Posted on: 21st Aug, 2009 08:49 am
Hi,
I was wonderign if there is any small print that would allow me to qualify for the first home buyers credit?
I have not owned a house since February 08 -- that is when I officially got off the title, but didn't live there for a lot longer than that.
Essentially I bought a house with my friend. She worked for her self and didn't qualify for the loan alone. I had great credit, and she had the money for a down payment -- so we figured we would both benefit if we teamed up. I live there also for cheaper rent.
Once she was able she refinanced, and I was taken off the title.
Is there any thing that would qaualify me for the first time home buyer credit, given these circumstances?
Thanks,
natalie
I was wonderign if there is any small print that would allow me to qualify for the first home buyers credit?
I have not owned a house since February 08 -- that is when I officially got off the title, but didn't live there for a lot longer than that.
Essentially I bought a house with my friend. She worked for her self and didn't qualify for the loan alone. I had great credit, and she had the money for a down payment -- so we figured we would both benefit if we teamed up. I live there also for cheaper rent.
Once she was able she refinanced, and I was taken off the title.
Is there any thing that would qaualify me for the first time home buyer credit, given these circumstances?
Thanks,
natalie
natalie12
Welcoem to the forum
I do not think there is any way you can qualify for the $8000 tax credit
Check this out
$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
I do not think there is any way you can qualify for the $8000 tax credit
Check this out
$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