Last tax ? New

[layin on the smackdown]

Ok, so my tax guy just called me again and informed me that i was not eligable for the "New Home Buyer" tax credit. He claims that i would have had to close on or after April 8th 2008 in order to qualify for it. I closed on March 20th 2008, and he is telling me that i missed this credit by 18 days...

Is this true?

If this is true, why was i not informed of this when purchasing a home?

any input would be greatly appreciated.

thanks,

dan

[wtnhunt]

Home seller probably did not know at that time Dan. These credits came about later on and were retroactive to dates specified by whoever it was that created them. This tells the dates for the tax credit for 2008 http://www.federalhousingtaxcredit.com/faq1.php#18, scroll down to number 18.

[92xj]

Dan,

I felt that blow to the gut you just received from here.

Sucks dude.

[popgun]

There may be a "loop hole" that your tax guy doesn't know about.

If I were in your shoes I would talk to a CPA.

You may be able to sell your house to a family member at cost, and buy it back at cost, and take the tax credit on 2010 taxable year.

No actual money changing hands, just paperwork.

I would never just take the final word from a "tax guy".

It may not be worth the effort. If you receive the tax credit you might have to add that amount to your gross income, which could bump your tax bracket several notches and you would end up paying more tax in the long run.

Just a suggestion. See a CPA.

....popgun