Home Buying in 85323>Question Details

Carlos, Home Buyer in Phoenix, AZ

My wife and I got married I got married in 2007, she bought a townhome Aug 2005 prior to our marriage, we bought a home in Dec 2008. This is my

Asked by Carlos, Phoenix, AZ Mon Sep 14, 2009

first home. Can we qualify for the $7500 homebuyers credit? Our tax preparer seems to think so, but I'm seeing conflicting criteria on the matter.

Help the community by answering this question:


Tax preparer seems to think so? Is this person a CPA or tax attorney? A gigantic red flag shot up when I read your question. In matters of taxes as detailed as this, always seek qualified advice from an expert.
Web Reference: http://www.JoeArizona.com
0 votes Thank Flag Link Thu Oct 8, 2009
Hi Carlos,

Please contact my husband, if you have not been provided assistance yet...He is a Real Estate Attorney/Agent/CPA(LLM in Tax Law). He can assist you with this matter. Please e-mail him at donniecoats@coatslaw.net or call 480-612-5887.
0 votes Thank Flag Link Tue Sep 29, 2009
Your CPA is expert review all particulars determine if you can receive any credit.

National Featured Realtor and Consultant, Texas Mortgage Loan Officer, Credit Repair Lecturer
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0 votes Thank Flag Link Fri Sep 18, 2009
Questions of eligibility for the tax incentive program are best referred to your CPA or tax attorney.

Good luck
0 votes Thank Flag Link Mon Sep 14, 2009
Hi Carlos,

You may be correct, sir.

If your wife used that Townhome as an investment property for the last 3 years, then yes, according to the IRS First-Time Homebuyer Credit: Scenarios, question S3, you would qualify for the "first time" home buyer's tax credit even though you owned a home, as long as it was not your PRIMARY RESIDENCE. Ask your CPA about this publication.

BUT...if you were both living in the home, here is the answer for question S4 which may pertain to your situation...I will let you and your CPA make the decision on which way to proceed:
S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

This may not be what you want to hear, but it may certainly keep you form having to undo somrthing with the IRS causing you those dreaded "penalty" & "interest" terms that usually has something to do with dollars coming out of the tax payer's pocket.

All the best,

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct
Web Reference: http://www.ezAZloan.com
0 votes Thank Flag Link Mon Sep 14, 2009
"we bought a home in Dec 2008". Check with your tax professional but I thought you had to have not OWNED or PURCHASED a home for 3 years. So how does your tax preparer say you qualify?
Web Reference: http://www.TheKeysTeam.com
0 votes Thank Flag Link Mon Sep 14, 2009
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