first time home buyers credit

[baby_honey31 0]

I'm a permanent resident, can I be qualified for the first time home buyers credit?

[kaffy 2]

Yes, if you fulfill the other requirements

Did you sign a sales contract already?

[Lia792 5]

Not unless you already made a binding sales contract yesterday because that was the last day:

http://www.federalhousingtaxcredit.com/faq2.php

[baby_honey31 0]

yes, we already signed the contract with the realtor Wensday ,and Monday were goin to the bank to the signed the loan, so we were able to make to the deadline on the 30th!

[NigeriaorBust 4,087]

You both have had to had a primary residence in the US for 5 of the last 8 years. So many times the non USC spouse makes the couple not eligible for the credit.

[Lia792 5]

I'm so jealous you bought yours already! I'm starting to look for when we move to the US. Don't forget to finish the purchase by June 30 to get the credit and hopefully you will be able to work things out to get the credit.

[kaffy 2]

You both have had to had a primary residence in the US for 5 of the last 8 years. So many times the non USC spouse makes the couple not eligible for the credit.

Got a source?

I did a search and found that residency rule only applies to those claiming the Repeat Homebuyer Credit.. NOT the first-time homebuyer credit

Q:I am not a U.S. citizen. Can I claim the tax credit?

A:Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

http://www.federalhousingtaxcredit.com/faq2.php#14

Edited May 2, 2010 by kaffy

[NigeriaorBust 4,087]

Got a source?

# I am not a U.S. citizen. Can I claim the tax credit?

Perhaps. Anyone who is not a nonresident alien (as defined by the IRS) and who has owned and resided in a principal residence in the United States for at least five consecutive years of the eight years prior to the purchase date can claim the tax credit if they meet the income limits. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse. The IRS provides a definition of “nonresident alien” in IRS Publication 519.

This is directly out of the link you reference and applies to the first time buyers credit

[kaffy 2]

ermm.. that link applies to the Repeat Homebuyer credit... REPEAT, not first-time

[NigeriaorBust 4,087]

Darn need to add more caffeine

[baby_honey31 0]

thanks for all the replies! specially kaffy, i did some research too!

[kaffy 2]

good luck with closing!

I just filed my amended return to claim the first-time homebuyer credit a couple weeks ago so I'll keep ya posted as far as timeline and if any issues arise.. but seriously I don't think there will be any

[baby_honey31 0]

thanks kaffy, i will keep you posted and goodluck with yours too. the Tax man will file our amendment for the tax credit so we can get it soon too.

[baby_honey31 0]

No more worries now, we were done with the bank and we just have to wait for the closing!

[justashooter 430]

No more worries now, we were done with the bank and we just have to wait for the closing!

congrats on your buy. you are getting in just past the bottom of market, and should do well in a 5-10 year investment plan model.