Posted on: 12th Aug, 2009 06:48 pm
If my wife owned a condo prior to us getting married and my name is not on the deed nor the mortgage am I eligible for the 8000 dollar tax credit? If so, does that mean I have to be the sole owner and the loan amount will be based on my income only? My wife can not be involved at all? Also, if so, when can I then add my wife to the deed and the mortgage?
propertyvirgin
Welcoem to the forum
If any one of owned a property in the last threee years then you are not eligible
$8000 tax Credit:
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a
first-time home buyer as someone who has not owned a principal residence during the three-year
period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the home purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1,
2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000
qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her
spouse
- Cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal
descendants (children, grandchildren, etc.) or your spouse
Good luck and feel free to ask
Welcoem to the forum
If any one of owned a property in the last threee years then you are not eligible
$8000 tax Credit:
These are the guidign rules for $8000/- tax credit.
- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a
first-time home buyer as someone who has not owned a principal residence during the three-year
period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the home purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1,
2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000
qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her
spouse
- Cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal
descendants (children, grandchildren, etc.) or your spouse
Good luck and feel free to ask