How can I qualify for first time home buyer tax credit, if i owned a home already?

In 2005 I purchased a home with my then spouse, we had since divorced. The property was sold in early 2008 before the divorce was completed. I had purchased a house in October of 2008 on my own. My question is, am I eligable for the 2008 first-time-home owners tax credit, that was offered for homes purchased in 2008, since this would be my first home ownership without a co-owner?

By | 2013-08-28T07:21:21+00:00 August 28th, 2013|Mortgages Home Loans Interest Rate|5 Comments

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5 Comments

  1. kaire b August 28, 2013 at 9:30 AM - Reply

    No because you didn’t live in the home for five CONSECUTIVE years. According to the new law that was passed on November 6, 2009 you have to live in the house for 5 consecutive years out of the previous 8 in order to qualify.

    Sorry, hope this helps.

  2. travelguruette August 28, 2013 at 9:22 AM - Reply

    The 2008 one was a loan really so you are not missing that much.

  3. ninasgramma August 28, 2013 at 8:51 AM - Reply

    If you did not use the first home as your principal residence since October, 2005, then you would be considered a first-time home buyer for the credit.

    But if you lived in the first home anytime after October, 2005 you would not be eligible for the credit for the home purchased in October 2008.

  4. Judy August 28, 2013 at 8:38 AM - Reply

    No, owning your home with your spouse makes you ineligible as first time owner.

  5. Ryan M August 28, 2013 at 8:10 AM - Reply

    Since you owned a home in the last 3 years, you do not qualify. Just because this is your fist time without a co-signer, that is irrelevant. You owned a home in the last three years = You are not qualified. End of discussion. Nice try

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