8000 tax credit
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8000 tax credit
My wife and I are going to be buying a home and she has bought a home less than three years ago. I qualify as a first time home buyer. Is there a way that i could claim the credit?
Asked on June 5, 2009 under Real Estate Law, Maryland
M.D., Member, California and New York Bar / FreeAdvice Contributing Attorney
Answered 12 years ago | Contributor
You could claim the credit if the house is in your name only. To qualify, for puposes of the legislation, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house (the date of purchase is considered the day that the title is transferred).
Here, your wife will not qualify since she bought a home within 3 years of your proposed purchase. I assume that you will need her income to qualify for financing. If so, possibly she could co-sign the mortgage note without actually being put on the title. You would however, need to get your lender to agree to this.
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