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First Time Home Buyers Credit

Last post 03-15-2010 11:18 PM by tfolkers. 1 replies.

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02-07-2010 11:21 PM

confusedinsf
Joined on 08-01-2007
Newbie
Points 120

First Time Home Buyers Credit

Reply Contact

What happens to those people that got the $7500 as a loan from the IRS for first time buyer last year but later the amount was changed to $8000 as credit. Do they have to file an ammend to get under the other category or was the loan converted to credit automatically without having to be paid back???

Thanks in advance again!

Post Points: 7

03-15-2010 11:18 PM In reply to

tfolkers
Joined on 07-23-2007
Irvine, CA
Member
Points 180

Re: First Time Home Buyers Credit

Reply Contact

Unfortunately there is no upgrade on this credit. So based on the purchase date of the personal residence will determine which credit applies.

Timothy J Folkers, CPA
Principal
Folkers, Choi & Associates
An Accountancy Corporation
18818 Teller Ave., Suite 109
Irvine, CA 92612
(949) 399-1040 ext 126 -Direct
(949) 399-1041 fax
Tim@FCA-CPA.com
www.FCA-CPA.com

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Post Points: 1

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