$8000 Home Buyer Tax Credit Housing Stimulus for joint purchases 2009

$8000 first time home buyer tax credit housing stimulus joint purchasesObama unveiled a Economic Stimulus Package in order to revive the economy. One of the key provisions in 2009 Obama Economic Stimulus plan is the housing stimulus bill. This housing stimulus, also referred to as $8000 first time home buyer tax credit is a refundable tax credit given to qualifying first time home buyers who purchase homes between January 1 2009 and December 1 2009. Read my detailed post on 8000 housing tax credit- details explained for a gentle introduction to this housing tax rebate. I am writing this post in response to the 100+ comments i recieved for on the above mentioned post on federal 8000 home credit, especially to clarify some of the points for First time home buyers who planning to make a joint purchase. Here are the key points.

  1. In order to qualify for the $8000 first time home buyer tax credit or housing tax credit you must be a first time home buyer. The defintiion of first time home buyer is one who has not owned a Principal Residence in the past three years. Principal residence is a home in which you actually stay in. Thus if you have owned a home and have rented it for the past three years or more, or it was your vaction home, then you still may qualify for the $8000 first time home buyer tax credit.
  2. If you are married, then both you and your spouse must be first time home buyers. This is irrespective of whether you are planning a joint purchase with your spouse or not. Read more about $8000 first time home buyer tax credit for married people to learn more if you are married or are planning to get married in 2009.
  3. If you are unmarried and making a joint purchase, then it is ok if one of the partners or home buyers qualifies for the 8000 housing tax credit. In this case, after making the joint purchase the 8000 home buyer tax credit may be allocated to any one (but not more than one) of the qualifying first time home buyer involved in the joint purchase.
Please read my main post on $8000 home buyer tax credit or housing stimulus for more details

Mar 9, 2009

6 comments:

Anonymous March 23, 2009 at 2:54 AM  

I'm buying a house with my daughter and her husband. I have owned a home for many years, but this will be their first home. The loan will be in only my name due to credit problems. If the title has their names on it will they be eligible for the $8000 credit.

Nick April 23, 2009 at 9:40 AM  

I have a situation exactly similar to the situation explained by the person who has posted here anonymously. My understanding is that me not being a first time homeowner (although my spouse is) I will not qualify for the credit but my daughter/her spouse will.

My question is a step further: If the loan will be only on my name can I still deduct the mortgage on the house from my tax for 2009 and later years if it is also going to be my primary residence?

Nick April 23, 2009 at 10:14 AM  

I have a situation exactly similar to the situation explained by the person who has posted here anonymously about buying a house for his daughter and her spouse who are first time home buy but he is not. My understanding is that me not being a first time homeowner (although my spouse is) I will not qualify for the credit but my daughter/her spouse will.

My question is a step further: If the mortgage will be only on my name can I still deduct the mortgage on the house from my tax for 2009 and later years if it is also going to be my primary residence?

Mark Allen July 28, 2009 at 7:09 AM  

My partner and I are in the process of buying a house. My question is simple, because our marriage is not recognized by the Federal government, are we both individually elligible for the $8000 tax credit as we are both first time home buyers?

Anonymous April 21, 2010 at 3:17 AM  

What i want to know is, who has actually gotten the Money as promised. We purchase the house in November 2009 and we still have not gotten the money back. About three months ago they send us a form and said we needed to fill out a new form. We send it back and still NOTHING…..where is the money?????? show me the money

Anonymous May 14, 2010 at 12:16 AM  

if you filed your taxes and sent the HUD paper with your tax return, we recieved our credit back 1 month and half after we mailed in our return.

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