Home Buying in Garrett>Question Details

Teresa, Home Buyer in Garrett, IN

Can I qualify for the new 1st time home buyers benifit????

Asked by Teresa, Garrett, IN Sun Jan 11, 2009

I was a co-borrower 3 years ago, and filed bankrupcy 3 years ago on that property. I have just purchased a new home Aug 08, with my parent as a co-borrower on my loan. Am I considered a 1st time home buyer on my 09 taxes???

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Answers

2
Martin Wallinger’s answer
Teresa.. to qualify for the $7500 tax credit you could not have owned another home for 3 years prior to the closing date of your new home... and you would need to meet the income requirements for the credit ($75,000 MAGI for singles, $150,000 for married couples). The tax credit is equal to 10% of the purchase price up to $7,500, so if you bought a home for say $50,000 your credit would only be $5,000. A possible problem may exist if your co-borrower parent's name was put on the deed along with the mortgage papers... and has owned another home in the last 3 years. If that is the case then you may want to check with a CPA or the IRS to see if you still qualify. Or you can contact me by phone or email if you have any more questions.

Marty Wallinger
CBRWG
260.833.5993
marty@coldwellbanker.com
0 votes Thank Flag Link Sun Jan 11, 2009
you should be able to, the time is 3 year, but I am not tax expert so, I do not know that actual cut off, but how we were told that if you have not owned a home in 3 years you qualified as a first time home buyer

Dave Woodson
0 votes Thank Flag Link Sun Jan 11, 2009
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