Do I qualify for $8000 tax credit if I owned a home overseas?
I owned a home in Europe for a couple of years, I sold it last year but have paid no income tax/made no claims at all during that for US returns. Does the definition of first time buyer cover just the US (and territories) property market?
This is an excellent question and probably one best referred to a tax accountant. Try checking out this website for possible contact information.
http://www.federalhousingtaxcredit.com/2009/faq.php
Good luck
This is an interesting question. The IRS form 5405 simply states that you (or spouse) can claim the credit if you "did not own a main home during the 3 year period" prior to buying the house that you wantg the credit on. That would indicate that you wouldn't qualify. It specifically mentions that the house you buy must be in the US, but it doesn't limit previous home ownership.
If in doubt, ask your CPA or call the IRS.
Didn’t find what you were looking for? Ask a question!
More Q&A about Home Buying in 02465
View all »
Ask a question
|
|
|
|
|||||||||||
|
|
|
Fair Housing and Equal Opportunity