John

Why don't you post the answer you will be able to provide tomorrow here where Marc asked it?

That way we will all learn something and you will be responding to Marc via the means HE choose to use.

Dunes

Best to ya Rider and again,,Thanks

Hello Marc, Call me at 330-645-2960. I will have a definate answer tomorro. I believe that as long as you have not had a morgage deduction on the last 2 to 3 years on your federal income tax you should quaify for the first time home buyers credit. Besides that I would call your attorney and get off that mortgage- that will count against your buying power and you are subject to ruining your credit if the x is not current with payments.

Dunes,
Marc definitely doesn't have a cut and dry question. I went to the IRS site to try and get some clarification but it all depends on how you read the tax code and that is the realm of attorneys and the IRS itself not a real estate agent.

But in any case, I am all about giving credit where credit is due.

Rider

I'm one of those people with no life... ; )

Thanks for the great idea comment...Don't know if that's honestly true but it does seem to me a good place to get some feedback from the IRS on a not common Tax question about the Homebuyer Credit...Might even get help.

Of course you get a TU for agreeing with me..I'm not above giving or receiving bribes..

I once had a friend tell me " How do we decide who is intelligent and who we like, we look to see who agrees with us." lol

Dunes

Wow Dunes, you seem to be everywhere.

Tax Assistance Centers are a great idea and a more cost effective option than a tax attorney.

Marc

You may wish to consider taking advantage of a IRS Taxpayer Assistance Center..

Taxpayer Assistance Centers

IRS Taxpayer Assistance Centers (TAC) are your source for personal tax help when you believe your tax issue cannot be handled online or by phone, and you want face-to-face tax assistance.

Here is a link to help you locate on near you..... http://www.irs.gov/localcontacts/index.html

This seems like the kind of question that you may want to get your opinions/answers from the IRS..the one's who actually decide if you are eligible........

Good luck, Dunes

Marc,
It seems that you would still be eligible as the home was not your main residence within the past three years. I would still contact a tax attorney prior to making a purchase if the tax credit is your deciding factor in whether to make a purchase or not.

Best of luck to you!

Marc,
I wish I could answer that but I think that you need to speak with a mortgage broker. It is for first time home buyers or for someone who has not had a house in their name for the past three years. Your situation is not textbook and it would be best to speak to a proffessional Mortgage person.
I have a few that I would be happy to recommend. Please give me a call if you are interested
Good Luck with your search
Maureen Robinson

Marc,

This link ought to help you find the answers to your questions:
http://www.federalhousingtaxcredit.com/2009/faq.php

Good Luck!