New tax credit

Profile picture for ali94
My husband and I are getting ready to buy a house.  Before we were married, he purchased a home 2 years ago as a principal residence.  It is now a rental and we are living in an apt until we purchase.  This will be my first purchase.  Due to a change in jobs, he is now a 1099 employee.  The mortgage will be in my name only and he will only be on title.  By purchasing in my name only, am I eligible for the tax credit?
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0Yes

May 13 2009 - Charlotte
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Profile picture for ohiosmitty
No, I don't think you will be eligible.
No matter what, they test the eligibility of both spouses and both have to pass the eligibility.
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0Yes

May 13 2009
Profile picture for MikeEmery

No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the husband had ownership interest in a principal residence with the prior three years, neither taxpayer may take the first-time homebuyer credit. (verbatim from IRS website, see link)

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

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May 13 2009
No and it doesn't matter how you file either.  Make up the incentive loss with a low purchase price and a great mortgage. These 2 last longer than a one time tax credit. Welcome to Charlotte!!!
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0Yes

May 13 2009
 
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