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first time home buyer credit procedure

corinnerichard
Level 3

Please help!  I have a new client who purchased a house in January of 2021, is first time home buyer and stated he should be getting a credit for that, can you navigate me thru the process, i have no clue what to ask him and i can not find any form on pro series basic to help me.  Sure do appreciate your time

7 Comments 7
fredr
Level 4

must of heard it at the barbershop 

IRonMaN
Level 15

That’s an easy one.  You just need to find a slightly used DeLorean and a flux capacitor so you travel back about 14 years to when the credit existed.


Slava Ukraini!
sewcpa
Level 5

His "info" may have come from using the first time homebuyer exception to be able to pull retirement funds to use at closing and avoid the 10% penalty.   [As fredr and IRMN stated that is not the credit from 2008/2009]

Just-Lisa-Now-
Level 15
Level 15

Might be a state thing, nothing like that for federal since 2008.  I think it was proposed, but nothing ever passed.


♪♫•*¨*•.¸¸♥Lisa♥¸¸.•*¨*•♫♪
taxiowa
Level 9
Level 9

@Just-Lisa-Now- Nothing like that since 2008????  How about the federal credits available in 2009 and 2010?

gma
Level 3

2009 that was the credit with 9,000 with no repayment.  the 2008 was only 8,000 and repayable.  At least for most its almost done.

jeffmcpa2010
Level 11

The only thing that I am aware of that they could be talking about, is the "Mortgage Interest Credit Certificate" apparently still available in some states.

https://www.ncsha.org/resource/mortgage-credit-certificate-program-qa/

Form 8396 is the form. I have only had one client use it (about 10 years ago) and it is currently not available in my state of  Washington. I am not fully up on all the background, but it is somehow sponsored /  participated in by various state housing programs.