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09-15-2009, 12:43 PM
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40 posts, read 128,102 times
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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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09-15-2009, 01:00 PM
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6,188 posts, read 12,383,209 times
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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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09-15-2009, 01:51 PM
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270 posts, read 935,317 times
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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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09-15-2009, 01:53 PM
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6,188 posts, read 12,383,209 times
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What if they had a mortgage 10 years ago but now rent?
Quote:
Originally Posted by jpg71
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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09-15-2009, 03:26 PM
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12,713 posts, read 17,194,584 times
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Quote:
Originally Posted by rocafeller05
What if they had a mortgage 10 years ago but now rent?
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no b/c then they wouldn't be a first time home buyer if they already had a mortgage previously |
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09-15-2009, 04:08 PM
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748 posts, read 2,777,809 times
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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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09-15-2009, 04:23 PM
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6,188 posts, read 12,383,209 times
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Are you 100% sure or are you just guessing?
Quote:
Originally Posted by Jdawg8181
no b/c then they wouldn't be a first time home buyer if they already had a mortgage previously
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09-15-2009, 04:40 PM
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Location: Long Island
9,788 posts, read 22,007,345 times
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Quote:
Originally Posted by sswernof
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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I believe here is your answer, straight from the IRS website:
First-Time Homebuyer Credit: Scenarios
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09-15-2009, 04:51 PM
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12,713 posts, read 17,194,584 times
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Quote:
Originally Posted by Elke Mariotti
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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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09-15-2009, 04:59 PM
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Location: Long Island
9,788 posts, read 22,007,345 times
Reputation: 5694
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Quote:
Originally Posted by Jdawg8181
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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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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