Discussion:1st Time Home Buyer Credit - married couple
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| Revision as of 16:38, 6 July 2009 Solomon (Talk | contribs) ← Previous diff |
Current revision Taxestaxes (Talk | contribs) (Thanks Solomon.) |
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| A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return."}} | A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return."}} | ||
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| + | {{ForumReplyPost|UserID=Taxestaxes|Date=6 July 2009|Text=Thanks Solomon. I was looking at it as the wife buying the home only, and since she had no ownership, she would qualify.....I believe other preparers have told this couple they qualify...I am sure they will find someone who will do an amended return for them. }} | ||
Current revision
Discussion Forum Index --> Advanced Tax Questions --> 1st Time Home Buyer Credit - married couple
Discussion Forum Index --> Tax Questions --> 1st Time Home Buyer Credit - married couple
Taxestaxes (talk|edits) said: | 6 July 2009 |
| Sorry to post another question regarding this, but after 2 days of searches, can't seem to find an answer.
Have a couple that are married, husband has owned home for 3 yrs, wife has not...she is not listed on deed, never has been....they are now buying another home...actually wife is....she is the only one listed on the deed. I assume she qualifies for the credit. For the full credit? They are wanting me to amend return, but in answering the questions on the form 5405, I feel like i am not being honest, since the husbands name is on the return..I guess I should keep in mind I am answering quesitons about the spouse only. Any comments, thoughts, please? Greatly appreciated! Thanks. | |
| 6 July 2009 | |
| "36(c)(1) 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 to which this section applies." In short, no. IRS take on §36(c)(1): "S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify? A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return." | |
Taxestaxes (talk|edits) said: | 6 July 2009 |
| Thanks Solomon. I was looking at it as the wife buying the home only, and since she had no ownership, she would qualify.....I believe other preparers have told this couple they qualify...I am sure they will find someone who will do an amended return for them. | |
