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Forums » General Real Estate Investing » $8,000 for 1st time homebuyers

$8,000 for 1st time homebuyers Subscribe to $8,000 for 1st time homebuyers

6 posts by 5 users

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Guevara Mike

Homeowner · Corpus Christi, TX


Forum_avatar_avatar-pearlwhitegt

Icon_minipost Apr 01 '09, 10:16 PM

I thought that I would qualify for this since I am buying my primary house this year but found out that I don't. I bought a small townhome about 5 years ago & since it's in my name they said that I won't get the $8000.00. I have never lived in it. I only lease it out. I thought that since it's not my primary home that I would still qualify, but I was wrong. Does this sound right? I have heard mixed things.

Edited: 06/26/2010 at 07:48AM


Josh Green

Banker · Tampa Area, Florida


Forum_avatar_avatar-j20a00g

Icon_minipost Apr 01 '09, 10:28 PM

from my understanding, u cannot have been on title for 3 years to be considered a first time homebuyer.

in your case, you are still on title on a property and therefor not a first time home buyer.

Edited: 06/26/2010 at 07:48AM


Guevara Mike

Homeowner · Corpus Christi, TX


Forum_avatar_avatar-pearlwhitegt

Icon_minipost Apr 01 '09, 10:38 PM

Originally posted by Josh Green
from my understanding, u cannot have been on title for 3 years to be considered a first time homebuyer.

in your case, you are still on title on a property and therefor not a first time home buyer.

That's what I was thinking. Thanks!

Edited: 06/26/2010 at 07:48AM


William Deutchman

Accountant · Cleveland, Ohio


Forum_avatar_avatar-wddcpa

Icon_minipost Jul 12 '09, 12:23 AM

I disagree with the previous postings. I am a CPA with a specialty of real estate. Checkout my blog on this topic at [REMOVED]. I also posted this to the Tax and Legal Forum on this site.

I think that you qualify. Let me know if you want my advice.

Bill

Updated: 07:03AM, 08/01/2009

I think that this comes down to a facts and circumstances matter. From what you reported, this never was your personal residence. Therefore, I believe that you qualify as long as you didn't (and your spouse if married) own a personal residence in the 3-ye

Updated: 07:07AM, 08/01/2009

From what you reported, this never was your personal residence. Therefore, I believe that you qualify as long as you (and your spouse if married) didn't own a personal residence in the 3-year period prior to the purchase of the new home.

Edited: 06/26/2010 at 08:56AM by Administrator : Link points to blog post that is a solicitation and contains little useful information, so was removed.


Scott M.

Real Estate Investor · Rochester Hills, Michigan


Forum_avatar_avatar-scottmac

Icon_minipost Jul 12 '09, 06:28 AM

This is a direct quote from from 5405 from irs.gov

"You (and your spouse if married) did not own any other
main home during the 3-year period ending on the date of
purchase."

So - technically you may qualify as you didn't own a "main home" you owned an investment home.

I would try another accountant or 2 before I give up.

Edited: 06/26/2010 at 08:56AM


Richard Warren

Real Estate Investor · Las Vegas, Nevada


Forum_avatar_avatar-rehab702

Icon_minipost Jul 12 '09, 06:39 AM

If you reported that home on your tax return as a rental property you should qualify. I second the suggestion that you try a different accountant.

:cool:

Edited: 06/26/2010 at 08:56AM


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