Welcome Guest. Register Now!  



Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-06-2011, 01:08 PM
Junior Member
 
Join Date: Feb 2011
Posts: 1
Long Term Homebuyer's Credit

My wife and I bought a home on 3/31/2010. My name is the only one on the mortgage though both names are on the deed.

Prior to this we lived in Pennsylvania. My wife's name was the one on themortgage for that home from January 2005 until we sold it in July, 2010. We moved out at the end of March 2010.

My question is, can we claim the $6500 tax credit since my wife's name was on the mortgage of the home we sold (my name was on the deed with her) but my name is on the new mortgage, and not hers.

Thank you.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
  #2 (permalink)  
Old 02-06-2011, 07:06 PM
Moderator
 
Join Date: Oct 2010
Posts: 5,258
“can we claim the $6500 tax credit since my wife's name was on the mortgage of the home we sold (my name was on the deed with her) but my name is on the new mortgage, and not hers.”----> As married taxpayers to qualify for the long-time homeowner’s credit, both you and your spouse must have owned and used the same previous principal residence for 5 consecutive years out of the 8-year period ending on the date of purchase of the new principal residence to qualify for the credit. If you can satisfy the requirement as the long- time homeowner’s credit, then Yes you can; as long as both of the names are on the deed.



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Reply


Thread Tools Search this Thread
Search this Thread:

Advanced Search
Display Modes

Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
Are Long Term Health Insurance Premiums deductible? Pearl Medical 5 09-06-2011 04:57 AM
S-corp loss offsetting long term cap gains Budlite Capital Gains 2 04-05-2011 11:39 PM
How do I explain the need for Long Term Care to my clients? bookkeeping Retirement Planning 1 06-10-2008 07:26 AM
Who should be getting Long Term Care Coverage? TaxGuru Retirement Planning 1 03-05-2008 06:50 PM
Don't forget to deduct your Long Term Care Premiums! TaxGuru Itemized Deductions 0 04-01-2007 12:44 AM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.