Posted on: 25th Mar, 2009 01:19 pm
Hi, My husband owned a home when we got married. I was never on the loan or the title. We have just sold that home and bought another one. I do not work outside the home so I am not on the loan but I am on the title as home owner. What I am wondering is if I can file for the first time owner credit since I am technically a first time owner. We file together. Thanks for your input.
the key to this is your husband, sandy. are you the sole owner of the current home? if so, you can use the credit; but if he is also an owner with you, then you won't be able to use it.
Hi sandy,
George is right. If you and your husband, both are listed on the title to this new home, your cannot avail the first time home buyer tax credit. In that case, he needs to transfer the ownership of his share to you through a quitclaim deed so you become the sole owner of the property. As a sole owner you can avail the credit as you had never owned a house before.
George is right. If you and your husband, both are listed on the title to this new home, your cannot avail the first time home buyer tax credit. In that case, he needs to transfer the ownership of his share to you through a quitclaim deed so you become the sole owner of the property. As a sole owner you can avail the credit as you had never owned a house before.
i don't know about that idea, jenkin. i think sandy needs to speak with a tax advisor about this; or, better yet, contact the irs directly to ask. why not go straight to the horse's mouth?