Would I be considered a First Time Homebuyer?

[Anonymous]

I personally never owned a home. DH has.  We do not currently own and he hasn't since since March 2007.

But I was told by a real estate agent that I would not qualify for the tax credit since my DH has owned in the past.....  

Please help!

TIA

[Anonymous]

I THINK that's correct.   It has to be three years since he last owned a home.

Message Edited by mrscharlie on 07-08-2009 11:24 AM

[Anonymous]

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@Anonymous wrote:
I THINK that's correct.   It has to be three years since he last owned a home.

Message Edited by mrscharlie on 07-08-2009 11:24 AM

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What is the definition of a first-time home buyer?
The law defines "first-time home buyer" as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.

For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer.

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I saw this on the website http://www.federalhousingtaxcredit.com/2009/index.html

Is this right?  Seems a bit unfair and confusing........

[salsa34]

That is correct...you don't qualify.  This is preventing me from getting the credit too, it stinks, but that's the way it is.  IRS has its own definitions of things.

[Anonymous]

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@Anonymous wrote:

I personally never owned a home. DH has.  We do not currently own and he hasn't since since March 2007.

But I was told by a real estate agent that I would not qualify for the tax credit since my DH has owned in the past.....  

Please help!

TIA

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It really depends.  When he owned that home has he LIVED in it within the last 3 years, i.e. has it been his primary residence? If it has been rented out for 3 years or more or he has been living somewhere else as his primary residence then you will both still qualify 

[Anonymous]

We have been renting the last three years after him owning.  We own no primary residence and haven't since we closed on the sale March 31, 2007.

[Anonymous]

If it is rented and has been for the last three years without either of you owning a residence for yourselves in that time period then you will qualify