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home buyer tax credit question
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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home buyer tax credit question
DH is not a first time home buyer and I am. We are buying our house in both our names. Does anyone know how that works with the home buyer tax credit?
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Posted 4/11/10 9:45 AM  |
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PumpkinGirl
:o)
Member since 10/08 1838 total posts
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Re: home buyer tax credit question
We have exactly the same scenario and were wondering the same thing..
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| Posted 4/11/10 9:56 AM |
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Christine
2nd verse same as the 1st
Member since 5/05 15287 total posts
Name:
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Re: home buyer tax credit question
I found this on the IRS Website:
S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?
A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.
If they didn't own the home within the last 3 years, you can get the credit otherwise you can't.
HTH!
Message edited 4/11/2010 10:07:11 AM.
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| Posted 4/11/10 10:06 AM |
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Erica
LIF Adult
Member since 5/05 11767 total posts
Name:
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Re: home buyer tax credit question
Christine is correct...but you may qualify for the $6500 tax credit
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| Posted 4/11/10 11:25 AM |
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mikeandjess
LIF Adult
Member since 10/07 2278 total posts
Name:
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Re: home buyer tax credit question
oh poo. Thanks for the info christine! We were told we qualify for the $6500 credit but I thought maybe we'd get some sort of halfway amount. A girl can dream...
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| Posted 4/11/10 6:56 PM |
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