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8000 tax credit

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advice please Guest	Posted: Wed Oct 07, 2009 9:36 am    Post subject: 8000 tax credit Like 0 Dislike 0 My father recently refinanced his house and I was added as co-borrower on the loan and also on the deed of trust but I have never had a mortgage loan in my name nor have I been on the deed of trust till now. Would i be eligiable for the tax credit considering this is my first house? _________________ Need help choosing the right loan? Get free consultation from community lenders/consultant
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 07, 2009 10:22 am    Post subject: Like 0 Dislike 0 no _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Wed Oct 07, 2009 11:15 am    Post subject: Tax Credit Like 0 Dislike 0 George's answer is short and correct. Not only have you never had a mortgage before, you also have not ever purchased a house. You are now an owner because you were added to the deed, however, you never"puchased" a house. Additionally, if you had purchased the house from your father, you would still not be eligible for the tax credit because purchasing from a relative does not qualify for the tax credit. _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
boston22 Guest	Posted: Wed Oct 07, 2009 12:47 pm    Post subject: Like 0 Dislike 0 What about if you purchased from an Uncle?
jveenstra Community Expert Joined: 10 Nov 2008 Posts: 1256 Location: River Edge, New Jersey 264.15 Dollars($)	Posted: Wed Oct 07, 2009 1:05 pm    Post subject: Tax Credit Like 0 Dislike 0 I am not sure. You have to check with an accountant. The guidelines read: You may not purchase from a related person and that includes: Your spouse, ancestors (parents, grandparents or lineal descendants (children, grandchildren, etc) (This from IRS Form 5405) An uncle is a related person, but, not specifically noted in their example _________________ John Veenstra, Sr Mortgage Consultant Approved Funding Corp Licensed NJ NY CT PA 201-833-0123x278
gmakerley Community Mentor Joined: 09 Nov 2007 Posts: 12346 Location: bloomfield, ct 53.01 Dollars($)	Posted: Wed Oct 07, 2009 1:13 pm    Post subject: Like 0 Dislike 0 i know this came up not long ago here, too; but i honestly don't recall the answer. if this query by boston22 is related to the initial inquiry here, i think we are at the same standstill. our original poster hasn't made a purchase; rather he was added as an owner of a family property. _________________ George M. Akerley Independent Contractor - Mortgage Consultant Word of Excellence Editing/Writing/Proofreading 860-221-5044
sunnyca2009 Joined: 04 Aug 2009 Posts: 1731 35.55 Dollars($)	Posted: Wed Oct 07, 2009 5:29 pm    Post subject: Like 0 Dislike 0 Thats correct, if you just add yoru name to existing deed, you are nto eligable And also any purchases done from an relatives are also nto qulified for the tax credit

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