Question RE home buyer credit

[GeorgeM]

I had a client call me today and said he purchase a mobile home. He was told by the RE broker that he would be entitled to a 10% credit on his taxes for last year.

Is there such a credit?

He is not a first time home buyer, and it was purchased before Nov 2009.

TIA for any help.

PS How do I do a search on this board for this topic.

I tried 'home buyer credit' and got a vast array of posts for any that had home, credit and buyer in it.

How can I do a better search?

[chuck]

Thet probably told him he could get a 10% credit but they forgot tomention the IF parts. Sounds like he is not first tiome buyer so no credit.

[TAXBILLY]

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taxbilly

[Jack from Ohio]

He should insist that the broker forward him the credit he promised he would be eligible for, and then when the taxpayer gets the refund, he can return it to the broker.

[kcjenkins]

Well, in fairness to the broker, he may well have mentioned that there is a possible credit. Which is true. Few brokers are foolish enough to give detailed tax advice, they usually say something like "There is a tax credit that could give you a refund of 10% of the purchase price, and this purchase would qualify, so you need to mention it to your tax advisor." That is a true statement. but what the buyer hears is "You can get back 10% from the IRS."

Because we all tend to hear what we want to hear, and often miss the qualifiers in such a statement. We hear 'could' as 'will', and 'might' as 'will' because that is what we want to hear.

[Gail in Virginia]

And yet, I saw a commercial just last night advising people to contact their Realtor for advice on whether they qualify for this credit. I may start running a commercial telling people to contact their tax adviser about whether they should invest in real estate.

[chuck]

Gail

LOVED THAT ONE.