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Merlo
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Category: Tax
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Experience:  25+ years tax consulting. Specializing in returns for US citizens living abroad
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Filed 2009 return married filing jointly. Closed on home in

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Filed 2009 return married filing jointly. Closed on home in May 2010 and had contract in March 2010. Bought a condo in 2003. Got married in 2007 and my wife lived with me in condo since 2005. We both lived in condo for 5 years and we purchased home within homebuyer tax credit deadlines but everything to do with condo is only in my name. We have nothing that shows my wife has lived in the condo and want to know if this will affect getting the homebuyer credit? Also, I bought the new home by myself. Can I file seperately and claim homebuyer credit on 2010 return?
Submitted: 6 years ago.
Category: Tax
Expert:  Merlo replied 6 years ago.

HelloCustomer

 

In order to claim the long time homebuyers credit, the law requires that for a married couple, both the husband and wife satisfy the prior ownership and use requirements. That means that both you and your wife would have had to both owned the condo for at least 5 years, plus you must both satisfy the use requirement of having lived in the condo for a period of 5 consecutive years out of the last 8 years immediately preceding your new home purchase.

 

Even though your wife may have lived in the condo for 5 years, if she was not also an owner of the condo for that same 5 year period, she would not qualify for the credit. Both spouses must qualify before either spouse can claim any part of the credit, so filing a separate return would still not allow you to claim the credit for the home you purchased in 2010.

 

I am sorry I could not give you a more favorable answer, but those are the rules that the IRS has set in place.

 

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Thank youCustomer/p>

 

 

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