Posted on: 14th Jun, 2009 08:05 pm
Hi! and thanks for helping everyone...
I sold our house on July 25, 2006 that was the closing date. The mortgage payoff got recorded August 15, 2006. What is the date of sale, or the last day of our legal ownership? If I close on a new purchase on July 29, 2009 will I be ok for the 3 year non-ownership period?
Also, on the record for the Will County property Card, the sale date shows June 1, 2006 but we hadn't even closed until July 25. Was that record perhaps the day the cotract was accepted by both parties?
Thanks so much for any help!
I sold our house on July 25, 2006 that was the closing date. The mortgage payoff got recorded August 15, 2006. What is the date of sale, or the last day of our legal ownership? If I close on a new purchase on July 29, 2009 will I be ok for the 3 year non-ownership period?
Also, on the record for the Will County property Card, the sale date shows June 1, 2006 but we hadn't even closed until July 25. Was that record perhaps the day the cotract was accepted by both parties?
Thanks so much for any help!
Hi Debjungel,
If you close on a new purchase on July 29, 2009, you should be able to qualify as a first time buyer for the tax credit. The day you closed on should be considered as the sale date, not the date when the mortgage payoff got recorded. The sale date on the county records shows as June 1, 2006 because that was the day when the contract was accepted by both parties. But the ownership actually changed at the closing when you signed the documents and transferred the title to the new owner.
If you close on a new purchase on July 29, 2009, you should be able to qualify as a first time buyer for the tax credit. The day you closed on should be considered as the sale date, not the date when the mortgage payoff got recorded. The sale date on the county records shows as June 1, 2006 because that was the day when the contract was accepted by both parties. But the ownership actually changed at the closing when you signed the documents and transferred the title to the new owner.
Nice Answer.
Jenkin7
I impressed.
Thanks. :D
Jenkin7
I impressed.
Thanks. :D
If the sale date is after 3 years then you should be ok and get the tax credit refund.
That really helps. I hoped it worked that way but didnt want to assume and be wrong. A few days off on the date and I'd lose out...
We should be closing the 29th if all else works out!
Thanks again!
We should be closing the 29th if all else works out!
Thanks again!
Hi for the first time home owner which tax return forme we should fill. Thanks
1040 along with 5405
Hi I filed and admendment to get my home credit this year...mailed it out on August 5th and I do not see where it has been rec'd by the IRS. Do they use the same screens as a regular return? How long should I expect to wait for the refund?
myrna
Welcoem to the forum
Normal waiting time is 6 weeks.
If it isalready 6 weeks, you may want to call the IRS to check the status
good luck and feel free to ask
Welcoem to the forum
Normal waiting time is 6 weeks.
If it isalready 6 weeks, you may want to call the IRS to check the status
good luck and feel free to ask