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    mariemay's Avatar
    mariemay Posts: 15, Reputation: 1
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    #1

    Jul 15, 2009, 03:19 PM
    Am I a 1st time homebuyer
    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's Avatar
    walt17 Posts: 335, Reputation: 28
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    #2

    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's Avatar
    mariemay Posts: 15, Reputation: 1
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    #3

    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's Avatar
    walt17 Posts: 335, Reputation: 28
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    #4

    Jul 16, 2009, 12:02 PM
    Quote Originally Posted by mariemay View Post
    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
    stevetcg's Avatar
    stevetcg Posts: 3,693, Reputation: 353
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    #5

    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.
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