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pinoydante · Joined: 23 Feb 2010 Posts: 1 1.47 Dollars($)

My wife buying a new home.Can she qualify for first time home buyer for $8000 since she married to me which I already own a house.Her name is not listed nor included in my home name mortgage loan.We file our income tax return jointly. second question.Can she qualify for repeater home buyer for $6500.I own the house for 8 successive years.Thanks for your help Wink

Niicss · Posted: Wed Feb 24, 2010 3:38 am Post subject:

If your wife has not owned a property in her name for the last 3 years, then she can purchase a new home and claim the tax credit of $8000. However, as her name is not on the deed of your property, then she won't be able to claim the repeat tax credit of $6500. You will able to claim that tax credit, though.

tfaulhaber1 · Posted: Wed Feb 24, 2010 5:26 am Post subject: FHA

If you wife hasn't owned a home in 3 years and is not on the Title of your current home; she is eligible for the $8000 Tax Credit.

jveenstra · Posted: Wed Feb 24, 2010 11:54 am Post subject: Tax Credit

The criteria for the $8,000 tax credit is: If you are married, neither you nor your spouse may have owned a main home in the last three years.

You are married. Your husband owns a main house. She is NOT eligible for the $8,000 tax credit.

You and she may qualify for the $6,500 if you sell the present home.

tfaulhaber1 · Posted: Wed Feb 24, 2010 11:59 am Post subject:

I apologize. John is correct.

jveenstra · Posted: Wed Feb 24, 2010 12:09 pm Post subject: Tax Credit

Ted, you need to apologize twice. You posted twice above.

Only kidding.

Between tax credits and all the different lender's guidelines on how to put what and where to put it on the new GFE, my head is spinning.,

Guest

Thanks for all your quick response.My wife does not owned any property in her name and does not included her name in deed of property/title.
John, you said I may qualify for $6500 if I sell the present home. I will not sell my present home I’ll leave it for rent. Can I still qualify for repeater home buyers $6500.

bong051469 · Joined: 25 Feb 2010 Posts: 1 1.23 Dollars($)

Hi everyone,

I am currently working on a website that I think would be beneficial to this group.

An eBook which reveals on how to use the TAX CREDIT

* Learn how to utilize the tax credit EVEN IF YOU DO NOT QUALIFY FOR A
MORTGAGE!
* Learn how to file for the tax credit and get the rebate.
* Learn how to structure the terms of the purchase.
* Who qualifies and for how much.
* Includes tips for buying or selling a home.

"http://www.taxcreditebook.com/"

Good luck
Bong Simpao

[Link deactivated as per forum rules. Thanks.]

jveenstra · Posted: Thu Feb 25, 2010 7:11 am Post subject: Tax Credit

Dante, the guideline for being eligible for the $6,500 tax credit states that you must be buying a new main home. If you rent the existing home and that is no longer your main home, it would seem to me that you bought a new main home and you may be eligible.

However, I and most of those who respond to questions in this forum are mortgage employees. We are trained and qualified to answer questions about how to qualify for a mortgage and whether or not a mortgage makes sense for a refinance, etc. We are not accountants and we are not lawyers, although some are and could better answer questions that involve legal or accounting fields.

When we answer questions in fields other than mortgage qualification and which may be the best mortgage and should I refinance, etc, we are trying to be helpful. However, that can be dangerous becasue we "think" we know the answer.

The mortgage people often answer questions about what happens in the event of foreclosure and can we get the tax credit, etc , because we have been around many years and think we know the answers and feel good and important if we provide some advice. However, no can can rely on our accounting and legal advice and it is questionable if we should even be trying to provide information in accounting and legal fields.

In summary, you need to speak with an accountant. to know for certain.

Guest

thanks for all your reponse

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