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For the $8000 First Time Homebuyer Credit do I?

Do I include the closing costs? We are buying a townhouse and the sale price is $78,500 so we would only get a credit of $7850. However we are paying the closing costs of $2500 so that would bump it to $81000 and give us the full $8000 credit. Only a $250 difference but I dont want the IRS coming after me down the road if I claim something that I shouldnt.

The tax credit is only based on purchase price, closing costs are not included in this amount. If the purchase price is $78,500, your tax credit would $7850. The difference between $7850 and $8000 is $150, not $250.

This entry was posted on Saturday, January 30th, 2010 at 4:21 am and is filed under townhouses for sale. You can follow any responses to this entry through the RSS 2.0 feed. You can leave a response, or trackback from your own site.

2 Responses to “For the $8000 First Time Homebuyer Credit do I?”

  1. Steve D Says:
    January 30th, 2010 at 9:48 am

    The tax credit is on the sale price of the home, not the extra costs. In this case, you will get the $7,850.
    References :

  2. starrfyrre Says:
    January 30th, 2010 at 10:10 am

    The tax credit is only based on purchase price, closing costs are not included in this amount. If the purchase price is $78,500, your tax credit would $7850. The difference between $7850 and $8000 is $150, not $250.
    References :

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