The Federal Tax Credits Blog

Question: $8,000 first time homebuyer credit?

My situation:

I am engaged and won’t be married until 2010. I own a home which I purchased in February 2006, and have lived in the entire time I’ve owned it (a 2 family home that I rent out the other half to, if that matters). My fiancee has never owned a home. In order to qualify for the purchase price we would be looking for, we would both need to be approved for the loan/purchase.

My Question:

If we purchased the home together, what we would qualify for in terms of this tax credit? Would I qualify for nothing, and she qualify for the full 8k? Would she only qualify for 4k? Or would neither of us qualify based on my owning a home?

Answer: Because you have owned a primary residence in the past three years, if you both buy the house, you will not qualify for the tax credit.

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First-Time Homebuyer Tax Credit

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