There Are 43 Responses So Far. »

1. 

   Comment by Jenise on 26 May 2009:

   I am interested in hearing your entire opinion.
2. 

   Comment by Jenise on 26 May 2009:

   I live in California and am putting together a Land Contract to purchase a condo that I am already renting from my aunt.(Not immediate family member).
3. 

   Comment by Simon on 27 May 2009:

   I am interested in reading the opinion on the use of the tax credit for land contracts. Thanks for the post.
4. 

   Comment by John on 31 May 2009:

   Personally ready to buy, but our credit rating is not quite good enough now. I would be extremely interested to hear more. If the tax credit could be applied to land contracts that could solve our problem.
5. 

   Comment by fred bonds on 7 June 2009:

   please send me info on land contract tax credit
6. 

   Comment by Angelo DeCaro on 22 June 2009:

   I’m very interested in your opinion, on how the tax credit may apply land contracts. Thanks……
7. 

   Comment by Joy Montgomery on 23 June 2009:

   I have helped land contract buyers successfully receive the first-time buyer credit. I would like to see Greg McClelland’s opinion on it.
8. 

   Comment by michele bell on 28 June 2009:

   i would like to know if i quilfy for the 8000.00 for having a land contract for three years. i need to know how to file for it. please respond thank you michele
9. 

   Comment by gwyn on 29 June 2009:

   hi i was wondering if a person who gets rsd “disability” and is getting a land contract signed 7-3-09 would qualify for the tax credit.. as we usually dont file a return cause disability is not required to with his amount annually..
10. 

    Comment by Steve Fischer on 30 June 2009:

    I am Also in Mich. and am having a hard time finding financing. It was suggested to me to try for a land contract, perhaps a one year, until I receive estate money, then I would have enough $ for 20-30% down on a conv. loan. Please send me the info on land contracts.
11. 

    Comment by Rachel on 2 July 2009:

    I am from Michigan and I would like to know more about land contracts and the tax credit.
12. 

    Comment by Troy Land on 6 July 2009:

    Interested in hearing you opinion on land contracts and getting the tax credit.
13. 

    Comment by David Welles on 7 July 2009:

    I would apprecaite a copy of the full opinion. Thank you.
14. 

    Comment by Paul Toczydlowski CPA on 8 July 2009:

    Correct – there is no wording in the current tax law affirming or denying the use of a land contract in the purchase of a qualifying principal residence for a qualifying first time home buyer. But the devil is not yet in the details. I believe that the current law supports this assumption, but the IRS, whom I have contacted twice now on the mater, say that a land contract does not work for the credit. Their reasoning is that the title has to transfer from the seller to the buyer. Make no mistake, the IRS will rear its ugly head next year and overturn all credits issued to land contract buyers demanding the credits be repaid. Wow! This could be a huge windfall for the IRS and they can smell blood.

    To get around this road block the seller should use a note and a mortgage and transfer the title to the buyer. Nuff said.

    Please send me the opinion.

    Thank you

    PT CPA
15. 

    Comment by CK on 14 July 2009:

    From the IRS.gov website:
    Q. Can a taxpayer claim the first-time homebuyer credit if the purchase is pursuant to a seller financing arrangement (for example, a contract for deed, installment land sale contract, or long-term land contract), and the seller retains legal title to secure the taxpayer’s payment obligations?

    A. If the taxpayer obtains the “benefits and burdens” of ownership of a residence in a seller financing arrangement, then the taxpayer can claim the credit even though the seller retains legal title. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. (New 7/2/09)
16. 

    Comment by C Aldridge on 25 July 2009:

    I’d like to see the legal opinion. In the current economic environment their is a huge problem with lenders not closing timely or declining deals based on appraisal issues. Not accepting land contracts, would be a serious limiting factor.
17. 

    Comment by Derrick on 31 July 2009:

    I’m currently looking to buy a home using a land contract in the state of Indiana. I am receiving differing opinions on whether I could receive the credit by using the land contract.
    Please email me the info.

    Thanks
18. 

    Comment by Julie on 2 August 2009:

    please email me the full opinion. Thanks.
19. 

    Comment by Kiesha on 3 August 2009:

    Please send more information. We are in Indiana trying to buy a home on Land Contract
20. 

    Comment by Eric on 13 August 2009:

    I would like more information on this as well. Actually, I would just like to know if I buy land (close on it) can I claim that as my primary residence even before I build the house?
21. 

    Comment by Del on 24 August 2009:

    The IRS basic information page revised July 02 2009 addresses the land contract issue and states that the “seller can retain legal title” as long as the taxpayer obtains “the benefits and burdens of ownership”. You should advise your readers to visit the IRS site page.
22. 

    Comment by Paul on 27 August 2009:

    We are getting ready to buy the house we’be been renting for 3 years on land contract. Will you please email me the information?

    Thanks,
23. 

    Comment by Britt on 2 September 2009:

    I am interested in hearing your opinion on the land contracts and whether or not they qualify for a tax credit.
24. 

    Comment by victor on 4 September 2009:

    I would like your opinion as well. Thanks
25. 

    Comment by April on 6 September 2009:

    Please send more information.,on land contracts tax credit.
26. 

    Comment by April on 6 September 2009:

    Please send more information on land contract tax credit
    Thanks
27. 

    Comment by felicia on 12 September 2009:

    please send more information on land contract tax credit
28. 

    Comment by Rick on 16 September 2009:

    I too would like to see the full opinion for teh home credit
29. 

    Comment by mary on 23 September 2009:

    Please send me the opinion. We are buying a house on a loand contract in michiga. Thank-you
30. 

    Comment by JB on 29 September 2009:

    Here’s our situation. We are about to close on a new house. This is the first house we have owned. We currently live in another house (duplex) we are paying on by Land Contract (The deed and property taxes are not in our name). We were told we would be eligible for the tax credit. However there is an apartment on the side that we have rented out at times. We have claimed that on our income taxes. Will we still be eligible for the tax credit?
31. 

    Comment by Judy on 1 October 2009:

    If I entered into a land contract for a home in December, 2007, that requires me to obtain a mortgage to pay the land contract in full before receiving the Warranty Deed, can I obtain a mortgage and close the sale before December 1, 2009 and be eligible for the tax credit? Would I be considered a first-time homebuyer since the Deed to the property has not been transferred to me?
32. 

    Comment by Jody on 1 October 2009:

    I would like a copy of the entire opinion.
33. 

    Comment by chad on 2 October 2009:

    I would like to see the entire article on this please.
34. 

    Comment by Steve on 2 October 2009:

    I would like a copy of the opinion please
35. 

    Comment by Aurora on 5 October 2009:

    Please send me the opinion.

    thanks.
36. 

    Comment by malik sanchez on 6 October 2009:

    I am interested in receiving a copy of your opinion. I am a realtor and am interested in this area of real estate for my clients.
37. 

    Comment by Carl Hendrickson on 10 October 2009:

    I would like the entire opinion, also does the tax credit apply to commercial building purchases?
38. 

    Comment by Rebecca on 12 October 2009:

    Please send me the opinion, as well. Looking into a land contract and would like to be eligible for the tax credit, like everyone else. My realtor’s response was that we wouldn’t qualify with a land contract. We are in IL…does it make a difference? Please advise.
39. 

    Comment by Joy on 14 October 2009:

    I am interested in receiving your full report and any tips on how to implement the credit with a land contract.
40. 

    Comment by Marc on 21 October 2009:

    I would like the entire opinion, I am trying to put a Land Contract deal together now. Thanks
41. 

    Comment by Theresa on 30 October 2009:

    I am interested in hearing about the full report you have for the tax credit. I heard about land contracts through my boss and we are renting a house from my father-in-law who is willing to put us in a land contract.
42. 

    Comment by Deanna on 3 November 2009:

    Please send me info asap, I would like to apply for this before the end of the year if possible.
43. 

    Comment by Kristen on 5 November 2009:

    Hey there,
    I am from michigan and would love to buy a home however my credit will not allow for a mortgage. I am interested in buying on a land contract. In addition I would like some information on having two land contracts.

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