di_cassano asked:
I bought a home 2 years ago, the home owner is myself only. If my wife buys a $200,000 worth of home in February, will she be able to claim the $8,000 tax credit as a first time home buyer? Thanks.
Sean
I bought a home 2 years ago, the home owner is myself only. If my wife buys a $200,000 worth of home in February, will she be able to claim the $8,000 tax credit as a first time home buyer? Thanks.
Sean
Pamela
Nope You are a couple and that is how the IRS judges you.
Comment by sassy25 — November 15, 2009 @ 1:47 am
Keith
No.
See my other answer.
Comment by Wayne Z — November 18, 2009 @ 5:47 am
Jacqueline
Most likely not. Most states have community property laws, and even though the home is in your name only, she is still part owner. Unless the property was deeded as sole and seperate property from the day you bought it, then she shouldn’t qualify.
Comment by Meghan — November 18, 2009 @ 6:07 am
Paula
Sassy is right. I want to add that you can’t skirt the issue by filing Married Filing Separately either. Both have to qualify, regardless of your filing statuses.
Also, you cannot buy from a spouse. From the IRS website:
Q. Who cannot take the credit?
A. If any of the following describe you, you cannot take the credit, even if you buy a new home:
You buy your home from a close relative. This includes your spouse, parent, grandparent, child or grandchild.
Comment by The CPA Guy — November 21, 2009 @ 11:19 am
Sally
Actually you will qualify but only for up to $6500.00. The government made the tax credit available to any one who buys a home, not just first time home buyers anymore. There are of course plenty of restrictions. You can read more about it here
Comment by Smart Piggy — November 22, 2009 @ 2:14 am