'first time' homebuyer credit question

[MrDudeMan]

I don't know all of the ins and outs of the first time homebuyer credit, but I've been reading and I'm not sure what qualifies. I don't mean this to sound like a stupid question even though it might be.

My wife and I bought a condo in 2007 and our house in December of 2008. The only reason I'm wondering if we qualify is because it says "For married first time home buyers who haven't owned a house for three years." What does that statement mean?

 

[DannyLove]

http://www.federalhousingtaxcredit.com/

I don't think your purchased condo is considered your first time owned house (could be wrong), but it just means you literally have to be a first time home buyer.

Check out the link above and look under FAQ's, a lot of similar questions for you to read up on.

 

[MrDudeMan]

I think from this quote in that FAQ I don't meet the requirement since our closing date was Dec. 5th, 2008.

Who is eligible to claim the tax credit?
First-time home buyers purchasing any kind of home?new or resale?are eligible for the tax credit. To qualify for the tax credit, a home purchase must occur on or after January 1, 2009 and before December 1, 2009. For the purposes of the tax credit, the purchase date is the date when closing occurs and the title to the property transfers to the home owner.

Sucks

 

[brxndxn]

File for it in your taxes and see if you get questioned..

I was on a joint-lease with my dad for a condo while I was in college (he paid 100% for it).. When I bought a house this year, I got the $7500 homebuyer credit and was not questioned.

 

[Capt Caveman]

I believe the condo purchase in 2007 would disqualify you anyways.

 

[Gunslinger08]

Originally posted by: brxndxn
File for it in your taxes and see if you get questioned..

I was on a joint-lease with my dad for a condo while I was in college (he paid 100% for it).. When I bought a house this year, I got the $7500 homebuyer credit and was not questioned.

You were on a lease. That is not the same as owning a home. Also, advocating tax fraud probably isn't a good thing.

As I understand it, you can not take the credit.

 

[MrDudeMan]

Originally posted by: Capt Caveman
I believe the condo purchase in 2007 would disqualify you anyways.

I think you are right but I just wanted to be sure.

 

[Spydermag68]

Sorry. You are disqualified to get the first time home buyer credit.
Home = Condo = Town house