REAL ESTATE
Note how divorce affects qualifying for the first time home buyer credit:
The marital home is your principal residence until the divorce is finalized, IRS privately says. So even if a divorce court ordered you to vacate the marital home more than three years before the divorce was finalized, you must wait three years after the divorce is final to be eligible for the $8,000 credit for buying a residence. But you may qualify for the new $6,500 credit for prior homeowners immediately, if you’ve maintained the same home for five consecutive years out of the last eight before buying another house. Time spent out of the home due to the court’s order would still count toward the necessary five years, under the Service’s rationale.
A reminder for unmarried co-purchasers on taking the home buyer credit:
The buyers can apportion the credit any way they want, IRS privately rules. So if two brothers buy an $80,000 home before May 1, 2010, but one is not eligible for the credit, the $8,000 break can be fully allocated to and claimed by the other.
www.BusinessLately.com
Note how divorce affects qualifying for the first time home buyer credit:
The marital home is your principal residence until the divorce is finalized, IRS privately says. So even if a divorce court ordered you to vacate the marital home more than three years before the divorce was finalized, you must wait three years after the divorce is final to be eligible for the $8,000 credit for buying a residence. But you may qualify for the new $6,500 credit for prior homeowners immediately, if you’ve maintained the same home for five consecutive years out of the last eight before buying another house. Time spent out of the home due to the court’s order would still count toward the necessary five years, under the Service’s rationale.
A reminder for unmarried co-purchasers on taking the home buyer credit:
The buyers can apportion the credit any way they want, IRS privately rules. So if two brothers buy an $80,000 home before May 1, 2010, but one is not eligible for the credit, the $8,000 break can be fully allocated to and claimed by the other.
www.BusinessLately.com
No comments:
Post a Comment