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First time homebuyer credit...

Contributions: 2

Q&A

:2

I am in the process of buying my second home. I bought my current home long before I was married. Will we qualify for any tax credits being that my wife is a first time buyer. (Her salary, alone, will not qualify the mortgage.)
Thanks Jason

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July 04 - New York

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jinjerly
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jinjerly

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I copied this from http://www.federalhousingtaxcredit.com/2009/faq.php#1

The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

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July 06

Pat Pribisko, "Pat Pribisko"
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Pat Pribisko, "Pat Pribisko"

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No, you both must qualify as first time buyers.

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July 04

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

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No, if either of you have owned a home within the last three years, you will not qualify.

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July 04

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