Home Buying in Lawrence>Question Details

John, Home Buyer in Lawrence, KS

1st Time Buyer Credit

Asked by John, Lawrence, KS Fri May 8, 2009

I am getting married in July, and am being relocated to Lawrence, Ks this month. I currently own a home, and am thus not a first time buyer. I am curious, however, if we would still qualify for the 1st time home buyer credit if my fiance 'buys' the home with my sponsorship. She has never owned a home, and we aren't married yet- so is this legal?

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Hi John,

Thanks for your question. Your answer is the first scenario on the IRS Q&A website regarding the first time home buyer tax credit.

The answer given on http://www.irs.gov/newsroom/article/0,,id=206294,00.html is:

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

http://www.irs.gov/newsroom/article/0,,id=204671,00.html and
http://www.irs.gov/newsroom/article/0,,id=206293,00.html will answer other questions that you have.

You may want to visit http://www.MoveToLawrence.com or http://www.MoveToEudora.com or http://www.MoveToBaldwin.com or http://www.66049Homes.com or http://www.66047Homes.com or http://www.66044Homes.com or http://www.66046Homes.com to help you get an idea of house prices in the Lawrence Kansas area. Most people not from here are shocked about Lawrence's rank as highest average cost per sq ft for housing in the whole state.

I would be happy to automatically email you homes that match your search criteria with no obligation. Houses that you see online are outdated anywhere from 48-72 or more hours and sometimes are under contract before you see them if they are the best deals.

I'd be happy to research and get you additional info as well such as county appraisal, value of other homes on the block, etc. Let me know if I can be of help.

Thanks and "Don't keep me a secret--I'm never too busy for your referrals!"
Rob (FREE Home Warranty with every home you buy or sell through me!!)
Rob Lang, CRS, ABR, ePro, GRI, CFPS Realtor®
Sellers http://www.MLSPlease.com (Marketing homes to 3 MLS's, to over 10,000 websites, "Showcase" Realtor.com listing, and virtual tours)
Property Searches http://www.LetRobDoIt.com
Places for Rent or Lease http://www.KSLease.com
Blog http://www.ActiveRain.com/blogs/langrob
Realty Executives, Hedges Real Estate (three convenient locations)
(Serving Lawrence, Eudora, Baldwin, Topeka, Olathe, Tonganoxie, Leavenworth, Kansas City, McLouth, Wellsville, Ottawa, Berryton, Tecumseh, more)
300 Rockfence Place, Lawrence, KS 66049
1037 Vermont, Lawrence, KS 66044
I'll meet you at the location of your choice!
785-393-2274 (cell) 206-339-3199 (fax)
Rob@YouWantHouses.com
2 votes Thank Flag Link Fri May 8, 2009
First of all, Congratulations! Second you might want to go to our website, http://www.nvexit.info on that site you will see Lenders, under lenders is Homestead Mortgage, Bill Burnett is the President of the Mortgage brokers association, he is very well informed and he would be able to answer most of your questions.

Good Luck on your move and have fun!
Web Reference: http://www.nvexit.com
0 votes Thank Flag Link Fri May 8, 2009
If an unmarried couple buys a home and one is a first time homebuyer,you can buy the home together & the credit is allocated to the first time buyer.This would also apply to a parent/child,sibling group,etc.
0 votes Thank Flag Link Fri May 8, 2009
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