Posted on: 23rd Mar, 2009 07:46 pm
if i am not on deed or mortgage
with husband in current home and get divorced do i then qualify for tax credit.
with husband in current home and get divorced do i then qualify for tax credit.
Welcome gww,
As your name is not on the mortgage or on the property deed, then you can get the benefit of the first time home buyer's tax credit when you try to purchase your first home after divorce.
As your name is not on the mortgage or on the property deed, then you can get the benefit of the first time home buyer's tax credit when you try to purchase your first home after divorce.
I am not sure what you are asking- if you are asking if you can use the new tax credit put thru with the Homeowner's Stability act, yes, you can-technically, you never owned a home.
If you are asking if you can take credit for the interest on your income taxes, yes, you can, if you indeed made payments AND lived in a community property state. My understanding, however, is that you need to be sure that your Ex isn't claiming all of it. He can't claim it and then you claim it to, it's one or the other, or a shared, agreed upon amount.
Remember, though, you can't do both. If you take the tax write off for mortgage interest, when, as a lender, we ask for your taxes to prove you haven't had a mortgage, we will see mortgage interest, and you won't qualify!
Another BIG note- the new tax credit CAN be received in ADVANCE of buying your new home, so you can use it to pay down debt (and increase credit score) OR for your down payment by applying for it on your 2008 tax forms! BIG CAUTION! You MUST buy a house in 2009 if you take the credit on your 2008 forms (that are files in 2009)- otherwise you will be paying it ALL back!
And finally, PLEASE consult your local taxing authority, CPA or tax accountant to be sure of the laws in your area.
This is an AWESOME time to buy a house- when else did the government give us money to get something that we all want to have?! Take advantage- but do it wisely! Thanks!
If you are asking if you can take credit for the interest on your income taxes, yes, you can, if you indeed made payments AND lived in a community property state. My understanding, however, is that you need to be sure that your Ex isn't claiming all of it. He can't claim it and then you claim it to, it's one or the other, or a shared, agreed upon amount.
Remember, though, you can't do both. If you take the tax write off for mortgage interest, when, as a lender, we ask for your taxes to prove you haven't had a mortgage, we will see mortgage interest, and you won't qualify!
Another BIG note- the new tax credit CAN be received in ADVANCE of buying your new home, so you can use it to pay down debt (and increase credit score) OR for your down payment by applying for it on your 2008 tax forms! BIG CAUTION! You MUST buy a house in 2009 if you take the credit on your 2008 forms (that are files in 2009)- otherwise you will be paying it ALL back!
And finally, PLEASE consult your local taxing authority, CPA or tax accountant to be sure of the laws in your area.
This is an AWESOME time to buy a house- when else did the government give us money to get something that we all want to have?! Take advantage- but do it wisely! Thanks!