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Question

lst time buyers credit prior to 11/06/09: t/p sold principal residence in 2008. then got married. w never had a personal residence. after married rented until 5/09. bot a principal residence in 5/09 for 335,000. in title of h only. will file a jt return in 2009. agi for 2009 is under 150,000. can the 8,000 credit be taken/ IF SO ,WHO? if not ,can we include the wife in deed and allocate the credit to wife.

Submitted: 111 days and 14 hours ago.
Category: Tax
Value: $30
Status: CLOSED
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State/Country relating to question: Massachusetts

Accepted Answer

Hello RMac,

 

Unfortunately you will not be allowed to claim the first time homebuyers credit.

 

The law requires that if a married couple purchases a home, that neither one of them have owned a primary residence in the 3 years preceeding the purchase.

 

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.

 

Please refer to the the following website for a list of the most common rules for claiming this credit. Your particular situation is addressed in point # 2.

 

http://www.federalhousingtaxcredit.com/faq1.php

 

If this was helpful please press the Accept button. Positive feedback is also appreciated.

 

Thank you XXXXXXXXXX

 

 

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Expert: Merlo
Pos. Feedback: 99.8 %
Accepts: 7436
Answered: 11/19/2009

Accountant

25+ years tax consulting. Specializing in returns for US citizens living abroad

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