2 first time home buyer tax credits
Me and my fiancé are looking to buy our first house soon. We would like to be able to sell it and upsize in a few years. I am curious how the first time homebuyer tax break of 250K per individual works when selling the home.
Firstly, it seems like the first time home buyer status may work multiple times if you do it right. Am I understanding that correctly?
If not, can I buy the house, take the loan, and put the title in my name, then when we sell I get a 250K tax credit on the gains. If she repeats the process for the next home can she also get the 250K rebate?
How does this change when we get married? Can I sell the first one for a 250K tax credit on gains and then we buy one together and get a 500K tax credit (filling jointly) on the second or do we forfeit the other tax break due to me using the first one?
Am I looking at this all wrong? Looking for some pointers if you guys have any insight into this before talking to a professional.
Thanks!