I am writing this to educate some people about the 2008 and 2009 first time home buyers tax credit. I have discovered that some people think that just because their name was not on a deed or title that if they buy a house before Dec 2009 they can take advantage of the 8000.00 tax credit the government is offering for first time home buyers. While this is a huge incentive, people should know the law. The wording goes like this. You can not take the credit if you owned a home within the precious three years or were in partnership (which a marriage is a partnership) and had interest in the home. This means even if your name was not on the deed but the law said you had an interest because you were married and in the case of a divorce you got 50% of the equity or could remain in the house or what ever you can not claim the credit.
Now if you can claim the credit; and you bought the home after Jan 1, 2009 under Obamas administration you do not have to pay this money back as long as this is your primary residence for at lease three years. Before Jan 2009 you can claim 7500.00 under the bush administration but this money has to be paid back over a fifteen year period interest free.
If there are any more questions you can email me or comment about this blog with a question and I will answer it to the best of my ability. There is more to this law but I am only addressing one part of this law to help people who have been misinformed.
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