Here is the answer to your question - I hope this helps.
What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the home-ownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.
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Gwenn Tanvas is a Certified Mortgage Planning Specialists who specializes in Government Programs such as FHA, State and Federal VA and USDA Rural Housing Loans. Visit her website for more information, on-line calculators and a secure on-line application. She is able to assist with transaction throughout the state of Wisconsin. Her offices are located in Appleton, Oshkosh and Green Bay and offers the convenience of one-stop shopping. http://www.WisconsinLoanTips.com or http://www.MortgageProsOfWisconsin.com she can also be reached for comment or to answer questions via email at firstname.lastname@example.org
Example if you own 50% and your girlfriend owns 50%- if she meets the other qualification she should receive $4000 (50% of $8000)- if you donâ€™t qualify then the other 50% is not given out to anyone.
The short answer is no. Definitely call a tax expert but the credit is available for homestead. Two people can claim the credit if they are married filing jointly. Filing jointly is the key here.
I know several great tax professionals in the area so give me a call 203-1155 or email me email@example.com if you would like a referral.
Taken from the Realtor.org information site: Homebuyer Tax Credit â€“ The bill provides for a $8,000 tax credit that would be available to first-time home buyers for the purchase of a principal residence on or after January 1, 2009 and before December 1, 2009. The credit does not require repayment. Most of the mechanics of the credit will be the same as under the 2008 rules: the credit will be claimed on a tax return to reduce the purchaser's income tax liability. If any credit amount remains unused, then the unused amount will be refunded as a check to the purchaser. You must meet certain criteria so talk to a tax consultant and get the specifics.
I is just for first time buyers.
If your girlfriend buys the house alone, then she can take the credit if she meets the income limits.
For more details, check with your accountant or your Congressperson's office.