Do I qualify as a First Time Homebuyer if my name is on deed only and I Refinance this month?

Guest

my wife's name is not on the deed or mortgage, yet we file jointly and have a combined AGI of less than $150K. Will we get the full $8k tax credit?

cliveselley · Joined: 23 Jul 2009 Posts: 45 0.00 Dollars($)

princes,

you can not qualify as your name is not on mortgage

cliveselley · Joined: 23 Jul 2009 Posts: 45 0.00 Dollars($)

princes,

you can not qualify as first time buyer as your name is not on mortgage

gmakerley · Posted: Mon Jul 27, 2009 8:14 am Post subject:

hoosier, you gave so little detail that it's impossible to give you a straight answer.

Guest

I am getting ready to purchase a home with just my name on the mortgage, but have owned a home before. If I put my boyfriend on the title but not the actual mortgage can he be eligible for the credit?

Realgeni · Joined: 13 Apr 2009 Posts: 1434 99.77 Dollars($)

Linny

These are the guidign rules for $8000/- tax credit.

- The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.
-The tax credit does not have to be repaid, if you stay in the house for atleast 3 years.
-The tax credit is equal to 10 percent of the home’s purchase price up to a maximum of $8,000.
-The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009.
-Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit.
-For married taxpayers, the law tests the homeownership history of both the home buyer and his/her spouse
- Cannot purchase a home from your ancestors (parents, grandparents, etc.), your lineal descendants (children, grandchildren, etc.) or your spouse

Good luck and feel free to ask

I am not sure how youare goign to out yoru biy friends name on the mortgae with his name on the title

.

Guest

if you were given an acre of land with a old worthless mobile on it, can you still qualify for the tax credit to buy a house or have one built

Posted: Sun Sep 20, 2009 1:00 am Post subject:

If there Is a house quick deed to me can I claim the house on my 09 taxes in 2010? And will I be able to recieve the 8,000 credit?

Guest

I was quit claimed onto a property in 2006 but had no financial investment in the property, I was not on the mortgage. In 2007 I was quit claimed off as the mortgaged owner let the house go back to the bank and didn't want me to take a possible hit with my credit. I am non-related to the person who owned the house.

I am buying the first house of my own in FLorida, to close in Oct. 09. Do I qualify as a first time home buyer? Or does that brief time that i was quit-claimed onto that property ruin my chances to receive the tax credit?

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

If your name was not on the title in the last three years then you are eligibale for $8000/- tax credit

gmakerley · Posted: Sun Oct 11, 2009 9:44 pm Post subject:

check with your tax advisor - that's your best bet to determine whether or not you're eligible.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Probably they can, but the person who's name was on the title will be able to dettermine if his/her name was any house in the last threee years

gmakerley · Posted: Mon Oct 12, 2009 9:18 pm Post subject:

a lay person is not in any position to make a determination about qualification for a tax credit allowed to a first time homebuyer. one should either request such a ruling from the irs directly, or do precisely what the irs itself suggests - go to a tax advisor to have the question answered.

sunnyca2009 · Joined: 04 Aug 2009 Posts: 1737 36.13 Dollars($)

Probably best place to check it out would be

http://www.federalhousingtaxcredit.com/2009/index.html

gmakerley · Posted: Mon Oct 12, 2009 9:40 pm Post subject:

au contraire - the one site that will answer every question, without fail, is irs.gov - the irs' website itself. there are plentiful organizations who purport to have expertise in the matter, but only one agency of the us government is tasked with administering the credit and publishing the rules and regulations - that is the irs. to go elsewhere may not be harmful, but it may not be completely accurate, as we will naturally expect the irs to be.

i will never recommend that a person go to a site owned and operated by a private concern when there is valuable information on a site such as in this case, where the irs has exclusive responsibility.

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