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jgordosea
jgordosea, Enrolled Agent
Category: Tax
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Experience:  I've prepared all types of taxes since 1987.
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I have been living in my house for over 5 years which I sold

Customer Question

I have been living in my house for over 5 years which I sold in Jan 2010. I purchased a new house in Jan 2010 and closed in May 2010.

When I purchassed the 1st house I was single and owned it 100%. I was married in Oct 2008 and lived there with my spouse until we moved to the new house. I own the new
house 100%. My spouse never owned any of the properties. Am I still entitled to the repeat home credit.
Submitted: 4 years ago.
Category: Tax
Expert:  jgordosea replied 4 years ago.

Greetings,

 

From http://www.federalhousingtaxcredit.com/faq2.php#21

 

"Does a married couple qualify for any home buyer tax credit in the following situation? Spouse A has lived in and owned the same principal residence for at least five years. Spouse B has lived in and owned the same principal residence for less than five years.
In this situation, the couple does not qualify for any home buyer tax credit. Because the couple is married, the law tests the ownership history of both spouses. Spouse A clearly does not qualify for the $8,000 first-time home buyer tax credit, so neither does Spouse B.

Spouse A does appear to qualify for the $6,500 repeat buyer credit, but because Spouse B has not owned and lived in the same principal residence for at least five years, neither of them can claim the repeat home buyer tax credit."

 

From First-Time Homebuyer Credit :

 

"For qualifying purchases in 2010, you have the option of claiming the credit on either your 2009 or 2010 return.

Deadlines

  • You must have bought - or entered into a binding contract to buy - a principal residence on or before April 30, 2010.
  • If you entered into a binding contract by April 30, 2010, you must close (go to settlement) on the home on or before June 30, 2010. "

Closing in May 2010 will only qualify if you had a binding contract on or before April 30, 2010.

 

Unfortunately, the law for married people is that both spouses have to qualify.

Either both spouses qualify as first time buyers or both spouses qualify as long time owners. If both can not qualify neither can take the credit (regardless of filing status).

 

I hope this helps to know the rules even though it is certainly not the answer you would have liked to hear.

 

Thank you.

 

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