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mariemay
Jul 15, 2009, 03:19 PM
My husband and I are buying our current home. His name is on the mortgage, mine is not. Both of our names are on the deed. Am I eligible for the $8000 tax break if I purchase our next home since I have never been the purchaser?

walt17
Jul 16, 2009, 10:01 AM
Simple answer: no.

If your name is on the deed, you are a homeowner. Whether your name is on the mortgage would not change that. Also, the requirement is that neither the home buyer, or spouse, has owned a home in the last three years.

So if neither of you have owned a home in the last 3 years, you can claim the credit for this purchase if you bought the home after April 8, 2008, and before Dec. 1, 2009.

Above info is from IRS website.

mariemay
Jul 16, 2009, 11:31 AM
I'm comfused. If my husband and I have purchased a home previously, but it has been more than three years, then we are eligible as a 1st time homebuyer?

walt17
Jul 16, 2009, 12:02 PM
i'm comfused. if my husband and i have purchased a home previously, but it has been more than three years, then we are eligible as a 1st time homebuyer?

The IRS rules refer to home ownership in the last three years, not when the prior home was bought. The following link will provide more detailed info.

First-Time Homebuyer Credit Questions and Answers: Basic Information (http://www.irs.gov/newsroom/article/0,,id=206291,00.html)

stevetcg
Jul 17, 2009, 11:10 AM
If you have been renting for the last 3 years you qualify. If you currently own a home, you do not.