Zillow Advice: Home Buying - I brought a house. I am married, file jointly, I am the only person on the mortgage do i get 8000

The requirements for the ...

Tue, 07 Jul 2009 21:39:00 GMT

The requirements for the $8,000 (up from $7,500) credit are: 1.The buyer is a first time home buyer (a person who has not had any ownership interest in a home in the 3 years previous to the day of the 2009 purchase).2.The home is used as the principal residence.3.The purchase has to be between 1/1/09 and 12/1/09.4.The tax credit is equal to 10% of the purchase price (purchase price of $80,000 or more would qualify for the full amount).5.The credit is subject to income limitations. The adjusted gross income has to be less than $75,000 for single buyers and $150,000 for married couples to qualify for full credit.

No, If you've owned ...

Tue, 07 Jul 2009 20:57:00 GMT

No, If you've owned the house as a primary residence for the past 3 years. its not relevant whose on the note. IRS will impute ownership to the spouse. Check the IRS website AND......CONSULT YOUR TAX ADVISOR!!!!!!!!!!

You have left out one important ...

Thu, 02 Jul 2009 02:32:00 GMT

You have left out one important piece of information. Whether you or your wife has owned a home that was your primary residence in the past three years.

The IRS doesn't care who is on the mortgage. They care about whether you OR your spouse is a first time homebuyer and whether your income (both you and your wife exceeds the income cap).

WIthout more information you aren't going to get an answer.

See the link to IRS website.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

If you purchased the house ...

Thu, 02 Jul 2009 02:32:00 GMT

If you purchased the house between April 2009 and close before Dec 1, 2009 and if your income qualifies and if the house price is greater than >$80,000, then you probably qualify for the entire $8,000. All the rules are on the www.irs.gov website.

If your spouse or you has owned a home in the last three years, then no, you don't qualify.