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wilwarner · Joined: 16 Nov 2009 Posts: 2 1.69 Dollars($)

My parents have always included myself and all my siblings on the deeds of any property they have purchased, in a belief that this would ease inheritance if something ever happened to them. I am currently listed on 2 properties that I'm aware of (the family farm and a house purchased next to a university that all siblings have resided in while attending college). When I look up the properties with the county, they are listed in my fathers name, and then ETAL (all others=my mother, myself and siblings). He has paid the property taxes, and handled all financial matters on these properties. Does this disqualify me and my other siblings from buying a home and claiming the tax credit? I'm thinking it does, but I'm planning to purchase my first home, and the credit would obviously help financially in doing so. Any info appreciated.

savior70 · Posted: Tue Nov 17, 2009 5:17 am Post subject:

Hi,

In order to claim the first time buyer tax credit of $8k, you must not have owned a primary residence for the past 3 years. Did you use the properties as your principal place of residence during the past 3 years? In case you did, you do not qualify for the $8k tax credit. But there's another tax credit of $6500 which you may claim. It is available to those who have owned and lived in a residence for a minimum of 5 consecutive years out of the last 8 years prior to the new purchase.

gunzijjistaff · Joined: 07 Apr 2009 Posts: 712 4.51 Dollars($)

Hey, Your parent has purchased this property not you. since you listed on property deed. If you does not purchased any home yet, then you will be considered "First Time Home Buyer" & absolutely you can claim first time home buyer tax credit.

Thanks.

wilwarner · Joined: 16 Nov 2009 Posts: 2 1.69 Dollars($)

Thanks for the info. I didn't know about the other credit. I have lived in this house, moved in and made repairs and fixed it up after a failed rent to own fiasco. I've been told by realtors both, that I could get the credit, and that I couldn't. I read everything I could find online and haven't found this scenario listed. I figured I would be considered an owner (partial owner). and couldn't take the credit. I've also found that it's very hard to get a loan on a house that needs repairs, which seems like a big flaw in this program. Foreclosures often have problems. If someone can't pay their mortgage, it's likely they aren't spending money doing repairs. And some are highly vandalized by or stripped of what ever value they can pull out of it before the foreclosure hits.

Guest

good article as usual!

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name listed on deed, voids first time buyer credit?