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Marvin,EA, Enrolled Agent
Category: Tax
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Experience:  Enrolled to Represent Taxpayers Before The IRS
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Re Tax credit for long-time (existing) resident homeowner

Resolved Question:

Re: Tax credit for long-time (existing) resident homeowner ($6,500 max).

Must a husband and wife both own the existing residence to get the tax credit on the purchase of the new home (for principle residence)?

I have owned and resided in our current home for over 10 years. My first wife passed away 7 years ago and I remairried 5 years ago. My new wife has lived in this home since we were married, but is not on title. We file jointly. Do we qualify for the credit?
Submitted: 7 years ago.
Category: Tax
Expert:  Marvin,EA replied 7 years ago.
Hello and thanks you for using Just Answer. Both you and your spouse must be long-time homeowners of the same previous principal residence in order to qualify for the long-time resident home buyer credit. Since your spouse is not a long-time homeowner of your current principal residence, neither of you qualify for the credit.
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