question about repeat home buyers

victory_tea2085November 8, 2009

I built the house I am living in 1990 and was single at the time. The house is in my name entirely. I married a few years later and now my wife and I are closing on a new house Nov 13th. We may be eligible for repeat home buyer credit but how would that work in this case i.e. my wife not being on the deed for the 1st house? Thanks for any help.

Paul

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paul21

I 'd suggest that you call and ask. I'm in Canada and am not familiar with the term. We have first time home buyers credit but we don't give anyone a break the second time around.

    Bookmark   November 9, 2009 at 3:35PM
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jane__ny

From what I heard, if you have lived in your present house for more than 5 years, you are entitled to the 'step-up' home credit. It doesn't have to be your first house. You would be eligible without involving your wife at all.

Jane

    Bookmark   November 9, 2009 at 3:51PM
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rrah

Actually you may be eligible for the larger first time buyers credit IF your wife has never owned a home in her name or has not done so for the past 3 years. It will take a few days for all the details to come out, but expect you will be eligible for the $6500 credit.

    Bookmark   November 9, 2009 at 9:13PM
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cocontom

I don't know what details have changed, but when I last checked, we did not qualify since Tom bought this house. Have you asked your agent? They should know offhand.

    Bookmark   November 9, 2009 at 9:52PM
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terriks

I don't even know if the first time buyer credit has officially been extended yet. I wouldn't count on your RE agent to know if you qualify. I work in a RE office andmost of the agents my office could not answer your question. You will need to talk to a tax professional.

    Bookmark   November 9, 2009 at 10:54PM
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artemis78

It has been extended through next summer, but the OP would be eligible for the repeat buyer, not first-time buyer, credit (as he noted). I don't think the fact that his wife wasn't on the first deed matters, since I know with the first-time buyer credit they review both histories; I assume they would do that for the repeat buyer credit as well. You could email the program coordinators with the question, though, since it's a relatively common situation so others may be wondering too.

Full details are here:
http://www.federalhousingtaxcredit.com/

    Bookmark   November 10, 2009 at 3:16AM
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chrisk327

As far as my understanding Artemis is correct.

On married couples they look at both buyers.

I'm not sure of the details when lets say, in your situation your wife was the only one on the new deed and you were filing married filing seperately.

    Bookmark   November 10, 2009 at 10:01AM
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