I’m currently a home owner who purchase my home 3 years ago with a family friend. I will be getting married late next year and want refinance my home with my fiancée on the new loan. She is eligible for the first time home buyer tax credit because she’s never owned a home. Please note that I still need to be on the new loan because her salary requirements don’t meet the loan guidelines. Could she get the tax credit because she’s technically a new home buyer? If not, any suggestions on the types of loan where we would be entitled to the first time home buyer credit? Your help will be greatly appreciated! Thanks!
Per the IRS website (http://www.irs.gov/newsroom/article/0,,id=206294,00.html)
S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?
A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.
Per the IRS website (http://www.irs.gov/newsroom/article/0,,id=206294,00.html)
S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?
A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.
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