First Time Homebuyer Tax Credit

[susieq]

Two taxpayers (NOT MARRIED) want to buy a home together. During both of their first marriages, they bought homes. They have both been divorced about 8 years each. Neither have owned a home since then.

I reading the notices re the 1st time homebuyer credit, it sounds like they could take the credit. Someplace I read that you could not own a home in a certain length of time. Since the home would be in both names - can they split the purchase price and take a credit (up to $3,750.) on their 2008 returns?

[MAMalody]

To claim this credit you must be a "first-time homebuyer," but this term includes previous homeowners provided they have not owned a home at any time in the three years ending on the date of purchase. If you're married, your spouse must meet this requirement as well. The credit isn't available to nonresident aliens.

[solomon]

Two taxpayers (NOT MARRIED) want to buy a home together. During both of their first marriages, they bought homes. They have both been divorced about 8 years each. Neither have owned a home since then.

I reading the notices re the 1st time homebuyer credit, it sounds like they could take the credit. Someplace I read that you could not own a home in a certain length of time. Since the home would be in both names - can they split the purchase price and take a credit (up to $3,750.) on their 2008 returns?

See who can not take the credit - your scenario is not included.

http://www.irs.gov/newsroom/article/0,,id=186831,00.html