Home Buying in 92563>Question Details

Jj, Home Buyer in 90210

$8000 Tax Credit am I eligible

Asked by Jj, 90210 Thu Mar 19, 2009

I purchased a home in 2001 with my Domestic Partner we sold it in 2002 and purchased another home I was out of work at the time so he was the only one to purchase. After we moved in we did a quit claim and added me to title. We still own this home but, we are using it as a rental property. Last month we bought a new home together both of us on loan & title. My question is would I be able to claim the $8000 Tax credit ?

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Answers

9
BEST ANSWER
The answer is most likely YES. The credit applies to anyone who has not owned a PRINCIPLE RESIDENCE in the last 3 years. If you can prove (tax returns) that the home has been a rental for the last 3 years, you will qualify for the tax credit.

See my blog link below for full details.
1 vote Thank Flag Link Fri Mar 20, 2009
I did read his question and answered previously and if you read everything you would have seen that! I think it is for him to decide, not you.... what is irrelavent and there is no need to be ugly!!! He may not have known about the 10,000 credit. I appreciate your response to me and appreciate your blog, however I am aware of the laws. I am happy to see your blog clarify it for everyone who is unaware. I had responed about the $10,000 in response to a previous answer, not the question. I had just wanted to clarify the although the $8000 credit may not be available the $10,000 credit is available under different circumstances. Perhaps I did not have enough coffee before writing response to make that clear.

Kindest Regards,
Dianne
0 votes Thank Flag Link Sat Mar 28, 2009
Josh thanks so much your answer was completely correct. I did my taxes and I'm getting the $8000.
0 votes Thank Flag Link Sat Mar 28, 2009
Dianne,

Please read his question. His post (see title) is asking about the $8000 ***Federal*** tax credit for FIRST TIME home buyers, not the $10,000 ***California*** tax credit for NEW HOME buyers, so your answer is irrelevant. Please read my blog if you don't know about the separate $8000 Federal tax credit.

Thanks.
0 votes Thank Flag Link Sat Mar 28, 2009
Good Morning Jj!
In regards to the $10,000 tax credit, Yes.....that is available to you. However the tax credit is available for new homes only (a home that has never been lived in before). Hope that helps. In regards to the last answer, it is always a great idea to check with your accountant!.

Kindest Regards,
Dianne
0 votes Thank Flag Link Sat Mar 28, 2009
Hi Jj,

Since you have answers here that contradict one another, I would suggest that you call your CPA or the person that prepares your tax returns. They should be able to give you a more qualified answer based on your personal circumstances. I hope you qualify, but could not guarantee it.

Good Luck
Robin Zapata
Realty Executives
0 votes Thank Flag Link Fri Mar 20, 2009
Jj,

If you buy in a new home in California you may be entitle to a $10,000 state tax credit and you don't have to be a 1st time home buyers!
But must hurry because they can run out of funds before the end of the year.
0 votes Thank Flag Link Thu Mar 19, 2009
No,the tax credit only applies to people who have not OWNED a home in the last 3 years,so even though you are not living in the other home,you would not be eligible because you still own it . you would not be considered a first time homebuyer.
0 votes Thank Flag Link Thu Mar 19, 2009
Hi Jj!
The $8000 tax credit is for first time home buyers. More directly defined as anyone who has not owned a home in at least 3 years. Sorry

Kindest Regards,
Dianne
0 votes Thank Flag Link Thu Mar 19, 2009
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