Anyone tried to buy a home and get the New First time home buyers tax credit

[ChinaQuest52 0]

Good evening all,

I know this is not a tax forum but I was curious if any of my fellow Journeyers has tried to buy a home while they wait for the VISA process to plod along. My wife is still in China and we've thought about buying a home, which has got to help with the Proof of our marriage etc. I was looking into the $8,000 "First time home buyers tax credit". We qualify and can afford the home etc. But since I don't know how we can file a Joint Return until she has a SSN. If you have bought a home and or filed a Joint Tax Return I'd like to hear how you went about it.

Thanks,

Tom

[RickD 0]

Good evening all,

I know this is not a tax forum but I was curious if any of my fellow Journeyers has tried to buy a home while they wait for the VISA process to plod along. My wife is still in China and we've thought about buying a home, which has got to help with the Proof of our marriage etc. I was looking into the $8,000 "First time home buyers tax credit". We qualify and can afford the home etc. But since I don't know how we can file a Joint Return until she has a SSN. If you have bought a home and or filed a Joint Tax Return I'd like to hear how you went about it.

Thanks,

Tom

Tom,

The $8000 tax credit is exactly that - all you do is claim it on next years taxes. No special paperwork to fill out. I am claiming married and 16 deductions right now to get all of my federal withholding in my paycheck (yes, that is legal, but your employer must send in a form to the IRS if you claim more than eight). I'm sort of getting the cash for the tax credit in advance. That money will be part of our down payment. I believe that you have to close by 1 Dec 2009 in order to get the credit. I am sure there is more information on the IRS website.

You can claim your wife by getting a taxpayer identification number for her through the IRS and treating her as a resident alien. You have to send the IRS a letter telling them that she wants to be treated as a resident alien, but when you file your taxes you must report all of her income, worldwide. Once again, you can get the details by searching the IRS website. I hope this helps. Best wishes and God bless.

Rick

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