The Federal Tax Credits Blog

Posts Tagged ‘homebuyers-credit’

Economic rebound slowed last quarter

ASSOCIATED PRESS WASHINGTON — The economic rebound last quarter turned out to be slower than first thought, one of the reasons unemployment is likely to stay high this year. The economy grew at a 3 percent annual rate from January to March, the Commerce Department said Thursday. That was slightly weaker than an initial estimate of 3.2 percent a month ago. The new reading, based on more complete …

2/17/10: White House Press Briefing

Question: Do I qualify for first time home buyer tax credit (long-time resident)?

I purchased a home in 2002. I got married a week after the purchase, so the house was in my name only. My wife and I lived there for 6 years. We sold in 2008 and are now buying a new home in 2010. The statement on Form 5405 says, “You (and your spouse if married) previously owned and used the same main home as your main home for any 5-consecutive-year period……..” Technically my wife didn’t “own” our previous home. Does this disqualify us?
that makes no sense, so the government is penalizing us for being married to each other? I qualify as a long-time resident, she qualifies as a first time home-buyer. But because we married each other, we disqualify each other and get nothing? There must be some other interpretation of this law, because that is ridiculous.

Answer: Yes.

As your wife was not on the title for the previous home, you do not qualify for the $6500 credit. The representative from the IRS I spoke with confirmed this.

Also, as you owned a home in the previous three years, you and your wife also do not qualify for the $8000 credit if that was your next question.

Is repeat-buyer tax credit wimpy?

With the April 30 deadline to sign home purchase contracts for both the $8,000 first-time buyer credit and the $6,500 version looming, some real estate and building experts are concerned that fewer consumers may be motivated by the credits this spring than last fall. The $6,500 credit, in particular, appears to be generating relatively little buzz among shoppers. As Gloria J. Ruesch, a broker …