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.

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.

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
Follow me on Twitter: http://twitter.com/Lynn911
Lynn911

Questions of eligibility for the tax incentive program are best referred to your CPA or tax attorney.

Good luck

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:
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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.
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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,
Ros

Roswell Moore, CMPS
Certified Mortgage Planner
(480) 422-5095 Direct

"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?