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jayniewho · Joined: 09 Feb 2010 Posts: 1 1.33 Dollars($)

I bought a new condo, the mortgage is only under my name but my mom's name is under the title, will i still qualify for the first time home owner credit?

sdorward · Joined: 21 Apr 2009 Posts: 6 1.87 Dollars($)

So long as you qualify outside that setup (ie, normal rules, first time home buyer, primary residence, etc), then yes, you would still qualify.

gmakerley · Posted: Wed Feb 10, 2010 1:41 pm Post subject:

jaynie, i don't quite get what you are saying about mom, but if you have specific questions, your tax advisor is the first one to query. beyond that, you can check directly with the irs and get the skinny on your eligibility.

if i read you right, you may not be eligible if your mom is or has been a homeowner in the last 3 years.

savior70 · Posted: Wed Mar 03, 2010 3:05 am Post subject:

Hi jaynie,

You should be able to avail the first time buyer tax credit if you did not own a property in the last 3 years. Your mother's name can be on title and you can still claim the first time buyer tax credit. As long as you are on the title, you are a legal owner of the property and you can qualify as a first time buyer. However, you can contact the IRS to know if you qualify for the tax credit.

Guest

Can you get the First Time Home Buyer Tax Credit if you bought a home or condo in 2007, or did they forget about buyers for that year

gmakerley · Posted: Wed Apr 14, 2010 10:28 am Post subject:

if my recollection is correct, yvonne, the tax credit first came into being with the 2008 tax year. that's not the news you were looking for, i'm afraid. double check with the irs, but that's what i believe to be the case.

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