$8000 first time home buyer tax credit?

$8000 tax credit (first time home buyer)?

  • My mom bought a house in city A, IN in 2002, and she paid off the house during that year. In 2007, she tranfered the deed's tittle ONLY to me (my wife doesn't have any record on that house). Now, my wife bought a house in city B IN, and she tries to relocate and live there (not me). AND MY QUESTION IS: IS SHE QUALIFY FOR $8000 TAX CREDIT?

  • Answer:

    You're asking does your wife qualify? Sure, if she's not owned a house in the past 3 years. The issue will be who is on the loan/deed to the new house - both of you? Then no, your inclusion will not allow her to qualify. If it's just her, then sure. Your mom would not qualify.

Steven at Yahoo! Answers Visit the source

Was this solution helpful to you?

Other answers

no. she owned the house in 2007 which was not 3 years ago. her loan is not relevant. she owned that home until she transferred it to you in 2007.

Short answer: No. With a married couple, both of the spouses must qualify for the credit even if only one of them is buying the property. So, in your case, you own a house therefore neither you nor your wife can claim the credit.

Nope

Related Q & A:

Just Added Q & A:

Find solution

For every problem there is a solution! Proved by Solucija.

  • Got an issue and looking for advice?

  • Ask Solucija to search every corner of the Web for help.

  • Get workable solutions and helpful tips in a moment.

Just ask Solucija about an issue you face and immediately get a list of ready solutions, answers and tips from other Internet users. We always provide the most suitable and complete answer to your question at the top, along with a few good alternatives below.