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
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]
Might be a state thing, nothing like that for federal since 2008. I think it was proposed, but nothing ever passed.
@Just-Lisa-Now- Nothing like that since 2008???? How about the federal credits available in 2009 and 2010?
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.
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