Posted on: 23rd Mar, 2010 10:49 am
Hello there,
My wife and I just got married in fall 09. We are looking at buying a condo together and are wondering if we qualify for the first time home buyer credit.
We are planning on filing this purchase on our 09 tax returns (married filing jointly).
I have never owned a home before. My wife's parents purchased the house we are living in approx 8 years ago and are renting it to us.
The only sticky spot is that my in-laws decided it would be a good idea to put my wife's name on the title/deed of the house (she is NOT on the mortgage though).
Would we still qualify for the $8000 credit?
If not, would we still qualify for the second time home-buyer credit of $6500?
I guess more specifically (if we don't qualify) my question becomes:
what can we do with our situation so we DO qualify (since if I made the purchase myself I should qualify)?
I can provide more information if needed.
Thanks in advance!
My wife and I just got married in fall 09. We are looking at buying a condo together and are wondering if we qualify for the first time home buyer credit.
We are planning on filing this purchase on our 09 tax returns (married filing jointly).
I have never owned a home before. My wife's parents purchased the house we are living in approx 8 years ago and are renting it to us.
The only sticky spot is that my in-laws decided it would be a good idea to put my wife's name on the title/deed of the house (she is NOT on the mortgage though).
Would we still qualify for the $8000 credit?
If not, would we still qualify for the second time home-buyer credit of $6500?
I guess more specifically (if we don't qualify) my question becomes:
what can we do with our situation so we DO qualify (since if I made the purchase myself I should qualify)?
I can provide more information if needed.
Thanks in advance!
hi there!
have you actually gone to a bank or a lending company to see if you would qualify? if not, then that should be your first step. if you're having a hard time choosing which company is right for you to approach about this, or if you have further queries about the whole mortgage process itself, i would suggest reading up on articles such as mortgage and refinance sites. for starters, you can go read up this mortgage and refinance review 2010 article at http://refinance-mortgage-review.ttr04.com/ to help you narrow down your choice and then take it from there.
hope this helps. all the best to you.
have you actually gone to a bank or a lending company to see if you would qualify? if not, then that should be your first step. if you're having a hard time choosing which company is right for you to approach about this, or if you have further queries about the whole mortgage process itself, i would suggest reading up on articles such as mortgage and refinance sites. for starters, you can go read up this mortgage and refinance review 2010 article at http://refinance-mortgage-review.ttr04.com/ to help you narrow down your choice and then take it from there.
hope this helps. all the best to you.
Sorry, we aren't just looking. We have a purchase agreement in place on this condo as of right now. We will close before the June 31st deadline. Every other aspect of our purchase puts us in compliance with the terms of the FTHBC, except for the fact that my wife has been on the deed/title of home we are currently living in.
Our loan company has told us repeatedly that we will qualify for the credit, yet when I look at info on the IRS site I start to doubt this.
Since she has technically owned a (primary) home within the last 3 years, I think that would disqualify us from getting the $8K credit.
Now, she has owned a home for 5 of the last 8 years, so SHE would qualify for the second-time HBC of $6500. But since I haven't owned a home within the same conditions, and we are planning on filing married joint, do we sort of disqualify each-other here??
If so, would there be a way to file our taxes for 09 and 10 and make this purchase with just her/ or just me on all the paperwork so ONE of us would qualify somehow?
Our loan company has told us repeatedly that we will qualify for the credit, yet when I look at info on the IRS site I start to doubt this.
Since she has technically owned a (primary) home within the last 3 years, I think that would disqualify us from getting the $8K credit.
Now, she has owned a home for 5 of the last 8 years, so SHE would qualify for the second-time HBC of $6500. But since I haven't owned a home within the same conditions, and we are planning on filing married joint, do we sort of disqualify each-other here??
If so, would there be a way to file our taxes for 09 and 10 and make this purchase with just her/ or just me on all the paperwork so ONE of us would qualify somehow?
i thought the interpretation was that in a case such as yours you'd qualify. honestly, you need to speak to a tax advisor to get the straight skinny on this tax credit; or, alternatively, call and speak with someone at the irs directly. we all have our opinions on this forum, but not all of them are correct. if you want an informed opinion, those are the two places recommended by the irs itself to check with.
