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wagcity · Joined: 10 Oct 2009 Posts: 1 1.00 Dollars($)

I am hoping to qualify for the first time home buyer tax credit, closing on a home in oct. 09.

Here is the issue:

My friend quit claimed me on to the deed of a home we shared in 2006. I had no financial interest in the home other than the work I was doing to restore it. The mortgage was in my friend's name and they initially bought the property on their own. As mentioned, I was put on the deed in 2006 and then quit claimed off of the deed in 2007 as my friend was losing the house to the bank. I was successfully removed from the deed before the foreclosure and was not affected credit-wise.

Now I want to buy MY first home and I fear that this brief time on the deed to that property may ruin my eligibility.

Does anyone have an idea as to where I stand with this?? Thank you!!

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)

Lookign at the year, sorry to say this, but you do not qualify for the first time buyer tax credit

Since you still had yoru name till 2007 you are in the 3 years range

For you to qualify, you shoudl not have owned a property in the last three years

leeelliot61 · Joined: 13 Sep 2009 Posts: 188 0.01 Dollars($)

wagcity,

you need to close house purchasing before December 1, 2009

Are you using your friend's home as principal residence in 2006 - 07? or it was being used by your friend?

if it was being used by as a principal residence, you can not go for "first-time home buyer benefit"

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first time home buyer elibility