Posted on: 01st Jun, 2009 08:37 pm
Me and my husband are trying to purchase a house. He has purchase a house last year but is renting it out. Will he qualify for 1st time home credit?
Hi Eunicerocks, No he will not as he has purchased and owned property within the last 3 years.
Hi
Eunicerocks, the definition of a first time home buyer says that a person must not have owned a primary residence within the past 3 years before applying for the first time buyer tax credit. Now, since your husband is renting it out and is not occupying the property, it cannot be considered as a primary house. So, technically he may still be able to qualify as a first time buyer and avail the tax credit.
Eunicerocks, the definition of a first time home buyer says that a person must not have owned a primary residence within the past 3 years before applying for the first time buyer tax credit. Now, since your husband is renting it out and is not occupying the property, it cannot be considered as a primary house. So, technically he may still be able to qualify as a first time buyer and avail the tax credit.
This 3 years rule is in which country?
I want to know this terminology?
I want to know this terminology?
sunil87020
This is for peopel buying house in US.
eunicerocks
Your husband will not qulify for tax credit of 8K. The requirments is, you shoudl have owned a property in the last three years. it does nto matter if it is rented out now.
Good luck and feel free to ask.
This is for peopel buying house in US.
eunicerocks
Your husband will not qulify for tax credit of 8K. The requirments is, you shoudl have owned a property in the last three years. it does nto matter if it is rented out now.
Good luck and feel free to ask.
thanks realgeni
no Problem