Ask Experts Questions for FREE Help !
Ask
    Suprdave1's Avatar
    Suprdave1 Posts: 2, Reputation: 1
    New Member
    		  
    #1

    Dec 17, 2009, 08:19 AM
    First time home buyer from ex-wife
    I recently divorced my wife. In order to settle I bought our house from her. Since the home was joint property and I purchased it from my ex-wife would I qualify as a first time buyer?
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Dec 17, 2009, 10:13 AM
    No, for sure, on the $8,000 First Time Home Buyers Credit, because you owned the house jointly with your wife while married. The prior ownership excludes you from the credit.

    As for the new $6,500 credit for those who previously owned a house, I would say no as well. If you were allowed to claim the new credit under the circumstance of buying from your ex-spouse, every married couple whose house deed is only in one of the couple's name ( a situation that often happens when one spouse has a horrible credit history when the house was first purchased) could then sell the house to the other spouse and claim the credit.

    That is NOT what Congress intended when the law was passed, and I suspect the IRS will apply common sense when they eventually issue the rules on the new homebuyer's credit.
Not your question? Ask your question View similar questions
 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

First time home buyer [ 11 Answers ]

Hi, everyone, I am trying to buy a house in California. I am just wondering if it's possible to have 2 agents working for you at the same time in the same area? Would that create any conflict? Any advice would be appreciated.

First time home buyer [ 8 Answers ]

I did a quick browse here, and one on Google, but I was wondering if anyone knows where I can find out whether the area I am looking at buying a house in has any incentives besides the $8k tax credit. I know a couple years ago, people were talking about how some places were giving a free down...

First time home buyer [ 1 Answers ]

I have bad credit and never owen a home what are my chances?

First Time Home Buyer [ 4 Answers ]

Can you help me buy the house I live in from my parents. I moved into my Grandmothers home with my children after a divorce. My Grandmother has passed away since, and the house is in my Mother and my Aunts name and I pay them rent. I have visited this subject with them and they want to help me out,...

First Time Home Buyer [ 1 Answers ]

I am looking into buying a home for the first time and I'm not really sure how the first time home buyers program works. If you have poor credit (550) are you still eligible for the first time home buyers program or is that score too low to get a mortgage anywhere??

View more questions Search