Comments on: UPDATE: First Time Home Buyer Tax Credit Extends to 2010 and Expands to Existing Homeowners! http://noteinvestor.com/sellers-corner/first-time-home-buyer-tax-credit-extends-to-2010-and-expands-to-existing-homeowners/ Everything you need to know to Buy, Sell, or Create a Note! Mon, 06 Feb 2012 21:21:43 +0000 hourly 1 http://wordpress.org/?v=3.3 By: TracyZ http://noteinvestor.com/sellers-corner/first-time-home-buyer-tax-credit-extends-to-2010-and-expands-to-existing-homeowners/comment-page-1/#comment-3098 TracyZ Thu, 18 Mar 2010 13:24:29 +0000 http://noteinvestor.com/?p=1150#comment-3098 Hello Jasvir, It seems answers are seldom straight forward when it comes to taxes. Since I'm not a tax accountant I'm going to defer to the IRS . Here is an excerpt from the the IRS Instructions for Form 5405 First Time Home Buyer Credit: <blockquote>"The purchase price is the adjusted basis of your home on the date you purchased it. This includes certain settlement or closing costs (such as legal fees and recording fees) and your down payment and debt to purchase the home (such as a first or second mortgage or notes you gave the seller in payment for the home). If you build, or contract to build, a new home, your purchase price includes costs of construction. For more information about adjusted basis, see Pub. 551, Basis of Assets."</blockquote> For more information please feel free to read the Publications at www.irs.gov or contact a qualified tax professional. Congratulations on purchasing a home for cash and taking advantage of the Home Buyer Tax Credit! Hello Jasvir,

It seems answers are seldom straight forward when it comes to taxes. Since I’m not a tax accountant I’m going to defer to the IRS . Here is an excerpt from the the IRS Instructions for Form 5405 First Time Home Buyer Credit:

“The purchase price is the adjusted basis of your home on the date you purchased it. This includes certain settlement or closing costs (such as legal fees and recording fees) and your down payment and debt to purchase the home (such as a first or second mortgage or notes you gave the seller in payment for the home). If you build, or contract to build, a new home, your purchase price includes costs of construction. For more information about adjusted basis, see Pub. 551, Basis of Assets.”

For more information please feel free to read the Publications at http://www.irs.gov or contact a qualified tax professional.

Congratulations on purchasing a home for cash and taking advantage of the Home Buyer Tax Credit!

]]> By: Jasvir http://noteinvestor.com/sellers-corner/first-time-home-buyer-tax-credit-extends-to-2010-and-expands-to-existing-homeowners/comment-page-1/#comment-3053 Jasvir Sat, 13 Mar 2010 23:38:17 +0000 http://noteinvestor.com/?p=1150#comment-3053 Great FTHBTC but if home purchased for Cash then Ques1: Are Closing Costs (repairs and other ) included in Home Price ? Which line of HUD-1 Settlement Statement to be Used in Form 5405 ? Quest2: If closing cost is not included then how to add Repairs ? Great FTHBTC but if home purchased for Cash then
Ques1: Are Closing Costs (repairs and other ) included in Home Price ?
Which line of HUD-1 Settlement Statement to be Used in Form 5405 ?
Quest2: If closing cost is not included then how to add Repairs ?

]]> By: Jeff Green http://noteinvestor.com/sellers-corner/first-time-home-buyer-tax-credit-extends-to-2010-and-expands-to-existing-homeowners/comment-page-1/#comment-2742 Jeff Green Thu, 04 Feb 2010 04:57:51 +0000 http://noteinvestor.com/?p=1150#comment-2742 This first time home buyer tax credit update is a great resource. Thank you for posting. I'm looking forward for more useful updates from this excellent site. Keep it going. This first time home buyer tax credit update is a great resource. Thank you for posting. I’m looking forward for more useful updates from this excellent site. Keep it going.

]]> By: Does Seller Financing Qualify for the $8,000 First Time Homebuyer Tax Credit? : Note Investor http://noteinvestor.com/sellers-corner/first-time-home-buyer-tax-credit-extends-to-2010-and-expands-to-existing-homeowners/comment-page-1/#comment-2179 Does Seller Financing Qualify for the $8,000 First Time Homebuyer Tax Credit? : Note Investor Tue, 10 Nov 2009 16:09:35 +0000 http://noteinvestor.com/?p=1150#comment-2179 [...] First Time Home Buyer Tax Credit Extends to 2010 and Expands to Existing Homeowners! [...] [...] First Time Home Buyer Tax Credit Extends to 2010 and Expands to Existing Homeowners! [...]

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