$8000 tax credit ?

justinmur · Postby **justinmur** » Thu Sep 17, 2009 1:08 pm

My wife and I just sold the house she bought before we were married and looking for us a new house. Since I have never bought a house in my name, would their be any reason we could not get the credit?

Doc & Nash · Postby **Doc & Nash** » Thu Sep 17, 2009 1:17 pm

Nope, your a first time home buyer.....

stang67 · Postby **stang67** » Thu Sep 17, 2009 1:43 pm

justinmur wrote:My wife and I just sold the house she bought before we were married and looking for us a new house. Since I have never bought a house in my name, would their be any reason we could not get the credit?

I don't think you'd be eligible. Had a friend in the same situation that checked into it and found this to be true. Good luck, though.

IRS says

A "first-time homebuyer" is any individual (and spouse if married) who had no present ownership interest in a qualifying principal residence during the 3-year period ending on the date of purchase of the principal residence for which a first-time homebuyer credit is being claimed.

GREENHEAD · Postby **GREENHEAD** » Thu Sep 17, 2009 2:23 pm

we just did a mortgage for a guy that was in the same boat, 3 cpa's and the local IRS said that in the state of MS when you married your wife, you are 50% owner of any homestead property

according to what we were told, you would not be elgible until you did not own a home for 3 years

feel free to call me with any mortgage or real estate questions

601-988-6612!

deltadukman · Postby **deltadukman** » Thu Sep 17, 2009 2:26 pm

GREENHEAD wrote:we just did a mortgage for a guy that was in the same boat, 3 cpa's and the local IRS said that in the state of MS when you married your wife, you are 50% owner of any homestead property

according to what we were told, you would not be elgible until you did not own a home for 3 years

feel free to call me with any mortgage or real estate questions

601-988-6612!

Yeah..in times like these do like the ni66ers do...divorce her and let her "STAY" at yo crib :wink:

Beat "tha system"

justinmur · Postby **justinmur** » Thu Sep 17, 2009 2:57 pm

deltadukman wrote:
GREENHEAD wrote:we just did a mortgage for a guy that was in the same boat, 3 cpa's and the local IRS said that in the state of MS when you married your wife, you are 50% owner of any homestead property

according to what we were told, you would not be elgible until you did not own a home for 3 years

feel free to call me with any mortgage or real estate questions

601-988-6612!

Yeah..in times like these do like the ni66ers do...divorce her and let her "STAY" at yo crib

Beat "tha system"

Greenhead, thats what our CPA said as well.

Delta, Thats what our attorney said! Don't think that would go to well!

quack_a_tack · Postby **quack_a_tack** » Thu Sep 17, 2009 4:15 pm

My wife and I had no problems but niether of us had owned a home before and we had to put a healthy down payment on it cause ya know jigs can't pay there bills.

EgyptianAddiction · Postby **EgyptianAddiction** » Fri Sep 18, 2009 9:17 am

gotta question, In order not to pay the $8000 back to the gov't you have to live in the house for three years. Does that three years start when you purchased the house or when you filed for the tax credit?

southernr · Postby **southernr** » Fri Sep 18, 2009 10:19 am

No this $8000 does not have to be paid back. And you don't have to stay in the home for any certain period of time as far as know. We are in the process of buying our first house right now.

EgyptianAddiction · Postby **EgyptianAddiction** » Fri Sep 18, 2009 2:02 pm

better hurry up... Nov 30 is cut off date... Anyone else know about the three year period?

greenheadman1 · Postby **greenheadman1** » Fri Sep 18, 2009 3:23 pm

No this $8000 does not have to be paid back. And you don't have to stay in the home for any certain period of time as far as know. We are in the process of buying our first house right now.

Wrong

From the IRS website: http://www.irs.gov/newsroom/article/0,, ... 93,00.html

Q: When must I pay back the credit for the home I purchased in 2009?

A: Generally, there is no requirement to pay back the credit for a principal residence purchased in 2009. The obligation to repay the credit on a home purchased in 2009 arises only if the home ceases to be your principal residence within 36 months from the date of purchase. The full amount of the credit received becomes due on the return for the year the home ceased being your principal residence.

Cappy_TX · Postby **Cappy_TX** » Sat Sep 19, 2009 4:58 am

EgyptianAddiction wrote:better hurry up... Nov 30 is cut off date... Anyone else know about the three year period?

Legislation has been pending since well before the summer recess to extend the First Time Home Buyer's cut-off date through 2010 and increase the amount of the credit to $15K. There's a better than not chance that this will pass IF Obama would quit tying Congress up with so many versions of his health reform bills that's preventing other legislation from being processed.

A proposed Amendment to the Home Buyer's Bill is to take off the limitation of it not allowing former primary residence property ownership within 36 months. In other words, anybody and everybody qualifies. And if you don't have any tax obligations to use the credit against, Uncle Barack will actually send you a check!!! No, I'm not kidding.

Guess Barney Frank and the other liberal idiots didn't learn that easy money loans with no down payments are exactly what started the current mortgage crisis in the first place.

peewee · Postby **peewee** » Mon Sep 21, 2009 11:31 am

Can someone explain to me why I should have to pay someone 8k for them to buy a house?

stang67 · Postby **stang67** » Mon Sep 21, 2009 11:37 am

Aww, peewee. You were just born 10 years to early.

jacksbuddy · Postby **jacksbuddy** » Mon Sep 21, 2009 12:13 pm

GREENHEAD wrote:we just did a mortgage for a guy that was in the same boat, 3 cpa's and the local IRS said that in the state of MS when you married your wife, you are 50% owner of any homestead property

according to what we were told, you would not be elgible until you did not own a home for 3 years

feel free to call me with any mortgage or real estate questions

601-988-6612!

Well - - dammit. Once again, I'm screwed.

$8000 tax credit ?

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