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Lajuan, Home Seller in Ellenwood, GA

tax credit question: Are my husband and I eligible for at least partial $8000 tax credit on a home purchase?

Asked by Lajuan, Ellenwood, GA Thu May 14, 2009

I saw where you can't own a home in the past 3 years to be eligible but here is the problem. I have owned my home for 5 years. My husband moved in with me once we got married about 2 years ago. He has not owned a home in 3 years. Our current home is in my name but we have been filing out taxes jointly for 2 years. Can we get atlest partial credit on the purchase of a new home where my husband is the principal borrower? We are moving to Tennessee from Atlanta.

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0 votes Thank Flag Link Thu May 17, 2012
Thanks for the information that you provided, Ms. White.
0 votes Thank Flag Link Thu May 14, 2009

Based upon the guidelines for this program, both tax filers have to qualify as first time home buyers. Based upon the information you have provided it does not appear that you will qualify for this tax credit.

This is from the IRS website:

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.

Suzanne White
0 votes Thank Flag Link Thu May 14, 2009
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