This message is for SHANE or DALLAS...I need an EXPERT

Anonymous — Fri, 15 May 2009 17:29:27 GMT

My father died in March 2006 after a January stroke. During his "down" time, I was unable to work b/c he required round the clock care. In May, 2006 I lost my job. To make a long story short, we lost our house in August. It was actually sold at auction on August 1, 2006. The new owner was WONDERFUL, and had purchased the house for a rental property, so we never even had to move out - he's been renting to us since then. He knows we'd really like to purchase the house back at some point.

Fast forward to today - we're ready to buy again, and really want to do it this year. With a foreclosure recorded on August 1, 2006, if we closed a house AFTER that date, would we qualify for the $8,000 tax credit? Here's an excerp from the IRS website:

Taxpayers (including spouse, if married) who owned a principal residence at any time during the three years prior to the date of purchase are not eligible for the credit. This means that you can qualify for the credit if you (and your spouse, if married) have not owned a home in the three years prior to a purchase. If you make an eligible purchase in 2008, you claim the first-time homebuyer credit on your 2008 tax return. For an eligible purchase in 2009, you can choose to claim the credit on either your 2008 or 2009 income tax return.

Now I take that to mean that if we close AFTER August 1, then we should be eligible - right? This is assuming 36 months from the date of purchase backward, and NOT in the 3 CALENDAR years prior...We are locked into our current lease until Jan., so we were thinking of closing in December.

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800FICOwannabe

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Re: This message is for SHANE or DALLAS...I need an EXPERT

DallasLoanGuy — Fri, 15 May 2009 18:31:48 GMT

I always considered it 36 months.

i would ask at the irs website.

topic Re: This message is for SHANE or DALLAS...I need an EXPERT in Mortgage Loans

This message is for SHANE or DALLAS...I need an EXPERT

Re: This message is for SHANE or DALLAS...I need an EXPERT