8k housing credit question

attgig · 09-10-2009, 08:22 AM

Quick question. I've searched the web, but can't find any info. If I own a house, but my fiancee doesn't, and she purchases a home, but we get married at the end of the year.... is she still elligible for the 8k credit?

thanks :-)

Prngr44 · 09-10-2009, 09:55 AM

Quote:

Originally Posted by attgig

Quick question. I've searched the web, but can't find any info. If I own a house, but my fiancee doesn't, and she purchases a home, but we get married at the end of the year.... is she still elligible for the 8k credit?

thanks :-)

That's a toughie. I owned a home in the previous 3 years but my wife did not. She was NOT able to claim the credit even if we filed separately. I'm still planning on seeking a few more opinions though because it makes no sense.

(Had I sold my prior home 3 months later I would have been eligible as well.)

Quote:

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.

Prngr44 · 09-10-2009, 09:57 AM

Get married next year.

attgig · 09-11-2009, 09:45 AM

ah ha! found it!

thanks.

http://www.irs.gov/newsroom/article/...206294,00.html

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

zippyjuan · 09-11-2009, 11:48 AM

Pretty sure the house buyer and taxpayer have to be the same person. You may still have to file your taxes individually at the end of the year instead of jointly but check into that.

09-10-2009, 08:22 AM	#1
attgig Chief of Naval Operations Join Date: Jun 2000 Location: the burbs of baltimore Posts: 11,924	8k housing credit question Quick question. I've searched the web, but can't find any info. If I own a house, but my fiancee doesn't, and she purchases a home, but we get married at the end of the year.... is she still elligible for the 8k credit? thanks :-) __________________

09-11-2009, 11:48 AM	#5
zippyjuan Picture of the Day Guru Join Date: Oct 2002 Location: Sunny San Diego Posts: 8,756	Pretty sure the house buyer and taxpayer have to be the same person. You may still have to file your taxes individually at the end of the year instead of jointly but check into that. __________________ I add new pictures to my photo gallery pretty regularly. You can see them here if you are interested: http://www.pbase.com/jeffryz

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09-10-2009, 09:57 AM	#3
Prngr44 Rear Admiral Lower Half Join Date: Feb 2003 Location: St. Louis Posts: 2,620	Get married next year.

09-11-2009, 09:45 AM	#4
attgig Chief of Naval Operations Join Date: Jun 2000 Location: the burbs of baltimore Posts: 11,924	ah ha! found it! thanks. http://www.irs.gov/newsroom/article/...206294,00.html S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed? A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

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