go to settlement, will I qualify for the new $6500 tax credit?

Answer: Yes. The existing homeowner credit goes into effect for purchases after the date of enactment (when the bill is signed). There is no reference to the date of contract for the new credit. The provision looks solely to the date of purchase, which is generally the date of settlement.

Re: NAR Frequently Asked Questions About The Homebuyer Tax Credit Changes

Ken Brand — Wed, 18 Nov 2009 13:50:44 -0000

Suzie Plen, Ugggg, based on the material I've read and this from NAR (The National Association of Realtors) you missed is by 2 days. The bill was signed November 7th. To be sure, check with your CPA.

Here's the Q&A

Re: NAR Frequently Asked Questions About The Homebuyer Tax Credit Changes

suzielpenn — Mon, 16 Nov 2009 13:57:48 -0000

I sold my home in 2008 and bought a new one in which I closed on it Nov. 5 2008 for a less amount. Am I eligible for the 6500 tax credit for 2008 tax return to amend? Our combined modified taxable income is 141,000.