Home Buying in 48220>Question Details

Dan Bock, Both Buyer and Seller in Ferndale, MI

Can my wife be considered a new homebuyer if our current house is in my name?

Asked by Dan Bock, Ferndale, MI Thu Feb 19, 2009

I puchased this house before we were married.

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Answers

4
Dan,
I clipped this from a notification I received regarding the new tax credit.
Unfortunately, it appears to be another "marriage penalty" in our tax laws.

"Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previousyears"

Let me know if I can be of any assistance.
Sam
734-837-1101
1 vote Thank Flag Link Thu Feb 19, 2009
Dan,

If you are asking about the new $8,000 credit, your wife is not eligible if you have owned a home in the last 8 years.

If you are considering buying another home, the good news is that this credit should help to create more interested buyers for your current home, allowing you the opportunity to sell it and move, if that is what you are hoping to do.

I am linking to a post about the tax credit that is on my blog.

Hope that helps,

Maureen Francis
SKBK Sotheby's
248.430.4450
1 vote Thank Flag Link Thu Feb 19, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
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Woops, I sure did mean 3 years. Thanks Sonya!
0 votes Thank Flag Link Thu Feb 19, 2009
Maureen Fran…, Real Estate Pro in Birmingham, MI
MVP'08
Contact
Dan, the other two answers have good information but I think Maureen meant to say 3 years about how long its been since you've owned a home. Purchaser or purchasers spouse can't have owned a home in the last 3 years to be considered a new home buyer.
0 votes Thank Flag Link Thu Feb 19, 2009
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