Disclaimer: I am not a tax professional. Consult your accountant to verify if you qualify for the 2009 $8,000 first time home buyer tax credit or for the 2008 $7,500 tax credit.
Here is the updated form for the first time homebuyer tax credit: http://www.irs.gov/pub/irs-pdf/f5405.pdf
How you finance the home, i.e., seller financing, or if the deed is recorded does not seem to be a stipulation on whether or not you are eligible.
This seems to mean that land contracts, recorded or unrecorded, would qualify, as long as a binding contract with consideration is established.
As I read it, it doesn't appear to matter how you financed the home...just that you bought a home and meet the qualifications from the IRS.
If this is so, it could be immensely helpful to the thousands who are trapped by the lack of credit available and resulting scarcity of capable buyers.
Your thoughts?
Dawn Maloney, REALTOR®, ABR, with RE/MAX Commitment.
Serving Hudson and Northeast Ohio since 2003, Call 330-990-4236.
www.DawnSold.com
Your Referrals Are Treated With Skilled Care & Appreciation!
Think Clarksville * Think Fort Campbell * Think Real Estate * Think Roland
Licensed in both Tennessee & Kentucky. Please don't keep me a secret, if you know anyone looking to BUY or SELL, Please send me an e-mail and give them my name and number.
View my website at Clarksville Home Information or Fort Campbell Housing
If you are looking for a town with lots of History, you may want to visit Clarksville, Tennessee.
Located just outside Ft Campbell's Gate 3 is the Old Post House that was once a transit passenger stop for the tri-weekly stagecoaches, Post Office, Church Storeroom and a Residence.
Clarksville,TN
If you listen to the media, one would think all is doom and gloom in the Real Estate market. Actually Real Estate is local to each area. I have been saying this for a long time. Although our number of sales have been fewer, home values have held steady.
property tax revenue could be up by 5 to 7 % based on the number of new properties added to the tax rolls which includes the new Gateway Medical Center which is appraised at $154,289,100 and the new medical building that appraised at $10,9277,600.