Ask Experts Questions for FREE Help !
Ask
    mprabagar80's Avatar
    mprabagar80 Posts: 1, Reputation: 1
    New Member
    		  
    #1

    Mar 10, 2010, 12:48 PM
    First time home buyer tax credit (Own home in foreign)
    I am on an H1B visa and have been working in the US for 4+ years. I purchased a condo in India 2 yrs ago (2007) and got a mortgage (through a bank in India). I make a monthly mortgage payment out of my salary here (I have no other income) to this bank in India.

    On advice of my tax filers, Last year, I claimed the interest deduction on my US tax return (I don't file taxes in India as I don't have any income there). I did this for the first time for the 2008 tax year and the refund came through without any hassle.

    But I was in USA continuously for the past 4 years. Now am I eligible for first time tax credit? Is it possible for me to file amendment of my last year tax filing and pay the last year refund back and go for the $8,000 first time home buyer tax credit?
    pmyshkin's Avatar
    pmyshkin Posts: 1, Reputation: 1
    New Member
    		  
    #2

    Apr 13, 2010, 08:23 AM
    According to this IRS FAQ:

    http://www.irs.gov/newsroom/article/0, id=206291,00.html

    Foreign homes do not disqualify you for the credit.

    "Q. Would I be considered a first time homebuyer if I owned a principal residence outside of the United States within the previous three years?

    A. Yes. A taxpayer who owned a principal residence outside of the United States within the last three years is not disqualified from taking the credit for a purchase within the United States."
    vmharshad's Avatar
    vmharshad Posts: 1, Reputation: 1
    New Member
    		  
    #3

    Feb 14, 2011, 11:50 PM
    This is incorrect. The question pasted in above post is for a prior home and not for the purchase being claimed.

    Q. Which home purchases qualify for the first-time homebuyer credit?

    A. Any home purchased as your principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before May 1, 2010 (with closing to take place before July 1), to qualify for the credit. For a home that you construct, the purchase date is considered to be the first date you occupy the home.
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 Tax Credit [ 13 Answers ]

Hi I have claimed home loan interest in my 2008 tax returns for a home in India not in USA. Now I am planing to buy a home in USA . I never owned a home in USA . Now my question is Am I Qualify for 'First Time Home Buyer Tax Credit' and FHA Loan. My accountant says that , I am qualify...

First time home buyer tax credit [ 3 Answers ]

My mother passed away, leaving her estate (including her house) to me and my three brothers (I am the executor). She had no debt. Can one of my three brothers buy the house from the estate and get the first time home buyer tax credit? He meets all of the other criteria.

How to use first time home buyer tax credit [ 2 Answers ]

Hello. I just purchased my first home and am getting the $8K tax credit. I know many people are saying to use the majority of the credit to pay down the principal and get interest savings. However, I plan to sell in 5 or 6 years, so if I do not stay until the mortgage is paid off, I will not see an...

First-Time Home Buyer Tax Credit [ 5 Answers ]

I was wanting to get opinions on the First-Time Home Buyer Tax Credit. I've looked over the website and it looks to be just a loan from the government. I was wondering if any one has heard more about this. Like, do you think there would be long term problems from taking this or is it a good...

View more questions Search