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Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Our tech team has launched updates to The Nest today. As a result of these updates, members of the Nest Community will need to change their password in order to continue participating in the community. In addition, The Nest community member's avatars will be replaced with generic default avatars. If you wish to revert to your original avatar, you will need to re-upload it via The Nest.
If you have questions about this, please email help@theknot.com.
Thank you.
Note: This only affects The Nest's community members and will not affect members on The Bump or The Knot.
Home buyer tax credit ?
I'm trying to figure out whether or not I qualify for the home buyer tax credit...
DH and I purchased a home in Feb. 09; we co-signed for the house but weren't married at the time. I know DH does not qualify because he owned a home previously, but this was my first time. Since we were not married when we purchased, do I qualify for the credit? If so, will we need to file our taxes separately?
Thanks in advance!!
Re: Home buyer tax credit ?
Married and it feels so good!
http://www.kw.com/kw/2009TaxCredit.html
This is a good, simple overview!
Photo by Melissa Glynn
That's what I thought too, but then I saw this:
The law defines ?first-time home buyer? as a buyer who has not owned a principal residence during the three-year period prior to the purchase. For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse.
For example, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter.
I'm not sure I understand it correctly.
I would contact the IRS and ask. However, I think that you have to file a married joint or married filing seperatly return. I do not think that you will be able to file a single return since you were married as of Dec 31st.
Married and it feels so good!
Did you go read IRS Notice 2009-12? You should be able to find it on IRS.gov. It may have more information and tests to see if you qualify.
THIS! CONGRATS!!!
TTC #1 since February 2011
BFP #1 1/14/12 EDD 9/24/12 m/c at 8w4d on 2/20/12
March 2012- Dx with PCOS, started metformin
July 2012- SA completely normal
Ok, after 90 minutes on hold with the IRS, I was told that I do indeed qualify for the full credit since we were not married at the time of purchase. Hooray!!
(Thanks ladies for the congrats - we are so excited!!)
Married and it feels so good!
Glad you found the right answer! We're trying to sell FI's house and have a contract written on a new one before the wedding so we can take advantage too since I am a first time homebuyer. It's going to be a little stressful doing all that before the wedding, but maybe we'll get lucky - it's a good deal!
And I'm a little late but congrats to you guys on the new addition! What great news and an early anniversary present.
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