Home Mortgage

Do we get $8000 tax credit for buying home – even if we pay cash for the home?

Posted by admin on July 21, 2010 Leave a comment (5) Go to comments

I plan to buy a home in a different state with cash .
Can I claim $8000 tax Credit

Yes. The cedit is not tied your your loan (unless you get the mortgage through tax exempt bonds!) so assuming you meet the other criteria you should qualify.

buying a home

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5 Comments.

Steve D July 21, 2010 at 1:02 pm

As long as you buy the house within the time frame allotted, it is your first home and you qualify based on income, the method of financing/buying is irrelevant.
References :
Janice S July 21, 2010 at 1:36 pm

You will get the 8000. only if the house is 80,0000 or more otherwise 10 percent of selling price only.
References :
ninasgramma July 21, 2010 at 1:57 pm

If you otherwise qualify for the credit, how you pay for the house doesn’t matter.

If you buy a home in a state other than where you live, that home would not be your principal residence and would not qualify for the homebuyers credit.
References :
travelguruette July 21, 2010 at 2:19 pm

This credit is only for principal residences. If you do not plan to live there then you cannot take the credit.It doesnt matter how it is paid for.
References :
andys2i July 21, 2010 at 3:06 pm

Yes. The cedit is not tied your your loan (unless you get the mortgage through tax exempt bonds!) so assuming you meet the other criteria you should qualify.
References :
http://www.savingtoinvest.com/2009/02/15000-first-home-buyer-tax-credit-in.html