Home Buying in 01801>Question Details

Jackson, Home Buyer in 01824

Who qualifies for the first time home buyer stimulus payment?

Asked by Jackson, 01824 Mon Mar 2, 2009

If I sold a home within 3 years but my wife is a first time home buyer, is there any way we can still qualify for the 8k credit that the Gov has implemented as part of the stimulus?

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If your wife is a first time home buyer and her credit is good then you can qualify for the stimulus but of course if she does not make enough money you may co-sign and it will work successfully.
Good Luck
0 votes Thank Flag Link Wed Dec 28, 2011
If I paid off my mobilehome in 2007 am I eligible for the 8,000.00 stimulas tax?
0 votes Thank Flag Link Mon Apr 13, 2009
You might find this information helpful:
FIRST-TIME HOME BUYER
2009 HOUSING STIMULUS LEGISLATION TAX CREDIT FACT SHEET
(Effective for purchases on or after January 1, 2009, and before December 1, 2009)
Who is Eligible
• The $8,000 tax credit is available for first-time home buyers only.
• The law defines a first-time home buyer as a buyer who has not owned a home during the past three years.
• All U.S. citizens who file taxes are eligible to participate in the program.
Types of Homes that Qualify for the Tax Credit
• All homes, whether single-family, townhomes or condominiums will qualify.
• However, there are several conditions:
– The home must be used as a principal residence, and the buyer has not owned a home in the prior three years.
• The Tax Credit includes newly-constructed homes.
Income Limits
• Home buyers who file as single or head-of-household taxpayers can claim the full $8,000 credit if their modified adjusted gross
—income (MAGI) is less than $75,000.
• For married couples filing a joint return, the income limit doubles to $150,000.
• Single or head-of-household taxpayers who earn between $75,000 and $95,000 are eligible to receive a partial first-time home
buyer tax credit.
• Married couples filing jointly who earn between $150,000 and $170,000 are eligible to receive a partial first-time home buyer tax
credit.
• The credit is not available for single taxpayers whose MAGI is greater than $95,000 and married couples filing jointly with an MAGI
—that exceeds $170,000.
Effective Dates for the Tax Credit
• First-time home buyers would receive a $8,000 tax credit for the purchase of any home on or after January 1, 2009, and before
December 1, 2009. To qualify, you must actually close on the sale of the home during this period.
Tax Credit is Refundable
• A refundable credit means that if you pay less than $8,000 in federal income taxes, then the government will write you a check for
the difference.
– For example, if you owe $5,000 in federal income taxes, you would pay nothing to the IRS and receive a $3,000 payment
from the government.
– If you are due to receive a $1,000 tax refund from the government, your refund would grow to $9,000 ($1,000 plus
—$8,000 from the home buyer tax credit).
Payback Provisions
• If the home is sold within three years of purchase, entire amount of credit is recaptured on sale. Applies only to homes purchased
in 2009.
Further information regarding the tax credit may be found at http://www.federalhousingtaxcredit.com or http://www.irs.gov.
This information is provided for general awareness only, and is not intended for the purpose of providing legal, accounting, tax advice or consulting of any kind.
Please consult with your tax professional for complete details.
0 votes Thank Flag Link Mon Mar 2, 2009
Unfortunately no. Here is the info directly from the government affairs tax credit page:

Purchaser (and purchaser’s spouse) may not have owned a principal residence in 3 years previous to purchase. Three-year rule continues to apply. 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.
0 votes Thank Flag Link Mon Mar 2, 2009
You do not qualify--"Purchaser (and purchaser's spouse) may NOT have owned a primary residence in 3 years previous to purchase."
0 votes Thank Flag Link Mon Mar 2, 2009
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