On 12/14/09 the IRS added info to their website stating that husband and wife had to qualify as longterm owners of the SAME home.
Had anyone known that before or seen it coming??
-
Sorry..... I think my question confused things because I didn't realize she had already closed on a home and thought she would need to have been out of a home for three years to qualify as a first timer.
Each of them separately owned and lived in their respective homes for five of the last eight years so I'm pretty sure they are good.Leave a comment:
-
-
I think she would qualify based on her own history then ....
She sold the home she lived in for five years on 11/30/06 and purchased a new home on 11/13/09.Leave a comment:
-
She's not qualified, based on his ownership.
From FTHB FAQ page:
"2. What is the definition of a move-up or repeat home buyer?
The law defines a tax credit qualified move-up home buyer (“long-time resident”) as a home owner who has owned and resided in a home for at least five consecutive years of the eight years prior to the purchase date. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse."Leave a comment:
-
Home buyer credit planning
Here's the scenario .............
Widow sold her home 11/30/06; she has since remarried. She moved into her new husband's home about a year and a half ago. He has lived in the home for 5+ years.
Looks like she would qualify as a first-timer if a purchase closes after 11/30/09. Does his ownership totally rule out the first-time credit or would she get half of it? What if she was the only one on the title of the new home?
What about the long-time resident possibilities for him... and perhaps for her even if unusual circumstances can be applied?
Leave a comment: