1st TIME HOMEBUYER & REALTOR

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  • TAXNJ
    Senior Member
    • Jan 2007
    • 2106

    #1

    1st TIME HOMEBUYER & REALTOR

    Did I miss an update to the 2009 1st TIME HOMEBUYER Credit?

    Scenario:

    1 -Taxpayer divorces in 2007 and sells home with ex-husband in July 2007
    Then two years later:

    2 – Taxpayer (unmarried) buys new home in July 2009

    3 – Realtor who sold new home to taxpayer (unmarried) in July 2009 says to Taxpayer (unmarried) you can get the $8,000 1st TIME HOMEBUYER Credit to help pay a years worth of real estate taxes

    4 – Realtor is the same Realtor who sold the taxpayers and ex-husband home in July 2007

    QUESTION: Is the 1st Time homebuyer Credit requirement still: Must not have owned a principal residence in the U.S. during the three year period prior to the purchase of the home Section 36(c) (1) of the Internal Revenue Code ? In other words, taxpayer (unmarried) does not qualify?

    thanks in advance
    Always cite your source for support to defend your opinion
  • DaveO
    Senior Member
    • Dec 2005
    • 1453

    #2
    Can't see how she would.
    In other words, a democratic government is the only one in which those who vote for a tax can escape the obligation to pay it.
    Alexis de Tocqueville

    Comment

    • Burke
      Senior Member
      • Jan 2008
      • 7068

      #3
      You got it right.

      Comment

      • ChEAr$
        Senior Member
        • Dec 2005
        • 3872

        #4
        This reminds me of the sign I see everyday driving to office;
        It's a realtor's sign : "This house qualifies for an $8,000 tax credit."

        Uh.. forgive me, but "house" itself qualifies? How does the house file for the
        credit? Should the house be an LLC or corporation to qualify?
        Am I missing something?

        (grin
        ChEAr$,
        Harlan Lunsford, EA n LA

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