Comments on: Would my Retired Parents qualify for the $8,000 Home Tax Credit? http://www.devotelehayir.org/first-time-home-buyer-michigan/would-my-retired-parents-qualify-for-the-8000-home-tax-credit Sun, 05 Sep 2010 05:34:40 +0000 http://wordpress.org/?v=2.9.1 hourly 1 By: hrblockerrolquinn http://www.devotelehayir.org/first-time-home-buyer-michigan/would-my-retired-parents-qualify-for-the-8000-home-tax-credit/comment-page-1#comment-399 hrblockerrolquinn Mon, 15 Mar 2010 22:30:59 +0000 http://www.devotelehayir.org/first-time-home-buyer-michigan/would-my-retired-parents-qualify-for-the-8000-home-tax-credit#comment-399 Dear Vegas: Yea, go get the money. They can either file a return for 2008 (after they purchase a home) although not required to file and include form 5405 or wait until next year and claim the credit then. They must close on the house by Nov 30 2009 and the credit us 10% of the purchase price not to exceed $8000 and it does not have to be paid back. If they buy closer to Nov. they could wait until next Jan and efile and get their money quick. See IRS form 5405 instructions. This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor<br><b>References : </b><br> Dear Vegas: Yea, go get the money. They can either file a return for 2008 (after they purchase a home) although not required to file and include form 5405 or wait until next year and claim the credit then. They must close on the house by Nov 30 2009 and the credit us 10% of the purchase price not to exceed $8000 and it does not have to be paid back. If they buy closer to Nov. they could wait until next Jan and efile and get their money quick. See IRS form 5405 instructions.

This advice was prepared based on our understanding of the tax law in effect at the time it was written as it applies to the facts that you provided. Click on my profile to read more. Errol Quinn Enrolled Agent Master Tax Advisor
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]]> By: bostonianinmo http://www.devotelehayir.org/first-time-home-buyer-michigan/would-my-retired-parents-qualify-for-the-8000-home-tax-credit/comment-page-1#comment-398 bostonianinmo Mon, 15 Mar 2010 22:06:59 +0000 http://www.devotelehayir.org/first-time-home-buyer-michigan/would-my-retired-parents-qualify-for-the-8000-home-tax-credit#comment-398 They'd file a tax return, attach Form 5405 to it, and claim the credit. Being retired doesn't affect their liability, nor does how they pay for it. They can pay cash and still are eligible for the credit as long as they meet the 3 year rule and their income is below the cutoff of $170,000 in 2008.<br><b>References : </b><br> They’d file a tax return, attach Form 5405 to it, and claim the credit. Being retired doesn’t affect their liability, nor does how they pay for it. They can pay cash and still are eligible for the credit as long as they meet the 3 year rule and their income is below the cutoff of $170,000 in 2008.
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