Missy Caulk, a top Realtor in Ann Arbor, has heard from the legal adviser to the Michigan Association of Realtors and he seems to think so. This could be a windfall for many who are looking to get the tax credit but are not ready to buy a home yet.
Can buyers in Michigan who buy on a land contract claim the $8000.00 tax credit?
Because the Federal Legislation is silent on the issue, Greg McClelland, our legal council of the Mi Association of Realtors wrote an opinion on it.If you want the entire opinion, leave me a comment here and I will email it to you.
The bottom line is “there is no rational basis for treating land contract purchases differently than mortgagors for the purpose of the credit. via Missy Caulk at Ann Arbor Real Estate Talk.
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I am interested in your opinion. I have people interested in buying my house – rent to own – but maybe land contract would be better so they could get the credit…
Hi,
I would like your full opinion on getting a tax credit for land purchase!
Thanks
Joe
I’m from Indiana wondering if I submit to a land contract will I be able to get $8000 tax credit?
Please forward info on eligibility for first time home buyers credit for homes purchased under land contract.
Thx
would most appreciate any information on this matter
I would like your opinion on the land contract and the $8000.00 tax credit information.
Thank You,
This will solve the questions you have.
I purchased my house in May 2009 on Land Contract. I DID get the $8000 tax credit. I filled out the correct 2 forms and ameded my 2008 taxes to get the money sooner.
Also, you don't need to pat a CPA a lot to do it. Just fill out the 5405 and 1040X forms. Make sure to call the IRS and know have them walk you through EXACTLY how to fill out the forms croectly or you might screw yourself.
Sorry about all the typos.
I would like your opinion on the current land contract and $8,000 tax credit. Is there anything new from the IRS about how they will treat this matter?
What opinion? It's free $8000. Read what I posted and it will be a snap.
I am very interested in confirming my understanding that it is possible.
Please send me more information.
My boyfriend and I are currently going to buy a home on a land contract from his father and want to know if we qualify for the new home buyer credit? Please email me details
Oh my god, are you all ignoring what I said? I am confirming it, I am telling you how to do it, and I promise I did it.
I am interested in the full statement, with one question that may not be addressed. How do you file the claim on the federal return when no HUD-1 is generated? I have a land contract and a purchase agreement for an 18-month contract at which time I need to get conventional lending or pay off the balloon.
Regardless of the state, any buyer that has purchased a home via a 'Deed for Contract' does indeed qualify. Simply replace the HUD-1 settlement statement with the executed Deed for Contract, and submit the executed contract along with your wage statements, IRS form I5405, and all other applicable tax documents to the IRS. 1040A or 1040EZ cannot be used if you qualify and are claiming the $8,000 tax credit. You must fill out the forms and mail them to your respective IRS office. (For where to mail you return, go to irs.gov/file/content/0..id=105690,00.html)
please send me the entire file on whether land contracts count for the tax credit.
Please send me this info..
Please send this information on weather land contracts qualify for the tax credit.
Thanks
Jim
I am interested in obtaining the legal opinion on the land contracts and whether or not they qualify for a tax credit.
i moved into my home in august 2008 on a land contract, i am closing on my home march 3rd 2010, am i eligible for the tax credit i am interested in your legal opinion.
I would appreciate if you would forward information on whether land contracts qualify for the tax credit.
Thanks,
I am considering buying land now but will not be ready to build on it for several months, beyond the tax credit deadline. I'm interested in finding out if I can obtain the tax credit now on the land purchase? Thank you.
I would really appreciate getting the entire opinion. After researching the subject myself, I'm fairly sure that a Land Contract purchase would qualify for the tax credit. I would like to know if there are any details in the opinion about what language should be used in the actual contract in order to make it happen.
Thanks a lot
Could you please email me your opinion on this matter as well?
We are having one heck of a time with the Fresno office (live in Wisconsin) and even with out advocate's help no one seems to have any idea what to do with a land contract! I have prepared a letter spelling out the "Benefits and Burdens" as defined in the IRS article and pointed them to each sentence in our paperwork as to how that relates to us, that will be faxed today.
Please email me details. Thanks
Please send me a copy, thanks!
Please send me a copy at your earliest convenience! I just found out because I have not owned a home since 2004 that I qualify for the new home owners credit and can use that as down payment on a land contract!!!
Hello – looks VERY interesting, please send asap!! Many thanks in advance =)
Cheers
i would appreciate a copy as this would allow my daughter to purchase a house.
Please email me a copy also, thanks.
Please forward the opinion
If I have already filed a 1040A and have received a refund, can I file an amended return for a land contract entered into by April 30th and receive the money within the typical 12 weeks?
I have a mobile home on land that has been under land contract for 9 years. I am going to purchase the land and want to know if the purchase of the land alone is eligible for the credit.
I would really appreciate getting the entire opinion. After researching the subject myself, I’m fairly sure that a Land Contract purchase would qualify for the tax credit. I would like to know if there are any details in the opinion about what language should be used in the actual contract in order to make it happen.
Thanks a lot
Please forward the details of your opinion to me as well. Thanks!
Please send me the full opinion. Thanks!
I am getting ready to try to get a home on land contract, how do I find out if I can get tax credit? Thanks
We are in the process of buying a home on land contract. How can I find out if we can get the tax credit? Does the contract have to be worded a certain way? Please send me a copy of the opinion.
Thanks
please send me your full opinion thanks.
Please send along the additional information.
Thanks in advance!
I would like to read this opinion on land contracts & the tax credit.
Thank you.
Oh boy. We filed in beginning of Feb. 6th 2010. We got an IRS letter two months later on April 4th stating they wanted our HUD 1 form. Because we are on a land contract, we do not have a HUD. So we re-submitted the sales contract along with pay stubs and copies of downpayment check etc. Just learned today MAY 20th!!) that we were rejected AGAIN for not having HUD, even though the Irs language clearly states that our purchase qualifies. This has been so completely frustrating. The best part is that it's held up our ENTIRE refund, not just the credit. Nobody has any answers for us.
want to hear what your opinion on the land contract thing please.
PleASE SEND ME INFO ON APPLYING FOR THE HOME BUYERS CREDIT UNDER A LAND CONTRACT. wE ENTERED INTO AGREEMENT ON mARCH 30, 2010. nOT SURE WHAT FORMS NEED TO BE SENT.
PleASE SEND ME INFO ON APPLYING FOR THE HOME BUYERS CREDIT UNDER A LAND CONTRACT. wE ENTERED INTO AGREEMENT ON mARCH 30, 2010. nOT SURE WHAT FORMS NEED TO BE SENT.
We purchased land earlier this year in which we plan to build on in the spring of next year. I would be very interested to know if one would qualify for the credit with just a vacant land purchase. Thank you and will be awaiting the information.
My husband and I are trying to write up a land contract for a home that my father-in-law currently owns. The home needs quite a few repairs and updates and the 8,000.00 tax credit would be just what we could use for this purpose. We are both on SSDI, living on a fixed income, with no money to spare for updates on the home. The tax credit is the only way we would ever be able to afford these updates. The home is old , has no insulation at all (it is a 1970 single wide trailer ) . It is very expensive to heat and cool , has many wiring , plumbing, and general aesthetic issues. We have been married for thirty years , raised five children and are now disabled , therefore this will probably be the last home we ever live in. I would love to make this a home that we can afford to live in and love to live in as well. A safe and comfortable place for my grandchildren to come and visit. Please send me all information you have on the land contract tax credit as well as any persons I could contact to get more information on this. Receiving the tax credit would be life changing for my husband and I. We thought we would never be able to own a home again or fix the home we live in up to any degree. Thank You very much for your time Holly S. Varner
please send info
We would greatly appreciate receiving any info on buying a home on contract and any information regardng taxes. We live in Indiana and are going to be purchasing the home we currently rent on contract. Thank you for your help.
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