TaxCPANY Posted April 16, 2011 Report Share Posted April 16, 2011 Divorcee quit-claims former joint home, June, 2009, buys own home June 2010. Could she qualify for first-time home buyer credit as a "long-term resident" (as she was in the former home 5-out-of-8 years)? The charred meat my brain's become is sputtering over this. Anyone dealt with this, before, or still sharp? GREAT thanks in advance, TaxCPANY Quote Link to comment Share on other sites More sharing options...
kcjenkins Posted April 16, 2011 Report Share Posted April 16, 2011 Yes, if she qualifies for the long-time resident rule, she is good to go. Quote Link to comment Share on other sites More sharing options...
TaxCPANY Posted April 16, 2011 Author Report Share Posted April 16, 2011 MUCH obliged, kc! This is one paper return I'll be glad to prepare, now knowing how comfortable tomorrow's extension will be. Very truly yours, Kurt Yes, if she qualifies for the long-time resident rule, she is good to go. Quote Link to comment Share on other sites More sharing options...
jainen Posted April 17, 2011 Report Share Posted April 17, 2011 >>she was in the former home 5-out-of-8 years<< Make sure she actually had an ownership interest in that former home. A quitclaim does NOT necessarily mean she had any claim to quit. In some cases, one spouse retains the home after divorce because it was separate property from the start, and the quitclaim is just a formality to clear the title. Quote Link to comment Share on other sites More sharing options...
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