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Old 09-15-2009, 12:43 PM
 
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My husband and I are purchasing a home. I owned a co-op within the last 3 years, he is a first time home buyer. Will we be considered first time home buyers for the tax credit or do both spouses need to be 1st time buyers. Can't find that on the irs website. Thanks!
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Old 09-15-2009, 01:00 PM
 
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Good question. From what I gathered if either of you are on a previous mortgage and will be on the new home mortgage you will not qualify for the rebate.
Let one of the mortgage experts on here to confirm though.
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Old 09-15-2009, 01:51 PM
 
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The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
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Old 09-15-2009, 01:53 PM
 
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What if they had a mortgage 10 years ago but now rent?

Quote:
Originally Posted by jpg71 View Post
The homebuyer income tax credit is designed for first-time homebuyers, which means the homebuyer (and/or the homebuyer’s spouse) can not have owned a principal residence in the 3 years prior to purchase of the eligible property.
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Old 09-15-2009, 03:26 PM
 
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Quote:
Originally Posted by rocafeller05 View Post
What if they had a mortgage 10 years ago but now rent?
no b/c then they wouldn't be a first time home buyer if they already had a mortgage previously
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Old 09-15-2009, 04:08 PM
 
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The usual clause seems to be "not owned a home for 5 years". So owning a home 10 years ago is ok.
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Old 09-15-2009, 04:23 PM
 
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Are you 100% sure or are you just guessing?

Quote:
Originally Posted by Jdawg8181 View Post
no b/c then they wouldn't be a first time home buyer if they already had a mortgage previously
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Old 09-15-2009, 04:40 PM
 
Location: Long Island
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Quote:
Originally Posted by sswernof View Post
My husband and I are purchasing a home. I owned a co-op within the last 3 years, he is a first time home buyer. Will we be considered first time home buyers for the tax credit or do both spouses need to be 1st time buyers. Can't find that on the irs website. Thanks!

I believe here is your answer, straight from the IRS website:

First-Time Homebuyer Credit: Scenarios

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Old 09-15-2009, 04:51 PM
 
10,387 posts, read 14,078,203 times
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Quote:
Originally Posted by Elke Mariotti View Post
I believe here is your answer, straight from the IRS website:

First-Time Homebuyer Credit: Scenarios

I thought I saw on the website that if you make more than $75,000/year you get less of an amount...and if you make $95,000 or more, you can't get the credit?
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Old 09-15-2009, 04:59 PM
 
Location: Long Island
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Quote:
Originally Posted by Jdawg8181 View Post
I thought I saw on the website that if you make more than $75,000/year you get less of an amount...and if you make $95,000 or more, you can't get the credit?
Yes, there are income limits/phase-outs. The one you mentioned is for individuals - it's higher for a couple. If you have a good loan officer/mortgage banker, they will give you all the pertinent details.
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