Obama 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 are married or are planning to marry in 2009 and also purchase a home. Here are the key points.
- If you are married, in order to qualify for the $8000 first time home buyer tax credit, both you and your spouse must be first time home buyers. A first time home buyer is one who has not owned a principal residence in the past three years. Thus if your husband/wife owned a house in the recent past and that house was a principal residence, (which means it was not rental property or vacation home) then unfortunately you do not qualify for the 8000 home credit.
- If you are planning to marry in 2009 and also planning to buy a house in 2009 then it may matter in which order you do this. For the purpose of qualifying for this $8000 home buyer tax credit only your martial status on the date of purchase matters. Note that is your fiance/fiancee is not a first time home buyer and you are, then it is better that you buy a house first, claim the $8000 home buyer tax rebate and then get married.