Home Buying in 20707>Question Details

Iwright, Home Buyer in 20707

Do I qualify for the credit even though my wife has a condo in her name?

Asked by Iwright, 20707 Tue Jun 2, 2009

I got married at the end of April and my wife owns a small one bedroom condo. I have never owned a home and even pay rent to her. My name is on neither the mortgage nor the title of the condo. We'd like to get a larger place that we could live in with more than jut the two of us and I'm wondering if we can get the $8000 first time home buyer tax credit assuming that it's a mortgage that is only in my name.

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Answers

4
There are several factors to consider.
Reach out to Catherine Purcell a former realtor and current mortgage consultant.


FAIRWAY INDEPENDENT MORTGAGE CORPORATION
202-573-6035
http://www.fairwayboston.com/Default.aspx
Contact: Catherine Purcell
catherinep@fairwaymc.com
0 votes Thank Flag Link Tue Feb 26, 2013
You should consult with a tax advisor for legal advice. I can't offer you legal tax advice.

It is not just about the mortgage, it is about title. If you are taking title only in your name and make less than 75k/yr (it phases out above 75k for individuals), then most likely yes you can receive the credit, but you need to by before 11/30/09.
Web Reference: http://www.123move.net
0 votes Thank Flag Link Tue Jun 2, 2009
You may want to check the information on the IRS site... http://www.irs.gov/newsroom/article/0,,id=206294,00.html ... Look at Scenario 4

All the info is here and the IRS decides who qualifies and who doesn't.

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

Tax form you would have to fill out .... http://www.irs.gov/pub/irs-pdf/f5405.pdf

Dunes
0 votes Thank Flag Link Tue Jun 2, 2009
It would depend on your state? There is a possibility depending on the state they might make an exception since you have been recently married. Check with the bank in your state.
0 votes Thank Flag Link Tue Jun 2, 2009
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