Homebuyer Tax Credit: How to Claim It

Many people became first time home-owners encouraged by the First Time Buyer’s Tax Credit.  That was great, for them and the market and economy in general.  Now tax time is here and they need to collect but unfortunately there is no tax instruction that went with the loan.

Realizing that some of our own clients were in the position of needing to figure out how to collect the credits due them, we went looking so they don’t have to.  If you purchased your home between 30 April 2010 (earliest date of contract) and 30 Sept 2010 (closing date) you may qualify, even if you did not apply earlier. 

For the tax credit First Time Home Buyeris defined as a buyer that has not owned a home as a principal place of residence during the last three years.  For married couples, this means either spouse.  That rule does not apply to unmarried partners (we don’t say it’s fair, just the rule).

If this sounds like something that will help you, read the article by Kelly Phillips Erb (link following).  It is reasonable devoid of legalese and pretty readable.  And you can always call Encore Real Estate Service at ( 530 315-2808 or email * us with questions.  While we are not CPAs or Tax Attorneys we can help with general questions.

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Homebuyer Tax Credit: How to Claim It — 1 Comment

  1. The term first time home buyer refers to anyone who is buying their first property. This group is usually dominated by younger people who have little or no experience of owning and maintaining a property. As a result they are often unable to make a complete and balanced decision about this long term commitment.To learn more:

    Home credit tips

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