JustAnswer > Finance
Ask A Question|Register|Login|Help
JustAnswer

Finance

Ask a Finance Question, Get an Answer ASAP!

Have your own Finance question?

3 Financial Professionals are Online Now
characters left:
Not a Finance Question?

Related Finance Topics:

  • Cpa
  • ,
  • Irs
  • ,
  • Tax
  • ,
  • Long
  • ,
  • Line
  • ,
  • House
  • ,
  • Credit
  • ,
  • Instructions
  • ,
  • Previous
  • ,
  • Tax Credit
Bookmark and Share

Question

For CPA/Tax Expert, Please.   I was married, and I and previous spouse bought a house. Now I am divorced and remarried. Is there any way that new spouse and I can qualify for $8K tax credit for "first time" homebuyers? New spouse has never bought a home before. How can we qualify? Along the same line, former spouse now is back to Maiden name. She is solo, and has never as a single person bought a house before. Can She also in any way qualify for the $8K 'first time homebuyers" tax credit????   Bonus for your fast and accurate response!

Submitted: 101 days and 21 hours ago.
Category: Finance
Value: $40
Status: CLOSED

Accepted Answer

I regret to disappoint you...

As long as you owned a house any time withing three years of the purchase date - you would not be qualify for the credit.

The fact of your divorce is irrelevant for credit eligibility determination.

If your former spouse owned the house is also irrelevant

 

According to instructions for the form 5405 - http://www.irs.gov/pub/irs-pdf/f5405.pdf

You are considered a first-time homebuyer if:

You (and your spouse if married) did not own any other main home during the 3-year period ending on the date of purchase.

If - for instance - you purchase the house today - Aug 14, 2009 and your previous house was sold of transfered to your former spouse on Aug 13, 2006 - you qualify for the credit.

If - however - your previous house was disposed on Aug 15, 2009 - you do not qualify, but in order to qualify - you may postpone the purchase of a new home.

If you do not qualify fo r the credit - your new spouse - as long as you are married will not qualify as well.

Sorry if you expected a different answer.

Let me know if you need any help.

Picture
Expert: Lev
Pos. Feedback: 99.1 %
Accepts: 
Answered: 8/15/2009

Tax Preparer

Personal Investment, Tax Preparation

Related Finance Questions

  • (Stock valuation) Suppose Toyota has nonmaturing (perpetual)
  • On December 31, 2003, Reston Corporation held the following
  • Ritter Company's stock has a beta of 1.40, the risk-free rat...
  • how do you get a business grant
  • Can someone help me with the following checkpoint: ASSIGNMEN...
  • Amol, While it is fun to look at what $1 today will be in
  • I have about $8,000 in credit card debt, my rate just went
  • What are the top five safest investments that are not FDIC



Disclaimer: Information in questions, answers, and other posts on this site ("Posts") comes from individual users, not JustAnswer; JustAnswer is not responsible for Posts. Posts are for general information, are not intended to substitute for informed professional advice (medical, legal, veterinary, financial, etc.), or to establish a professional-client relationship. The site and services are provided "as is" with no warranty or representations by JustAnswer regarding the qualifications of Experts. To see what credentials have been verified by a third-party service, please click on the "Verified" symbol in some Experts' profiles. JustAnswer is not intended or designed for EMERGENCY questions which should be directed immediately by telephone or in-person to qualified professionals.
Question List | Become an Expert | Terms of Service | Security & Privacy | About Us
© 2003-2009 JustAnswer Corp.