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January 23, 2025
Question

Does buying out my spouse's half of our home in a divorce count as a "first-time home purchase" for me?

  • January 23, 2025
  • 1 reply
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I'm doing my ncome taxes for the first time as a divorce person. I had to withdraw money from both my IRA and my ROTH IRA to buy the ex out of his half of our home. Can I count that as a "first-time home purchase", since it's the first time I've owned a home by myself? (The home was originally purchased by him 30 years ago, but we added my name to the deed once we got married.)

    1 reply

    January 23, 2025

    No. As you have co-owned the home you are purchasing, this does not qualify as a first time home purchase.

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