FTHB credit for long time residents

[ChEAr$]

Page 11-5 of our favorite reference says:
".....an individual (and spouse) who has MAINTAINED the same principal residence for any 5 consecutive year during the 8 year ..... "etc as a way of saying who qualifies.

I highlighted the word maintained above, because this does not say what IRS says in the instructions for form 5405, to wit "You (and spouse) previously OWNED AND USED" the same main home..... 5 out of 8..... " etc.

Simply waying "maintained" implies no ownership, and could be interpreted as maintaining a house rented from another.

Comments? Interpretations? Explanations? Brad? anyone else?

[Dusty2004]

I think the important words are after your highlighted word

Page 11-5 of our favorite reference says:
".....an individual (and spouse) who has MAINTAINED the same principal residence for any 5 consecutive year during the 8 year ..... "etc as a way of saying who qualifies.

I highlighted the word maintained above, because this does not say what IRS says in the instructions for form 5405, to wit "You (and spouse) previously OWNED AND USED" the same main home..... 5 out of 8..... " etc.

Simply waying "maintained" implies no ownership, and could be interpreted as maintaining a house rented from another.

Comments? Interpretations? Explanations? Brad? anyone else?

PRINCIPAL RESIDENCE

Dusty

[Edsel]

Agree, Sorta

I agree with Dusty, but the words "maintained" could mean that they owned the residence, lived in a travel trailer, etc. but still "maintained" the property. Might also mean that they rented it out while still owning it, or let kinfolk live in it.

Like Harland, I'm a little confused why they would use "maintained" when "lived in" would have removed all doubt.

[ChEAr$]

To clarify, my concern is the ownership requirement.

My case in point involves a fellow who remarried his former wife, but did not get his name back on the deed in order to satisfy the 5 year time period.

Still looking for an answer.
(bump!)

[Lion]

Own

I don't have any situations this year to look it up, but doesn't only ONE spouse have to own the house for the required time as long as BOTH use it as their primary residence for the required time. I know I had a case of a second marriage where he moved into her house 17 years ago but only wife owned their home. Memory fried about now.

[ChEAr$]

I don't have any situations this year to look it up, but doesn't only ONE spouse have to own the house for the required time as long as BOTH use it as their primary residence for the required time. I know I had a case of a second marriage where he moved into her house 17 years ago but only wife owned their home. Memory fried about now.

It stands to reason that in case of a joint return, there is only one taxpayer, so that taxpayer, i.e. both of them, must meet ownership test.

And this might argue for married filing separate returns. hmmmm.....