Q: I am confused about the home tax credit. I bought my home in August, 2007 and I don’t know if we qualify or not. We are first-time home buyers.
A: I don’t believe you qualify. The home buyer tax credit was created to help stabilize the real estate market after the housing bubble burst.
If you bought your home in 2008, you might have qualified for a $7,500 tax credit that you had to repay in $500 increments over 15 years. If you bought your home in 2009 through June 30, 2010, you might have qualified for an $8,000 first-time home buyer tax credit.
If you bought a home after November 6, 2009 through June 30, 2010, and owned your prior home for at least five consecutive years out of the past eight, and met other requirements, you might qualify for a $6,500 long-term homeowners tax credit.
For more details about whether you qualify for a home buyer tax credit, go to my site at ThinkGlink.com or to homebuyertaxcredit.com.