Profile picture for gretta2010

Does my husband qualify for first time home buyer credit if i have previously owned a condo?

Married December 2009.
I have owned a condo for a little over 3 years.
My husband has never owned a home.
We are closing on a house in a week.
Everything is in HIS NAME only; loan, title, insurance, etc.

I understand that married couples purchasing a home do not qualify if one spouse has previously owned a home, but my name will not be on anything related to this house.  Does he still qualify?  This tax credit was the main reason we decided to go ahead and purchase a home in the first place.  Otherwise we would have stayed in my condo and saved money.  We thought we were doing our duty to help the American economy.  We are just now finding out that we may not qualify just because we got married. 
  • April 02 2010 - Greenville
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Be a Good Neighbor. Be respectful and on-topic. No spam or self-promotion! See our Good Neighbor Policy.

 
 

Answers (8)

Best Answer

What the IRS doesn't care about;

loan, title, insurance, etc in your husbands name.

What the IRS cares about.

When you file your taxes, you file jointly (as a couple) and therefore both of you receive the benefits of all the tax deductions applicable to owning a home.

The tax credit is a TAX credit. So you are already reaping the benefits of home ownership even though the home is not in your name.

So no, you don't qualify for the 8k tax credit. And unless you have owned your condo for at least 5 years, you don't qualify for the lesser tax credit.

If in doubt, call the IRS 1-800-829-1040 or irs.gov
  • April 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Thanks for updating us.  I'm so sorry the professionals led you astray.   This is quite astonishing that they can't read the simple rules. 

  • April 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for gretta2010
Thanks for all the information.  We did some deeper research and NO, do not receive any of the tax credit.  We learned our lesson: do your research, even though we consulted with a mortgage broker and two tax professionals who advised us that he would qualify.  Can't say I'm not disappointed and a little fed up with the system.  We also found out that two single people can purchase a home together and one can be a former home owner and one not and the first time home owner still qualifies for HALF the credit.   But if you are married...nothing.  Doesn't quite seem right.  I  now understand why I shouldn't receive any credit because I am a homeowner (and we file our taxes separately, not jointly, so my husband has not reaped any benefits of home ownership), but my husband really got the short end of the stick.
  • April 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for Danny73
thanks for all the information
  • April 03 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for wetdawgs
Please call the IRS, but if I recollect from reading their website you do NOT qualify, the decision is made by the couple's history not an individual's.   If you had owned the condo as your primary residence for five (or more) of the last eight years, you (as a couple) may be qualified for the buy up credit of $6500.

Gentle hint: study the rules before leaping. 
  • April 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for The LaPeer Team
You may find the answer to your question here at the IRS FAQ's. I don't think you will qualify though. You haven't been in your home long enough for the 5 yr repeat buyer credit and he is now married to someone who doesn't qualify. If you still have questions after reading the IRS FAQ's, consult an accountant.
  • April 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

Profile picture for vabroker
Should be no problem, but check the income limits.
Complete details are here: IRS Form 5405
  • April 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.

This is true, you may qualify for the $6500 tax credit,.
  • April 02 2010
  • 0Yes

  • Report a Problem

    Please enter a valid email address.

    Content flagged

    We will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.

    We're sorry. This service is temporarily unavailable. Please come back later and try again.