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08-06-2009, 06:02 PM
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Senior Member
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Join Date: May 2007
610 posts, read 506,922 times
Reputation: 173
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technical $8000 tax credit question
My wife and I owned a home within the last three years, but it was in my name only, she was not on the deed.
If we buy another home now, 1 year later and both my name and her name are on the loan and deed do we qualify for the first time homebuyer $8000 tax credit??
Thanks
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08-06-2009, 06:09 PM
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Senior Member
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Join Date: May 2007
610 posts, read 506,922 times
Reputation: 173
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Thanks but maybe I just found my own answer. However my wife has never owned a home and has never been on a deed, still not sure of the answer.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
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08-06-2009, 06:13 PM
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Senior Member
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Join Date: May 2007
610 posts, read 506,922 times
Reputation: 173
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Sorry, ignore the question. Here is the answer. Screwed again.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
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08-06-2009, 06:37 PM
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Pacific NW Member
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Join Date: Sep 2006
Location: in the valley near the mountains
5,651 posts, read 2,877,102 times
Reputation: 3369
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LOL..............you answered your own questions then?
As for that $8000.00--- the IRS says they have a backlog so it is now taking up to 18 weeks to receive a check. FYI for those waiting on one.  |
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08-06-2009, 08:28 PM
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Real Estate Agent
Status:
"Wishing you all a happy thanksgiving, a bit early..."
(set 1 day ago)
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Join Date: Oct 2007
Location: Salem, OR
4,333 posts, read 2,598,249 times
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The only way a married couple can qualify in a situation like yours is if the couples file their taxes separately. If you file jointly you nix each other.
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08-07-2009, 08:11 AM
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Member
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Join Date: Oct 2008
44 posts, read 19,958 times
Reputation: 30
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If the $8K credit is really that important to you, think creatively. Get a quickie amicable divorce, the ex-wife qualifies for the credit on her own, buys the house and then you two get remarried.
Just a thought, but don't take me too seriously. |
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08-19-2009, 12:32 PM
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Junior Member
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Join Date: Aug 2009
Reputation: 10
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Rental Property
I have a question on this same note. I have money for a down payment, a house picked out and I'm going to buy a house before the deadline. The problem is that I'm not going to move in for a year and a half. Is there a way that I can buy the house and put a renter in it for a year and a half and then move in and still qualify for the first time home buyer credit?
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08-19-2009, 12:48 PM
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Real Estate Agent
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Join Date: Jul 2008
Location: Philadelphia
63 posts, read 25,875 times
Reputation: 62
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Quote:
Originally Posted by jestew
I have a question on this same note. I have money for a down payment, a house picked out and I'm going to buy a house before the deadline. The problem is that I'm not going to move in for a year and a half. Is there a way that I can buy the house and put a renter in it for a year and a half and then move in and still qualify for the first time home buyer credit?
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Not without being fraudulent. The tax credit is for primary residence only. |
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