Getting Personal
The $6,500 tax credit
Question: I have a question about the recent federal tax credit for 1st time home buyer extension to cover move-up / repeat buyers.
All news and discussions talk about $6,500 for qualified move-up / repeat buyers. I moved from an old house to a new one in April. I lived in my old house for more than 5 years. Am I qualified for the credit? My realtor said yes but, when I checked the federal housing web site, it says only purchase after November 6 is qualified. I meet all qualifications except for my purchase date. Is there a date limit for the qualification??? Thanks, Joseph, Carrollton, TX
Answer: I don't like it. The $6,500 tax credit has several twists and turns, including income limits. Here is a good review of all the rules.
Anyway, to your question: The $6,500 credit applies to existing home owners "purchasing a principal residence after November 6, 2009 and on or before April 30, 2010 (or purchased by June 30, 2010 with a binding sales contract signed by April 30, 2010). " Sorry.
11/10/09 by Chris FarrellSearch
Looking for guidance on your personal finances? I'm taking your questions and answering one here each day. Just click on the "Ask a question" link to tell me what's on your mind.
Chris Farrell Marketplace Money personal finance guru
Categories
- Banking
- Books
- Budgeting
- Cars
- Charitable giving
- Credit cards
- Credit counseling
- Credit report, credit score
- Currency
- Debt
- Dollar exchange rate
- Economy
- Estate planning
- Financial planner
- Graduate school
- Housing
- Insurance
- Investing
- Jobs
- Kids and money
- Mutual funds
- Organization
- Other
- Paying for college
- Retirement
- Retirement savings
- Savings
- Scams
- Social Security
- Spending
- Taxes
- Vacation
- Work
- student loans
Hot Topic
Latest Posts
Archives
| S | M | T | W | T | F | S |
|---|---|---|---|---|---|---|
| 1 | 2 | 3 | 4 | 5 | 6 | 7 |
| 8 | 9 | 10 | 11 | 12 | 13 | 14 |
| 15 | 16 | 17 | 18 | 19 | 20 | 21 |
| 22 | 23 | 24 | 25 | 26 | 27 | 28 |
| 29 | 30 |
sponsor
Latest Comments
- TIPS: mutual fund or bonds (1)
- TFB wrote: You don't necessarily have to pay a brokerage commission or fee. Fidelity and Schwab don't charge an... [read]
- The $6,500 tax credit (4)
- Scott Kraz wrote: Nope. After November 6 is a direct quote from several sites ( <a href="http://www.irs.gov/newsroom/a... [read]
- Anne R wrote: Same here. We closed on 11-2-09. Wondering the same thing about the signing date.... [read]
- Another credit report (1)
- Greg Kayser wrote: I'm am so pleased to read of your attention to this life altering matter. Knowing what "they" know i... [read]
- Low risk and high yield? (1)
- bruce mauser wrote: I’m surprised Chris Farrell didn’t mention credit unions. Check the internet some like Advantis are ... [read]
- A dollar collapse (3)
- Scott Kraz wrote: I fall somewhere on the middle of expecting the Fed to clean up the mess and total economic collapse... [read]
- Scott Kraz wrote: I fall somewhere on the middle of expecting the Fed to clean up the mess and total economic collapse... [read]
sponsor
Comments (4)
November 11, 2009 7:33 AM PT
I'm repeat buyers.I qualify all requirement. However,I signed final contract to closing at 6:00 PM 11/06/2009.Do I meet a affective date.
November 12, 2009 10:24 AM PT
I am in the same boat I purchased on 11-6-09 and meet all the requirements. Can I ammend the signing date?? Is this a tax write-off of income or cash back?
November 17, 2009 4:12 PM PT
Same here. We closed on 11-2-09. Wondering the same thing about the signing date.
November 17, 2009 9:47 AM PT
Nope. After November 6 is a direct quote from several sites ( http://www.irs.gov/newsroom/article/0,,id=204671,00.html ). There has been talk of extending the credit for the last few months, and if you were that concerned about the money, you could have waited. Some houses have been bid up in excess of the $8000 credit in the last couple of months, and I was waiting for the credit to expire to see if all home prices would fall further.
Of course such talk and arbitrary eligibility periods for payouts of our nations overextended money resources just cause further price spikes and instability, rather than solving the problems. If you don't like missing out from poorly implemented government market interference, contact your elected representatives and let them know. Also let them know you'll be watching their actions and voting against them if they keep throwing away, devaluing and taxing away your money.