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Can someone clarify...
Posted on 10/27/09 at 9:09 am
Posted on 10/27/09 at 9:09 am
This first time home buyer credit for me?
I just baught my second home in May of this year. I have read everything and to my understanding I am not eligible because I "Owned" a house w/in the last three years.
However, others are telling me that if you haven't "Baught" a house w/in the last three years (first one was in May of '04) you are eligible. This has come from tax specialists. But I cannot find any documentation to support this.
Can someone shed some light on this? Thanks.
I just baught my second home in May of this year. I have read everything and to my understanding I am not eligible because I "Owned" a house w/in the last three years.
However, others are telling me that if you haven't "Baught" a house w/in the last three years (first one was in May of '04) you are eligible. This has come from tax specialists. But I cannot find any documentation to support this.
Can someone shed some light on this? Thanks.
2
Posted on 10/27/09 at 9:18 am to TimTeblows
Don't think you're eligible but here is the definition from the government website. All the info you need is here: LINK
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
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
Posted on 10/27/09 at 11:16 am to TimTeblows
By this theory everyone who bought a house more than 3 years go would be eligible for the credit if they purchased a home this year.
You are not eligible. Owned is the key word here
You are not eligible. Owned is the key word here
This post was edited on 10/27/09 at 11:17 am
Posted on 10/27/09 at 11:20 am to Ray Finkle
quote:
By this theory everyone who bought a house more than 3 years go would be eligible for the credit if they purchased a home this year.
You are not eligible. Owned is the key word here
+1
Every homeowner (who owned for 3 years) would simply have to move and get $8000 if that was the case. Obviously it is owned, not bought.
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