All of the Homebuyer Tax Credit Info In One Placeby Tim Manni
While many of you have been keeping tabs on our regularly-updated post on the homebuyer tax credits, we wanted to take it a step further by writing another post which provides most of (if not all) the links and information you’ll need to answer any more questions you may have.
There’s an exceptional Q&A in today’s Wall Street Journal that provides the “lowdown” on the tax credits. The Journal’s Laura Saunders goes into some great detail on what has changed, what has stayed the same, and several topics in between:
Q: Can a principal residence be something besides a conventional house?
Yes. A principal residence may also be a condominium, co-op apartment, attached or semi-attached townhouse, or even—if it has eating, sleeping and toilet facilities—a boat, motor home or trailer. Manufactured homes qualify in some states.
The National Association of Home Builders (NAHB), a long-time proponent of the tax credit, has created http://federalhousingtaxcredit.com. Besides offering a lengthy-list of resources for buyers, the website answers a sleuth of FAQs for both first-time and repeat buyers.
Looking for an even more official answer to your question? If so, log onto IRS.gov. The Internal Revenue Service has set up a web page with tons of information including the tax form you’ll need to apply for the credit, Q&As for both 2008 and 2009 homebuyers, as well as a set of possible scenarios that buyers may face.
Still can’t find the answer to your question? Leave us a comment and we’ll be sure to help you out.