My husband and I closed on our house April 1, 2008. Do we qualify for the First-Time Home Buyer Tax Credit?

Question

We are very upset that we closed a WEEK before the tax credit went into effect. Is there anything we can do or are we out of luck?

Answer 1

In agreeing with William, yes, you did miss out.  You missed out on the first version of the First Time Homebuyer Credit which was in essence, a 0% interest loan.  You would have to repay that $7,500 credit at $500 a year for 15 years.

Answer 2

There is nothing you can do.  I missed the new car purchase sales tax deduction by one week.  That's life.  On the bright side, since the 2008 tax credit is a loan, you won't have to repay it on future tax returns.

Answer 3

No, you will not get any tax credit.

Answer 4

Sorry to say but I think you are out of luck. You might contact your realitor and make sure.