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First Time Homebuyers credit
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dirtdigger
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Registered: 11-02-2009


dirtdigger

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Can you use the first time homebuyers credit if you are buying the home and living seprate from your spouse? I have never bought a home or had my name on the mortgage.
Kudos!
11-02-2009 05:36 AM
 

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Re: First Time Homebuyers credit
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astrophysicat
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Registered: 12-30-2008


astrophysicat

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dirtdigger,

 

If your spouse doesn't qualify then you don't qualify. I'm pretty sure. Check the IRS website for details though, they explain it pretty clearly.

Kudos!
11-02-2009 09:25 AM
 

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Re: First Time Homebuyers credit
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jimi
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Registered: 08-19-2009


jimi

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Please read IRS Form 5405 available at irs.gov.

 

In my opinion, the stated regs do not directly address your situation.

The specific hurdle for you is in the "Who qualifies for the credit " section:

 

Specifically,

"You (and your spouse if married) did not own any other
main home during the 3-year period ending on the date of
purchase."

Well, technically .... you AND your spouse did not own. Only your spouse owned.
It does not read, "You and/OR your spouse" did not own! Ha!

That's a pretty slim case though, which would take the position that "if it's not specifically excluded, it's allowed".

 

 

If it were me, I'd probably apply for it ... but I absolutely wouldn't count on it!(or spend it for quite awhile).

 

 

 

Just an opinion, good luck!

Kudos!
11-02-2009 10:06 AM
 

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Re: First Time Homebuyers credit
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CodePhotoG
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Registered: 09-02-2009


CodePhotoG

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I believe if your legally separated and your spouse has owned within the past 3 years, you do not qualify for the tax credit. If your divorced and never had your name on the mortgage, then you'd probably qualify. I recall reading that even if your married but your name is not on the mortgage, if your spouse has owned in the past three years, even legally separated prior to divorce, you can not claim the credit.
Kudos!
11-02-2009 04:30 PM
 

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