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About MEdusa
Expertise
Tax and general business including hospitality related (hotel mgmt degree and experience in industry prior to obtaining ms tax and cpa).

Experience
19 years cpa. ms tax.

Organizations
AICPA, CSCPA (Ct society), National Tax,

Publications
several including PEA

Education/Credentials
MS tax and other post graduate coursework

Awards and Honors
variety including Summa Cum Laude

Past/Present Clients
I don't disclose or kiss and tell

You are here: Experts > Business > Corporate Law > Tax Law (Questions About Taxes) > Homebuyers tax credit

Tax Law (Questions About Taxes) - Homebuyers tax credit

Expert: MEdusa - 11/8/2009

Question
I purchased a home that closed on Apr 1, 2009 and since they extended and expanded the home buyers tax credit, I would like to know if we qualify for the 6500 credit. We did live in our previous house for 6 years and this one closed before Apr 2010.

Answer
no. a. until the bill is signed (expected this weekend or monday) it is not yet law anyway, but my reading of the bill is that it is not retroactive for home ALREADY purchased.

from your fact pattern as submitted, you already purchased the house and while on the surface you meet the 5 year part, I believe that this is for go forward purchases not one that occurred some 7 months ago.

keep an eye on the news reports, i might be wrong, but i think you are out of luck

MEdusa

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