Chu wrote:
- quote -

All we have so far are bits and pieces of it, as interpreted sometimes
incorrectly by the press. And the president will not even be signing
it until two days from now.

And btw, there are income phaseouts.

ChEAr$,
Harlan Lunsford, EA n LA

--
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"Chu" <chunews[at]gmail.com> wrote:

- quote -

Only one spouse meeting the 3-year rule isn't a problem. Do check on any
income-related phaseouts of the credit. I don't remember off the top of my
head whether there are any or not. (Before or after the settlement is
irrelevant.)
--
Phil Marti
Clarksburg, MD

--
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Chu <chunews[at]gmail.com> wrote:
- quote -

There was a country music singer who said he'd never get married
again. He'd just save pain, aggravation, and legal costs by
finding a woman who was angry with him and give her his house.

Getting married to save on taxes is not a unique idea. But is
it a good reason to get merried. As always it depends on your
personal (non-financial) facts and circumstances. As a legal
precaution, see an attorney to draw up a pre-nuptial agreement.

Dick

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<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

On Feb 14, 9:56*am, Alan <sfcnm-...[at]yahoo.com> wrote:
- quote -


Can we get married in 2009 (after the home purchase) and still take
advantage of the credit? Or do we need to wait until 2010?

Cheers,

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Chu wrote:
- quote -

main home that she owned and relocated to an apartment. The clock
stops ticking on the day she occupies her new main home that she
owns.

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

"Chu" <chunews[at]gmail.com> wrote:

- quote -

Extremely relevant. The three year clock started ticking when she moved out
of her old principal residence. Even though she retained ownership of the
property, she no longer had an ownership interest in her principal
residence.

--
Phil Marti
Clarksburg, MD

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >

Hello,

My girlfriend and I are buying a house and want to take advantage of
the first-time homebuyer tax credit (soon to be $8,000 -yay). This
will be my second home so I do not qualify for this credit. However,
my girlfriend sold her house in April, 2006. This is a new home
construction for which we will close at the end of this month.

Normally, I think this would make her ineligible to take the credit
since the time between home ownerships is not quite three years.
However, the regulations also say "For a home that you construct, the
purchase date is the first date you occupy the home." The home we are
building is indeed a newly constructed home, that we put a contract on
before construction, but will not close until the home receives its
certificate of occupancy, in a few weeks.

An additional fact (if relevent) is that she moved out of the house
several months before and relocated to a different state (and lived in
an apartment).

My question is this: can she delay "occupation" until after April of
this year to qualify for the 3-year waiting period and make her
eligible for the tax credit?

Thanks,

--
<< ------------------------------------------------------- > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2007) - All rights reserved. > << ------------------------------------------------------- >