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So I just got my pre-approval for the usda RD loan of up to 140k. We've narrowed down a bunch of houses and will be closing in the next 2/3 months. My question is about the 8k new home credit. If my wife doesn't count as a new home buyer (she sold her house 2 years ago prior to our marriage) but I do, can I qualify for the credit? The loan will be solely in my name if that matters. edit: poo poo I could've googled this, my bad...for anyone else interested: 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 homeownership 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. BrokenLinux fucked around with this message at 20:18 on May 27, 2009 |
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May 27, 2009 20:15
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| # ¿ May 2, 2024 01:51 |
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I have a question about the first time home buyer tax credit (8k). I'm pretty sure the answer is "no I don't qualify" but thought I'd ask anyway. My wife before we were married sold her home in 2007. We married in 2008, and bought a home in 2009. Do I(we) qualify for the tax credit?
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Oct 14, 2009 19:00
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Leperflesh posted:House credit extension passes Senate. The tax credit was attached to the unemployment benefit extension bill, which has passed the Senate with a unanimous (98-0) vote. The bill extends the $8000 credit through April, and adds a $6500 credit for homebuyers who have been in their current home for at least 5 years. So my wife and I didn't qualify for the new homeowners tax credit because before we were married she had owned a home which she sold in 2007(less than the allowed 3 years). She had lived in this home for 5+ years. We purchased our new home just a few months ago...is this bill going to be retroactive and would we qualify for the 6500?
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Nov 5, 2009 20:07
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hmmm...looking more into the bill and it seems we just might be....(looking at the 8 years part) (b) Special Rule for Long-time Residents of Same Principal Residence- Subsection (c) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new paragraph: `(6) EXCEPTION FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of an individual (and, if married, such individual's spouse) who has owned and used the same residence as such individual's principal residence for any 5-consecutive-year period during the 8-year period ending on the date of the purchase of a subsequent principal residence, such individual shall be treated as a first-time homebuyer for purposes of this section with respect to the purchase of such subsequent residence.'. (c) Modification of Dollar and Income Limitations- (1) DOLLAR LIMITATION- Subsection (b)(1) of section 36 of the Internal Revenue Code of 1986 is amended by adding at the end the following new subparagraph: `(D) SPECIAL RULE FOR LONG-TIME RESIDENTS OF SAME PRINCIPAL RESIDENCE- In the case of a taxpayer to whom a credit under subsection (a) is allowed by reason of subsection (c)(6), subparagraphs (A), (B), and (C) shall be applied by substituting `$6,500' for `$8,000' and `$3,250' for `$4,000'.'. edit: looks like we were looking at the same thing/same time there....def going to consult a pro if it passes into law edit2: son of a bitch BrokenLinux fucked around with this message at 20:22 on Nov 5, 2009 |
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Nov 5, 2009 20:20
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Looking at the effective dates...wouldn't : (b)Special Rule for Long-time Residents of Same Principal Residence Fall under : (1) IN GENERAL- The amendments made by subsections (b), (c), (d), and (g) shall apply to residences purchased after the date of the enactment of this Act. And be retroactive back to dec. 31 (or w/e this original bill was enacted)
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Nov 5, 2009 20:29
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| # ¿ May 2, 2024 01:51 |
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aaaaand passed by house http://www.bloomberg.com/apps/news?pid=20601103&sid=aYnkx.7jfyXE
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Nov 5, 2009 21:13
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