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Old 02-20-2009, 01:14 PM
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2009 Stimulus Credit for New Home Buyers

My girlfriend and I are in the process of purchasing a home. We are still in attorney review as of today.

I know that the President passed the new 2009 Stimulus Package on Tuesday.

I already own a home. My girlfriend is a first time home buyer. We would obviously like to work it out so that we get the $8000 credit that was announced.

While trying to find out if we would qualify (and according to this thread, we would not have qualified last year), I found this website Federal Housing Tax Credit for First-Time Home Buyers: Home

It states:
"What is the definition of a first-time home buyer?
The 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. 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. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer."

According to that, I would think that we DO qualify. We are unmarried joint purchasers and we may allocate the credit amount to any buy who does qualify, my girlfriend. Or at least that is the way that I am reading it.

Any thoughts or other information would be great!!!



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