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briandbaumgartner · Joined: 06 May 2009 Posts: 1 1.52 Dollars($)

I am the 5th person on a deed to a house and am not on the mortgage. Tax credit if i buy them out?...This might be repetitive, but my college roomates' parents purchased a house for us to live in. The four of them (married couples) are on the deed and I wanted in so I put some money down. The four of them are on the mortgage and deed. I am only on a portion of the deed (didn't sign nearly as many papers as they did.) If they quit claim the deed to me and I get a mortgage in my name to live in the home soley, can I qualify for any of the tax credit?

Thank you for your help. I posted this some where else in the forum but didn't put my email in so I couldn't find it again.

Thanks!

Niicss · Posted: Thu May 07, 2009 2:22 am Post subject:

Hi Brian

I don't think you'll qualify for a tax credit. Tax credits are available for the first time homebuyers. To qualify as a first time home buyer, you'll have to prove that you did not own a property for the last 3 years. But as your name was mentioned in the property deed, you were one of the owners of the property.

Thanks.

gmakerley · Posted: Thu May 07, 2009 8:04 am Post subject:

exactly...you are an owner and therefore cannot be construed as a first time buyer.

Guest

I figured there was no chance, but I had to give it a try. Possibly recieve a portion of it. I'm kicking myself for being added to the deed. Who would have thought that cost me 8 grand? Crazy... Thanks for your help.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

But if you refinance the loan after they give you a quitClaim, then you get tax credit onthe interest you pay.

gmakerley · Posted: Mon May 11, 2009 8:23 am Post subject:

geni, you are misleading the poster with that information. the entire question had to do with the tax credit for first time homebuyers. our poster is not eligible for that tax credit. i believe you're referring to the tax deductibility of interest and real estate taxes.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

George I am not misleading.

I was lettignt he poster know that they can deduct the interst thay pay on thier mortage.

I love this forum.

gmakerley · Posted: Tue May 12, 2009 5:47 pm Post subject:

i know that's what you were talking about, but the topic had nothing to do with tax deductions. the question asked concerned the tax credit that has been enacted for first time homebuyers. if we get confused about the context of our posts, it may confuse others who are browsing and not financially astute.

thanks for the cooperation, jeni.

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.76 Dollars($)

Typical George.

You win George.

gmakerley · Posted: Thu May 14, 2009 9:00 am Post subject:

believe me i am not trying to "win." i do however, believe that it is important that when a question is posted, we answer that question to the best of our abilities without confusing the issue.

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