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New twist, old FTHB

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    #1

    New twist, old FTHB

    Different twist on the same FTHB credit.

    SHE bought a house in November 2006.
    HE hasn't owned or purchased a home in over 5 years.
    THEY got married in November 2009 and he moved into her house. His name is not on the house.
    They are buying a house and closing before April 1, 2011. (He was deployed military, so they have that later deadline.)

    She thinks they qualify for the long-time home owner credit of $6500 but now that I have seen the dates, she will not have owned that house 5 years, until Nov 2011...

    Does HE qualify for FTHB credit?
    "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey
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    #2
    Originally posted by Possi View Post
    Different twist on the same FTHB credit.

    SHE bought a house in November 2006.
    HE hasn't owned or purchased a home in over 5 years.
    THEY got married in November 2009 and he moved into her house. His name is not on the house.
    They are buying a house and closing before April 1, 2011. (He was deployed military, so they have that later deadline.)

    She thinks they qualify for the long-time home owner credit of $6500 but now that I have seen the dates, she will not have owned that house 5 years, until Nov 2011...

    Does HE qualify for FTHB credit?
    Look at it this way. THEY (he actually) have not owned a house during the preceding 5 years.

    I've such a case now. They bought a house last year thinking about the 6500 benefit dollars credit. Okay. They had bought the house they live in way back when, but she got the house when they got divorced in the 1990's. So, only her name is on the deed and tax records. They remarried about 5 years ago and naturally he moved back in with her.
    However he has not owned a house in the required period. They are out of luck.
    ChEAr$,
    Harlan Lunsford, EA n LA

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      #3
      Sooooo

      Originally posted by ChEAr$ View Post
      Look at it this way. THEY (he actually) have not owned a house during the preceding 5 years.

      I've such a case now. They bought a house last year thinking about the 6500 benefit dollars credit. Okay. They had bought the house they live in way back when, but she got the house when they got divorced in the 1990's. So, only her name is on the deed and tax records. They remarried about 5 years ago and naturally he moved back in with her.
      However he has not owned a house in the required period. They are out of luck.
      ...."the TWO shall be as ONE...."



      THEY are out of luck... in more ways than one, but I'm not tellin em that part... =)
      "I am proud to pay taxes in the United States. The only thing is I could be just as proud for half the money." Arthur Godfrey

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