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01-22-2010, 07:48 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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? About Buying a House
Guys my actual question is about the $8000 tax credit for new home buyers. Im sure most of you have heard of this, it was part of the stimulus package, and it got extended into April of this year. Heres the situation, Im looking at buying my great-grandfathers home. He has been in a nursing home for prob 4 years or so and no one has lived there, he still ownes the house and my grandma{his daughter} his executer of the estate. The people ive talked to have said, as part of the tax credit extension anew stipulation was added, that it cant be a family home being purchased, i guess people were taking advantage of it. I am actually doing everything legit with the purchase going to have contract, lawyer,etc. and still am paying a nice price for the house. My question is for anyone in real estate or banking or a lawyer or anyone that may have encountered something like this. I want to get that $8000 tax credit but i need to find a way around this new stipulation. Any info would help a great deal.
Thanks
FB Coach
Last edited by FB Coach13; 01-22-2010 at 07:50 PM.
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01-22-2010, 07:57 PM
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Registered User
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Join Date: Nov 2006
Location: In a bar
Posts: 10,286
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Quote:
Originally Posted by FB Coach13
Guys my actual question is about the $8000 tax credit for new home buyers. Im sure most of you have heard of this, it was part of the stimulus package, and it got extended into April of this year. Heres the situation, Im looking at buying my great-grandfathers home. He has been in a nursing home for prob 4 years or so and no one has lived there, he still ownes the house and my grandma{his daughter} his executer of the estate. The people ive talked to have said, as part of the tax credit extension anew stipulation was added, that it cant be a family home being purchased, i guess people were taking advantage of it. I am actually doing everything legit with the purchase going to have contract, lawyer,etc. and still am paying a nice price for the house. My question is for anyone in real estate or banking or a lawyer or anyone that may have encountered something like this. I want to get that $8000 tax credit but i need to find a way around this new stipulation. Any info would help a great deal.
Thanks
FB Coach
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Is this the first home you have purchased a home?If not they have a new stimulus that offers 6,500 to an existing homeowner.Maybe that has more loopholes for you to get the $$$.
By the way,I just sale a/c and heating equipment and was a banker last week in a game of monopoly with my 5 yr old.But I did stay at a Holliday Inn last night 
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01-22-2010, 08:02 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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Quote:
Originally Posted by vols fan
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yea vols this is my first time buying a home,rented through college, then lived with parents for awhile. Thanks
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01-22-2010, 08:15 PM
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Sports Service Hooligan
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Join Date: Oct 2007
Location: Hypocrites: A San Francisco Treat
Posts: 2,575
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My wife's uncle owns mortgage company in Arizona. I'll have her give them a call tomorrow and see what she can find out for you.
__________________
He who wears diaper knows his shit - Confucius
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01-22-2010, 08:17 PM
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Registered User
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Join Date: Dec 2009
Location: austin
Posts: 178
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I bought my first house in sept and went through it all. I dont know about purchasing a family house how all that works but make sure you did not make over 75k or you will not get it anyway. That was the only hickup in my purchase but I got it. Good luck and hopefully you can get your answer. Just call your tax guy he will know or a real estate agent they should know. I would like to know also.
__________________
At the end of the day it seems to always boil down to one DAMN GAME!
2010 MLB 3-2
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01-22-2010, 08:22 PM
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Registered User
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Join Date: Nov 2004
Location: ATL
Posts: 6,070
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I will let ya know cause I'm actually going to buy my mothers home. My wife is doing some checking on it.
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01-22-2010, 08:31 PM
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Registered User
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Join Date: Nov 2006
Location: In a bar
Posts: 10,286
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Quote:
Originally Posted by ***THA FIX***
I will let ya know cause I'm actually going to buy my mothers home. My wife is doing some checking on it.
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The old saying goes,you only get caught if you get audited.The more loopholes they have IMO gives you more excuses why you did it and can say "I didn't know that was the rule'.Turbo tax my friend.Were not professionals and they know that.Worst case,slap on the wrist IMO and pay back some of it
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01-22-2010, 08:31 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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Hey guys thanks for all the input, ive talked to a banker and loan officer and they are going to try to come up with a "loophole", i would like to get all this squared away and be closed on the house by the end of Feb. So if and when you guys get any info please do post and i will do the same. Thanks again!
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01-22-2010, 09:35 PM
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Registered User
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Join Date: Nov 2009
Posts: 820
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Would a loophole be buying the house from a "trust" set up for your family member?
If not, just do it and claim the Geithner (sp) or Rangel or Daschle rules on taxes! 
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01-22-2010, 09:41 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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Quote:
Originally Posted by Jamaicanman
Would a loophole be buying the house from a "trust" set up for your family member?
If not, just do it and claim the Geithner (sp) or Rangel or Daschle rules on taxes! |
You know what I actually was just talking to someone who suggested the "trust" angle, im going to do some checking on it, thanks
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01-22-2010, 09:43 PM
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Registered User
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Join Date: Nov 2006
Location: In a bar
Posts: 10,286
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Just watch Shawshank Redemption.Ole Andy will teach you all you need to know
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01-22-2010, 11:11 PM
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Administrator
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Join Date: Jul 2002
Posts: 40,218
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Coach that is the 1st that I've heard that it can't be a relatives home, but I could be wrong.
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01-22-2010, 11:12 PM
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Administrator
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Join Date: Jul 2002
Posts: 40,218
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Quote:
Originally Posted by vols fan
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Do you get discounts on heating and air units for friends?
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01-22-2010, 11:31 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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Quote:
Originally Posted by BettorsChat
Coach that is the 1st that I've heard that it can't be a relatives home, but I could be wrong.
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Yea i just heard about it earlier this week. When this tax credit originally came out it wasnt a stipulation. When they put the extension on the credit it was added as of Jan.1 2010 From what a loan officer told me was people were taking advantage of this{in a bad way} and hence the stipulation. That was just at 1 bank i will try others and see what they say. I hope that bank just had their facts mixed up, and its not part of it.
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01-27-2010, 05:46 PM
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Registered User
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Join Date: Mar 2007
Location: Illinois
Posts: 1,946
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Just wondering if any of you guys have heard anything yet? I still have some people looking into this but havent heard back from them yet.
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