7,500 first time homebuyer credit

[mommyoftwo]

What is the name of your state (only U.S. law)? PA

Would i be eligible for this credit?

Situation: my husband had a home before we were married, foreclosed on after we were married. I bought a home in my name only (deed and mortgage) that we currently reside in. Would we be eligible for the first time homebuyer credit in that circumstance? Technically, it is MY first home, but because we are married, it is not his....?

 

[seniorjudge]

http://tinyurl.com/bdzxdt

 

[Antigone*]

http://tinyurl.com/bdzxdt

SJ loves the new toy

 

[LdiJ]

What is the name of your state (only U.S. law)? PA

Would i be eligible for this credit?

Situation: my husband had a home before we were married, foreclosed on after we were married. I bought a home in my name only (deed and mortgage) that we currently reside in. Would we be eligible for the first time homebuyer credit in that circumstance? Technically, it is MY first home, but because we are married, it is not his....?

Yes, you can take the first time homebuyer credit. Assuming that you bought the house after April 9th, 2008.

 

[irsos]

What is the name of your state (only U.S. law)? PA

Would i be eligible for this credit?

Situation: my husband had a home before we were married, foreclosed on after we were married. I bought a home in my name only (deed and mortgage) that we currently reside in. Would we be eligible for the first time homebuyer credit in that circumstance? Technically, it is MY first home, but because we are married, it is not his....?

Under current law, the wife is not a first-time homebuyer if her husband owned a principal residence in the past three years. Sec. 36(c)(1).

 

[LdiJ]

Under current law, the wife is not a first-time homebuyer if her husband owned a principal residence in the past three years. Sec. 36(c)(1).

Which is absolutely incorrect under the rules of the the current first time homebuyer's credit.

 

[irsos]

Which is absolutely incorrect under the rules of the the current first time homebuyer's credit.

Thay would be entitled to half the credit.

 

[LdiJ]

Thay would be entitled to half the credit.

.

I am not sure if that is correct either, when only one spouse is the purchaser.

However, the OP should use a tax professional this year.

 

[cb105]

First time home buyer

According to FederalHousingTaxCredit.com and Turbo Tax.com both Husband and Wife have to meet the 3 year period.if not they do not get any of the credit.

 

[irsos]

According to FederalHousingTaxCredit.com and Turbo Tax.com both Husband and Wife have to meet the 3 year period.if not they do not get any of the credit.

Not if they file seperately.

 

[JulioSeventh]

Tax Credit and Recent Marriage...

Any answer on the question of one spouse a first time home buyer and the other not. I was married for 2 months in 2008. I bought the home solely on my own, I'm the only one on the deed, and I pay 100% of the household expenses (No, I can't claim head of household - no dependents). Last, he does not even live in this new 'primary' residence of mine.

Any feedback out there? (I really don't understand the law that gives a new spouse and inherited title...after only 2 months!)

Thanks!

 

[LdiJ]

Any answer on the question of one spouse a first time home buyer and the other not. I was married for 2 months in 2008. I bought the home solely on my own, I'm the only one on the deed, and I pay 100% of the household expenses (No, I can't claim head of household - no dependents). Last, he does not even live in this new 'primary' residence of mine.

Any feedback out there? (I really don't understand the law that gives a new spouse and inherited title...after only 2 months!)

Thanks!

Please see a local tax professional for assistance. We are disagreeing here and you need someone who can research the matter for you.

 

[LdiJ]

According to FederalHousingTaxCredit.com and Turbo Tax.com both Husband and Wife have to meet the 3 year period.if not they do not get any of the credit.

I just checked out that website and its really not a place to get authoritative answers. Neither is TurboTax for that matter.

Again, the issue is that only one spouse is the purchaser of the home.

 

[mommyoftwo]

just as a follow up.... i do plan on using a tax professional, but my appt isnt for another week now and this is driving me NUTS trying to figure out...

I could have sworn I DID read somewhere about the spouse not owning a home in the past three years... BUT, i went on the IRS website and downloaded form 5405 (first time homebuyer credit). Under "who cannot claim the credit" states:
1) your modified AGI is 95000 or more (170,000 or more if married/joint)
2) you are/were eligible to claim the DC first time homebuyer credit for any tax year.
3) your home financing comes from tax-exempt mortgage revenue bonds.
4) youre a nonresident alien.
5) your home is located outside US
6) you sell the home or it ceased to be your main home before the end of 2008
7) you acquired your home by gift/inheritance.
8) you acquired your home from a related person.

we are none of the above. if anyone finds a clear answer to this first time homebuyer thing, please let me know. One thing I dont have is patience... I hate having to wait for my appointment to know if I'm eligible for this.

 

[davew128]

just as a follow up.... i do plan on using a tax professional, but my appt isnt for another week now and this is driving me NUTS trying to figure out...

I could have sworn I DID read somewhere about the spouse not owning a home in the past three years... BUT, i went on the IRS website and downloaded form 5405 (first time homebuyer credit). Under "who cannot claim the credit" states:
1) your modified AGI is 95000 or more (170,000 or more if married/joint)
2) you are/were eligible to claim the DC first time homebuyer credit for any tax year.
3) your home financing comes from tax-exempt mortgage revenue bonds.
4) youre a nonresident alien.
5) your home is located outside US
6) you sell the home or it ceased to be your main home before the end of 2008
7) you acquired your home by gift/inheritance.
8) you acquired your home from a related person.

we are none of the above.

None of which is relative to your question.

One thing I dont have is patience... I hate having to wait for my appointment to know if I'm eligible for this.

There are these wonderful inventions called telephones. I'm betting your tax preparer has one.

But since you can't wait, Irsos was correct the first time around. You don't qualify if he had an ownership interest in a principal residence in the three years before you bought the current home. Filing separately doesn't change the result either.

36(c)(1): The term “first-time homebuyer” means any individual if such individual (and if married, such individual's spouse) had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence to which this section applies.