Go Back   Business and Finance Forum > Business and Finance Forum > Renting & Real Estate
Register FAQ Members List Calendar Search Today's Posts Mark Forums Read

Reply
 
LinkBack Thread Tools Display Modes
  #1 (permalink)  
Old 11-11-2009, 12:33 PM
Junior Member
 
Join Date: Nov 2009
Posts: 1
Default Do I qualify for first time home buyer?

Can I get the first time home buyer tax credit if my husband owned a home before we were married? He no longer owns a home.
also can you use first time home buyer with a gi loan?
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #2 (permalink)  
Old 11-11-2009, 12:33 PM
Junior Member
 
Join Date: Nov 2009
Posts: 1
Default

You must not have owned a home in three years.
This is a good website:
http://www.federalhousingtaxcredit.com/2009/faq.php#1
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 home ownership 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.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
  #3 (permalink)  
Old 11-11-2009, 12:33 PM
Junior Member
 
Join Date: Nov 2009
Posts: 2
Default

You must not have owned a home in three years.
This is a good website:
http://www.federalhousingtaxcredit.com/2009/faq.php#1
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 home ownership 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.
Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!
Reply With Quote
Reply


Thread Tools
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are On
Pingbacks are On
Refbacks are On


All times are GMT. The time now is 12:17 AM.


Powered by vBulletin® Version 3.6.8
Copyright ©2000 - 2010, Jelsoft Enterprises Ltd.

Web Hosting by Chime Host