Legal Question in Real Estate Law in California
My husband and I are selling our house in Calif. and going to buy house in Oregon. Only HE is on title of current hse. It was left to him when mother died years ago. Since I have never bought a home, can we take advantage of new $8,000 credit if we only put MY name on title of new house?
Thanks, Barbara
1 Answer from Attorneys
For the purpose of this law, if you have not owned a home in the past three years but your spouse has owned a principal residence, neither you nor your spouse qualifies for the first-time home buyer tax credit. However, a "first-time home buyer" is someone who hasn't owned a principal residence for three years before buying a house. The date of purchase is considered the day that the title is transferred. Since the house was never purchased but was inherited, I doubt f your husband could be considered as having bought a home before. Your accountant or CPA should be able to help you with this question.