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My husband and I purchased a Home in March 2009. I had a foreclosure on a home in my name 6 years ago. Are we eligible for the $8000 Tax Credits? The "rules" seemed vague in a way, being that it states "an ownership interest" clause in the Tax Credits proposal. Please advise.


ANSWER


The BIDaWIZ Team's Answer:

According to the 2009 instructions of IRS Form 5405 - First-Time Homebuyer Credit and Repayment of the credit: A first-time homebuyer is an individual who had no ownership interest in a principal residence in the three-year period ending on the date of purchase of the qualifying principle residence. For a married couple, neither spouse may have had an ownership interest in a principle residence during that three year period.

Since you had owned a property and hence, had an ownership interest in that property six years ago, you should be able to qualify for the tax credit, if you meet all of the other requirements set forth by the tax code.

The BIDaWIZ Team

 

 

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