Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 02-20-2009, 01:14 PM
Junior Member
 
Join Date: Feb 2009
Posts: 1
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!!!



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
Ads
Reply



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
Do I qualify for 1st time home buyer tax credit? mch02 Tax Credit 0 02-19-2009 02:03 PM
Will the First Time Home Buyers Credit differ based on taxpayers filing status? TaxGuru Homeowner Tax 1 02-16-2009 04:44 PM
Can taxpayers claim the tax credit in 2008 for a home bought in 2009? TaxGuru Homeowner Tax 0 01-29-2009 03:02 AM
How does this First Home Buyers Credit work? TaxGuru Homeowner Tax 0 01-29-2009 02:52 AM
IRS offers New Tax Credit for First Time Home Buyers for Tax Year 2008! TaxGuru For 2008 0 08-08-2008 11:49 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.