New Home Owner Tax Credit

Taxes General Forum - Tax professionals meeting place and answers to queries. (Moderated) 

Yahoo!   Google   Windows Live   del.icio.us   digg   Netscape

Subject Author Date New Home Owner Tax Credit don 08-03-2009  Re: New Home Owner Tax Credit Arthur Kamlet 08-03-2009  Re: New Home Owner Tax Credit Alan 08-03-2009  Re: New Home Owner Tax Credit Dan Lanciani 08-03-2009  Re: New Home Owner Tax Credit Tempuser 08-03-2009  Re: New Home Owner Tax Credit Bob Sandler 08-16-2009
Posted by don on August 3, 2009, 5:48 pm Please log in for more thread options My son got married in July 2009. With his new wife, they intend to buy a house before 1 December 2009. My son has owned a condo, that he bought ~ 3 years ago (he lived in that condo until 13 months ago). He now rents the condo. His "new" wife has never owned a house. Their real estate is telling them that if they buy a new house, in HER name, that SHE would be entitled to the currently available IRS tax credit for $8k -as first time new buyer tax credit? As the real estate agent is NOT a tax pro; plus she has a real estate commission on the "line"- I do NOT trust her tax advice. Is my daughter-in-law eligible for a $8k (new home owner) tax credit? Sure appreciate any guidance - that I might relay to my son/wife! don -- Posted via NewsDemon.com - Premium Uncensored Newsgroup Service          ------->>>>>>http://www.NewsDemon.com<<<<<<------ Unlimited Access, Anonymous Accounts, Uncensored Broadband Access -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Arthur Kamlet on August 3, 2009, 5:54 pm Please log in for more thread options >My son got married in July 2009. With his new wife, they intend to buy >a house before 1 December 2009. My son has owned a condo, that he >bought ~ 3 years ago (he lived in that condo until 13 months ago). He >now rents the condo. > >His "new" wife has never owned a house. Their real estate is telling >them that if they buy a new house, in HER name, that SHE would be >entitled to the currently available IRS tax credit for $8k -as first >time new buyer tax credit? > >As the real estate agent is NOT a tax pro; plus she has a real estate >commission on the "line"- I do NOT trust her tax advice. > >Is my daughter-in-law eligible for a $8k (new home owner) tax credit? > >Sure appreciate any guidance - that I might relay to my son/wife! If you follow the agent's tax advice, I also recommend having this agent do all your root canal work. It's not even close. Does not qualify for the credit. -- ArtKamlet at a o l dot c o m Columbus OH K2PZH -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Alan on August 3, 2009, 6:58 pm Please log in for more thread options Arthur Kamlet wrote: >> My son got married in July 2009. With his new wife, they intend to buy >> a house before 1 December 2009. My son has owned a condo, that he >> bought ~ 3 years ago (he lived in that condo until 13 months ago). He >> now rents the condo. >> >> His "new" wife has never owned a house. Their real estate is telling >> them that if they buy a new house, in HER name, that SHE would be >> entitled to the currently available IRS tax credit for $8k -as first >> time new buyer tax credit? >> >> As the real estate agent is NOT a tax pro; plus she has a real estate >> commission on the "line"- I do NOT trust her tax advice. >> >> Is my daughter-in-law eligible for a $8k (new home owner) tax credit? >> >> Sure appreciate any guidance - that I might relay to my son/wife! > > > If you follow the agent's tax advice, I also recommend having > this agent do all your root canal work. > > > It's not even close. Does not qualify for the credit. Merely to explain why you fail to qualify: FIRST-TIME HOMEBUYER- The term `first-time homebuyer' means any individual if such individual (and if married, such individual's spouse) had no present ownership interest in a principal residence during the 3-year period ending on the date of the purchase of the principal residence. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Dan Lanciani on August 3, 2009, 10:48 pm Please log in for more thread options writes: | FIRST-TIME HOMEBUYER- The term `first-time homebuyer' means any | individual if such individual (and if married, such individual's | spouse) had no present ownership interest in a principal | residence during the 3-year period ending on the date of the | purchase of the principal residence. So if she had bought the house immediately before she got married she would been eligible for the credit? (Awaiting comment on the advantages of living in sin. :)                                 Dan Lanciani                                 ddl@danlan.*com -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Tempuser on August 3, 2009, 11:25 pm Please log in for more thread options Dan Lanciani wrote: (Alan) writes: > > | FIRST-TIME HOMEBUYER- The term `first-time homebuyer' means any > | individual if such individual (and if married, such individual's > | spouse) had no present ownership interest in a principal > | residence during the 3-year period ending on the date of the > | purchase of the principal residence. > > So if she had bought the house immediately before she got married she > would been eligible for the credit? (Awaiting comment on the advantages > of living in sin. :) > >                                 Dan Lanciani >                                 ddl@danlan.*com > I think you are asking whether a taxpayer who is single and meets the definition of a first time homebuyer in 2009, and who buys a home and then later marries an individual in 2009 who is not a first time homebuyer, can take the credit. For sure, the taxpayer could amend 2008 and claim the credit on that return as the taxpayer would have been single in 2008. As to 2009, I don't know as the relevant section is ambiguous as to the timing of the clause "(and if, married, such individual's spouse)". Married at the time of purchase or married at the time of claiming the credit? If I was a betting man, I would bet that the IRS would interpret that clause to mean married at the time of filing a claim would disqualify you i the spouse failed the test. I have not seen any guidance. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted New Home Owner W4 Questions January 3, 2008, 4:45 pm Re: Deductions on 2nd home (part owner) April 25, 2006, 7:30 am Re: Deductions on 2nd home (part owner) April 25, 2006, 7:30 am New home owners tax credit March 20, 2009, 8:04 pm How do we get the $8K tax credit for first home bought? October 22, 2009, 7:27 pm Energy Star Home credit October 27, 2006, 10:55 pm Tax credit for first time home buyer August 28, 2008, 10:22 am first time buyer home credit January 30, 2009, 1:33 pm First time home Buyer Credit ? September 24, 2009, 11:34 am extended home buyer tax credit November 10, 2009, 9:26 pm