Booger Posted March 30, 2010 Report Share Posted March 30, 2010 Hello, everyone. I THINK under both the following scenarios neither would qualify for either the first-time buyer or the long-term credit. Please let me know what you think. 1. On the joint return, the MAGI is high enough to preclude the couple qualifying for the long-term credit. If filing status is MFS, then one spouse would qualify. Can the spouse take the long-term credit if filing separately? 2. Married couple divorced in 2008, and one spouse bought a new home in March, 2009. Can she take the FTHB credit? Thanks for the input. Booger Quote Link to comment Share on other sites More sharing options...
OldJack Posted March 30, 2010 Report Share Posted March 30, 2010 >>I THINK under both the following scenarios neither would qualify << I agree with your thinking. Quote Link to comment Share on other sites More sharing options...
Booger Posted March 30, 2010 Author Report Share Posted March 30, 2010 >>I THINK under both the following scenarios neither would qualify << I agree with your thinking. Thanks, Old Jack. The one that's a little perplexing is #2. The ex-wife did not have any ownership interest in the home which she and her ex shared. However, the scenarios outlined under the IRS website state that ownership is imputed to both spouses. The d*a*m*n real estate agent told her she qualified....now I have to tell her the truth. Bad Guy Booger Quote Link to comment Share on other sites More sharing options...
Cathy Posted March 30, 2010 Report Share Posted March 30, 2010 Booger, Before you tell your client anything: My first inclination was also no to both questions and still is no to question #1, However, to question #2: Instructions for Form 5405 state: "You (and your spouse if married) .....". Key here is spouse, if married... Cathy Quote Link to comment Share on other sites More sharing options...
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