Posted on: 23rd Apr, 2010 12:34 pm
I am bought a condo in april 22/2010. My wife got divorce from her ex on 04/17/2007. When my wife got divorce , she gave her house to husband. Husband took her name of the mortgage and house in July 2007.
Judgement of divorce states, that ex husband takes the house and is responsible to pay mortgage.
Now what are my chances of getting first time home buyer credit
Judgement of divorce states, that ex husband takes the house and is responsible to pay mortgage.
Now what are my chances of getting first time home buyer credit
The criteria states she may not have owned a main home for past 3 years.
If she got the divorce 04-17-2007, I am guessing maybe she did not live there before that for a while? If she did not live there, it was not her main home anymore.
Either because divorce was just over three years before the recent purchase and/or because it probably was not her main home for over three years, you seem to qualify.
Only an accoountant can tell you for certain.
If she got the divorce 04-17-2007, I am guessing maybe she did not live there before that for a while? If she did not live there, it was not her main home anymore.
Either because divorce was just over three years before the recent purchase and/or because it probably was not her main home for over three years, you seem to qualify.
Only an accoountant can tell you for certain.
That is going to be tough to determine. If the tax credit is done on more of a common sense basis and all facts are considered, I would assume she would qualify. Here is the benefit, even if your wife does not qualify for whatever reason, you're still entitled to your half of the tax credit which is up to $4,000. I hope this helps...
Jim, I think because they are married he gets all or none, not half. If buyers is married, neither spouse may have owned a home in last 3 years. If they were not married, he could get the whole thing.
Anyway, sounds to me like they should be ok as is.
Anyway, sounds to me like they should be ok as is.
John, good catch. I didn't notice that he mentioned his"wife" was divorced. Have a great weekend!!
thanks guys. yes my wife left her primary residence in dec 2006,got dovorce in 04/17/07 and removed from mortgage 07/2007. i have gone thru separation aggreement signed 12/2006 that her ex get exclusive rights of houde. considering all these facts i got binding contract on 04/22/2007 even though i could have got in first week. i have to check her returns of 2007 to make sure she didnt claim any tax benefits on mortgage interest
If she was divorced on 4/17/07 and home was transferred to husband in the divorce, then she is a first-time homebuyer as she has not owned a home within the three years prior to the purchase date of 4/22/2010. It really does not matter whether she used the home as her pricipal residence or not as marriage and legal seperation imputes ownership upon the other spouse. She qualifies based on the date of divorce and tranfer of residence.
Yes my wife's ex husband got exclusive rights in 12/04/2006 and she got divorce on 04/17/2007. She didn't claim any mortage interest deduction in 2007, so i believe we should get tax credit , even though her ex husband took some time to remove her name from mortgage.