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Old 01-24-2009, 11:08 PM
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Smile First time Homebuyer credit

iF ME AND MY BOYFRIEND BOUGHT A NEW HOUSE TOGETHER AND i AM A FIRST TIME HOMEBUYER AND HE IS NOT WILL i QUALIFY FOR THE NEW TAX CREDIT????



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Old 01-24-2009, 11:11 PM
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WILL i QUALIFY



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Old 01-25-2009, 11:26 PM
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The IRS tax law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. Specifically, for married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit.

Regretably, you would not qualify for the First Time Home Buyer Credit as your boyfriend owned a home previously.

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