Legal Question in Real Estate Law in Illinois

I am wondering if I still qualify for the $8000 first time home buyer credit if I closed on my new house on November 10, 2009. I qualify to be a dependent on my parents tax but I am claiming independent on my own. I am working full time and have been all of 2009 along with being a full time student for 5 months in 09. I am 22 years old and not under my parents health insurance. There have been questions with my timing on closing of this home, I hope I can still qualify. Or.....should I wait to take claim this credit in 2010? Is that a possibility?


Asked on 3/29/10, 10:51 am

1 Answer from Attorneys
Stephen Messutta

Anything is a possibility, but there are more factors you haven't mentioned. If you're doing your own taxes you should invest in a tax preparation program if you're not willing to have a tax preparation service prepare them. A good tax preparation program will be up to date and walk you through the facts. And considering the amount at stake, you're talking less than $100 for the tax program. If your parents bought a program, you can use it too if they'll let you....

Read more
Answered on 4/12/10, 10:54 am


Related Questions & Answers

More Real Estate and Real Property questions and answers in Illinois