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$6500 tax credit

13 years ago

Hello.... Did anyone get the tax credit for building a new house last year? I understood you needed to live in your old house something like 5 out of the last 8 years, signed contract to build by 4/1/10 and a certificate of occupancy by 6/30/10.

I met those 3 requirments, but my tax person didn't think I qualified. (not to be confused with the $8,000 first time buyers credit) thank you.....

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Comments (4)

kbabe9
13 years ago
You had to be occupying the house by April 30, 2010.
BOTH spouses had to own a home for 5 out of 8 years.
Income limit for a married couple is $225,000.
The house that was built needs to be under $800,000.

Did you meet these requirements?

More details here
http://www.federalhousingtaxcredit.com/faq2.php
cruiser1
Original Author
13 years ago
all but the certicate of occupancy was 6/28/10....
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tracey_b
13 years ago
Actually, the date of closing or Cert. of Occ. was extended until Sept. 30 (as long as you were under contract by April 30).

I'm about to do our taxes and file for this, too. You need IRS form 5405.
bevangel_i_h8_h0uzz
13 years ago
OP, by "tax person", I understand you to mean someone you hired to help you prep your tax return... not an IRS auditor.

So, did your tax person explain to you which of the criteria he/she felt you did not meet? Did you agree with his/her assessment? If not, I suggest you get a different person to help you with your taxes. It could be that your tax person isn't really up on the requirements for this tax credit.

And, if by "tax person," you meant that an IRS auditor denied you the new home builder's tax credit; if you don't agree with their evaluation that you don't qualify, then file an appeal. Apparently even the IRS auditors don't really understand the requirements for the credit and some homebuyers are being denied the credit under exactly the same circumstances that other homebuyers are be allowed the credit. Not a surprise since that kind of inequality happens ALL the time under our convoluted tax code that even the so-called experts can't agree about.

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