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Can I receive the $8000 tax Credit

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Can I receive the $8000 tax Credit

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:1

The home my wife and I currently live in was built and purchased in June 2006 by her and her dad as a co-signer. When we moved in we were not married. We got married in October 2006. We have been in the house exactly 3 years on June 28th this month. We are looking to purchase a bigger house to take advantage of the $30,000 in equity we have built along with the lower rates. Since my name is not on any of the paper work currently and we move to another house where I would be the one applying for the loan, am I considered a first time buyer considering my credit history would not show me ever owning a home or having a mortgage loan? Some help is desired on this topic. I have asked several friends who deal in mortgage business and not one of them can give me a straight answer.

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June 01 - Gonzales

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Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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No, you don't qualify as a first time homebuyer and here's why.

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. IRS.GOV Updated May 06 2009

http://www.irs.gov/newsroom/article/0,,id=206294,00.html

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June 02

Bob Lowery, "Bob Lowery"
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Bob Lowery, "Bob Lowery"

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As a married couple, you will most likely not qualify for the tax credit.

But, always a good idea to check with a tax preparer or CPA as many have suggested.

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June 02

Margaret Hickman, ABR, SRS, "kittenonkeys"
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Margaret Hickman, ABR, SRS, "kittenonkeys"

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In our First Time Home Buyer Seminar, the information provided by the CPA leads me to believe you would not qualify. However, information is being clarified, so your best bet (as one of the other responders indicated) is to consult your tax preparer--preferably a good CPA who could go into an audit with you if necessary.

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June 02

Kristina Cusick, "Kristina Cusick"
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Kristina Cusick, "Kristina Cusick"

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One of the rules is that the purchaser(s) must not have owned a home in the past three years. Are you currently on the title? If so, then you are considered a 'homeowner". If you are not on the title and your spouse will not be on the mortgage, I would consider you a "first-time homebuyer." In acting in accorndance with the ruling, I would think that the spouse could not be on the title either. I would suggest that you consult a tax professional. Since this is an IRS Tax Credit, a tax professional will be able to answer this more accurately for you. You can view a list of all of the stipulations for the first time homebuyer credit here also: http://kristinacusick.wordpress.com/2009/05/15/2009-first-time-homebuyer-tax-credit/ There are some income limits that come into play as well. If you need assistance finding a tax professional, let me know :)

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June 01

Michael Russell, "real estate mike"
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Michael Russell, "real estate mike"

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Seems like your lender will ask you for your rent or mortgage history. From my experience its hard to qualify someone who has never paid rent or a mortgage but not impossible. Technically yes you are married therefore you have bought a home in the last three years. Mortgage pro's out there where r u ?

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