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Question

Following is the description of my house buying situation. Do I qualify for new home buyer credit for 2009 if I buy a home on November 2009?
June 13, 2007 I bought a townhome 3 bedroom/3 bath for $450,000 and I sold my old residence on October 2007. When I applied loan for the new property, I specified as a primary residence. Later, I found out I cannot stay there, so I rent out 2 bedrooms/2 bath. I did not file for homestead exemption. I did file schedule E for this supplemental income for year 2007 and year 2009 tax.

Submitted: 261 days and 6 hours ago.
Category: Tax
Value: $15
Status: CLOSED
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Posted by Dave 261 days and 6 hours ago.

Answer

Good evening XXXXXXX and welcome to Just Answer!

If you have not owned a primary residence for any part of the past three years, you will qualify as a first time homebuyer and qualify for the first time homebuyer tax credit. However, if you used this home you purchased as your primary residence or the home you sold in October 2007 was used as your primary residence during the past three years at all then you would be disqualified for the first time homebuyer tax credit. Here is a small piece about this topic fromt he first time homebuyer tax credit Web site:

What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

Here is a link to more information regarding athe first time homebuyer tax credit as well: http://www.federalhousingtaxcredit.com/2009/faq.php Please let me know if I can be of any further assistance. Thank you for using Just Answer and please remember to leave feedback after you click the Green Accept button. Have a great holiday weekend.

261 days and 6 hours ago.

Reply

Right after I submit the question, I found out I just sold my resident for 2 years, not 3 years so I am not qualified. Can I discard this question and ask you another question?

Posted by Dave 261 days and 6 hours ago.

Answer

Sure, what is your next question?

261 days and 5 hours ago.

Reply

My son was having good income previous years. However he started a buisness, end of 2008. Buisiness is not good. He has to struggle and work hard. He does not have time and money to take care of his 2 sons. I the grandparents have to take care of these 2 grandsons. Can I just report them as 2 dependents of mine, if he is not going to claim them as his dependents? Any procedure do we need, beside report the 2 children with their soc sec no. on my 2009 tax return?

Posted by Dave 261 days and 5 hours ago.

Answer

Here are the guidelines you need to be aware of when claiming your grandchild:

Qualifying Children

To be claimed as a qualifying child, the person must meet four criteria:

Relationship — the person must be your child, step child, adopted child, foster child, brother or sister, or a descendant of one of these (for example, a grandchild or nephew).

Residence — for more than half the year, the person must have the same residence as you do.

Age — the person must be

  • under age 19 at the end of the year, or
  • under age 24 and a be a full-time student for at least five months out of the year, or
  • any age and totally and permanently disabled.

Support — the person did not provide more than half of his or her own support during the year.

 

Some Tips about Claiming Qualifying Children

The qualifying child must live with you for more than half the year. More than half a year means, at minimum, six months and one day. If you share custody, you may want to keep a log of where the child spends the night in your calendar or day planner.

The new rules state that the qualifying child must not provide more than half of his or her own support. This is different from the old rules. Under the old rules, the taxpayer had to provide over half the support for the child. The change makes it easier for families relying on public assistance, charity, and gifts from family members to claim a dependent.

You might still be able to claim the child as a qualifying relative if the child does not meet the criteria to be a qualifying child. But the qualifying child rules always prevail over the qualifying relative rules. So you'll want to make sure the dependent would not qualify as a qualifying child for someone else before claiming a qualifying relative on your tax return.

 

Tie-Breaker Tests for Claiming a Qualifying Child

If two or more taxpayers claim a dependent as a qualifying child in the same year, the IRS will use the following tie-breaker tests to determine which taxpayer is eligible to claim the dependent. The tie-breaker tests are listed in order of priority.

The child will be the qualifying child of:

  • the parent,
  • the parent with whom the child lived for the longest time during the year,
  • if the time was equal, the parent with the highest adjusted gross income,
  • if no taxpayer is the child's parent, the taxpayer with the highest adjusted gross income.

Some Additional Tips for Tie-Breaker Situations

A child can be the dependent of at most one taxpayer. If you qualify to claim the child, then be ready to submit documentation to the IRS to support your claim.

Here is the link to the above information: http://taxes.about.com/od/dependents/a/Dependents_2.htm

Please let me know if I can be of any further assistance. Thank you for using Just Answer and please remember to leave feedback after you click the Green Accept button. Have a great holiday weekend.

261 days and 5 hours ago.

Reply

They are 10 and 6 years old. Sometimes they come to live with me. Sometimes I go to my son's house to take care and pay for their living. They still go to the same schools.

Accepted Answer

Good morning XXXXXXX. If the grandchildren have not lived with you for at least 6 out of 12 months during the year, then you will most likely not be able to claim them as dependents. If this is the case and the children did not live with you for at least 6 months out of the year you may still be able to claim them if they meet the qualifying relative test. Here are the guidelines for being a qualifying relative:

Six Criteria for Qualifying Relatives

To be claimed as a qualifying relative, the person must meet all of the following criteria:

Not a qualifying child - The dependent cannot be a qualifying child of another taxpayer.

Gross Income – The dependent earns less than the personal exemption amount during the year. For 2008, this means the dependent earns less than $3,500.

Total Support – You provide more than half of the dependent's total support during the year.

Relationship – You are related to the dependent in certain ways.

Joint Return – If the dependent is married, the dependent cannot file a joint return with his or her spouse.

Citizenship – The dependent must be a citizen or resident alien of the United States, Canada, or Mexico.

TIPS

  • These are the same five tests from the old rules for claiming a dependent.
  • These rules apply to any dependent who is not a qualifying child.
  • They apply to people such as cousins, parents, grandparents, and other people you support.

 

Qualifying Child Test

Generally, taxpayers will not be able to claim a dependent if that dependent qualifies to be the qualifying child of another taxpayer. So you will want to check the qualifying child rules to make sure no one else can claim the dependent.

The IRS has clarified this criteria. A taxpayer may claim a dependent as a qualifying relative. A dependent will not be considered a qualifying child of another taxpayer if that dependent's "parent or (or other person with respect to whom the individual is defined as a qualifying child) is not required ... to file an income tax return and (i) does not file an income tax return, or (ii) files an income tax return solely to obtain a refund of withheld income taxes." Source: Notice 2008-5 (pdf). While this may make it easier for you to claim a qualifying relative, it will be more important than ever to be diligent in making sure that you can claim the dependent.

 

Please let me know if I can be of any further assistance. Thank you for using Just Answer and please remember to leave feedback after you click the Green Accept button. Have a great holiday weekend.

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Expert: Dave
Pos. Feedback: 98.3 %
Accepts: 137
Answered: 7/3/2009

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Four years doing books, taxes, and accounting

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