Question
Question about the 8000 first time home buyer credit.?
My daughter and her husband purchased a home before they were married about 4 years ago.They were married in 2005. He was killed in a car accident in 2007. My daughter could not go back to their home and moved in with me. She sold the house in 2008.This year she built a home and moved into it in July. Does she qualify for the 8000 new home buyer credit?
2 months ago - 4 answers
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100% sure of this. The answer is NO. She owned real estate within the past 3 years. The 3 year period started the day she settled the old house.
2 months ago
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Other Answers
She wouldn't qualify for it because she's owned a house in the last 3 years.
by Josh- 2 months ago
the credit is for home 'buyer' and building a new home is not buying besides she would need to complete the form 5405 which I believe asks for things that would be on an escrow she can check this out at www.irs.gov
by tro- 2 months ago
The IRS states you must purchase a new home by Dec 1 and the credit is 10% of the purchase price up to $80,000. She can either amend her 2008 taxes using a 1040X & Form 5405 OR wait until next year to file on her 2009 taxes.
by J C- 2 months ago