Comments on: Two Unmarried People Purchase a Home — Who Gets the New $8,000 Homebuyer Tax Credit?

By: Amera

Amera — Sun, 11 Mar 2012 22:18:56 +0000

Hi @Mike, thanks for stiopng. Great question, something I have not seen before. In fact, the IRS does not care if you owned a home outside the US. So you qualify as first-time home buyers (at least on ownership history, you still have to qualify on other criteria). 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.

By: Monica Movenow

Monica Movenow — Mon, 19 Apr 2010 08:01:38 +0000

This all just sounds way to complicated for me. Why can’t anything about tax ever be simple? For me it is. The government takes my money. Period. From their side they never lose. Isn’t nit fun being born into economic systems that doesn’t make sense, least of all being taxed to death by a parasitic state that does little for the lot they demand.

What do you guys have to say?

Monica

By: TurboTaxLee

TurboTaxLee — Sun, 14 Jun 2009 04:42:38 +0000

Hello to T.Olsen, Good questions. I’m not in position to give you tax advice for a specific situation. However I did find questions/answers on the IRS site that may answer your questions. Check out http://www.irs.gov/newsroom/article/0,,id=206291,00.html
Q. If a person does not actually make the payments on a home that’s their primary residence, but the deed and mortgage documents are in their name, can they be considered a first-time home buyer?
A. Yes. If a taxpayer purchases a home to be used as a primary residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment. (05/06/09)
Q. I don’t owe taxes and/or my income is exempt from tax and I do not have a filing requirement. Do I qualify for the credit?
A. The credit is fully refundable and, if you qualify as a first-time homebuyer, having tax-exempt income will not preclude eligibility. Although there are maximum income limits for qualifying first-time homebuyers, there are no minimum income criteria. Thus, someone with no taxable income who qualifies as a first-time homebuyer may file for the sole purpose of claiming the credit for a refund.
ALSO check out http://www.irs.gov/newsroom/article/0,,id=206294,00.html
S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A’s primary residence.
Hope this info is helpful

By: T. Olsen

T. Olsen — Sat, 13 Jun 2009 21:45:33 +0000

Two questions:
1) I have real estate customers who own their primary home. They have two sons who will be attending college and will share a home near the college. The home will be purchased in the names of both sons, neither of whom have previously owned a home, and with parent as co-signers. One is a “taxpayer” because of his part time job. The other son does not yet have a job so is not yet a “taxpayer”. Both sons can still be claimed as exemptions on parent’s taxes. Since the sons will own the home, can one or both claim the homebuyer credit?
2) Your comments on April 6 that taxable income was not necessary, but the guidelines keep saying qualified “TAXPAYER”. I’m truly concerned about this distinction. Please advise how someone can be a “taxpayer” without a taxable income.
THANK YOU so much for your assistance!!!

By: Tim Haller

Tim Haller — Mon, 13 Apr 2009 22:19:49 +0000

I moved with my family to Texas and I sold my home in Puerto Rico in Jan of 2009 would I be eligible for the $8000.00 tax credit.

By: Jim Leeming

Jim Leeming — Sat, 11 Apr 2009 01:46:19 +0000

This past week, Tuesday or Wednesday a gal was extraordinarily helpful, her name was Katie. She was so helpful in solving my problem I ask about sending some kind words and she said that within 24 hours I would receive a questionaire that I could submit. I did receive a recap Email but nothing else. I would appreciate an opportunity to comment.
Thank you,
Jim

By: TurboTaxLee

TurboTaxLee — Mon, 06 Apr 2009 22:18:25 +0000

Hello to Cindy, Great question…I’ve revisited the tax law and don’t see anywhere that says you have to have taxable income. Since it’s a “refundable” credit, you get it whether or not you have any tax to be reduced by the credit. So I see no reason why you can’t get the credit…. you just need to to file a tax return.

By: Cindy

Cindy — Fri, 27 Mar 2009 07:34:09 +0000

I earn social security disability so I pay no taxes, I am purchasing a home for the first time will I earn a credit?

By: TurboTaxLee

TurboTaxLee — Tue, 17 Mar 2009 23:31:42 +0000

Hello to Joann, You can only get a credit for a home purchased after April 8, 2008 and before December 1, 2009. You cannot get the credit it you own a home (either you or your spouse) for 36 months prior to the close on your new purchase.

By: Ben

Ben — Sun, 15 Mar 2009 18:31:18 +0000

Your webform for sending email to support gives an error every time I tried it. The error reads: DEVELOPMENT CONFIGURATION ERROR: cant find form element – p_prod_lvl1