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my father and i bought a house from the home acution, but because i wasnt there he couldn put it in my name on as a co owner. i was wondering if maybe i can get a quick deed and get the first time home buyers taxes back???? please help!!

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

If you never buy home before that, then you can get first time home buyer tax credit.

Thanks.

gmakerley · Posted: Sat Nov 21, 2009 1:07 pm Post subject:

be careful...you dare not take the word of a layperson on this. call your tax advisor or contact the irs directly to get the full answer on this question. the irs has seen too much fraud and is cracking down in a major way. if you end up not being eligible and have claimed the credit, you could face severe penalties. you don't want that.

gunzi please be careful with your advice - you don't want someone to be in jeopardy because you were wrong. of that i'm certain.

gbrosint07 · Joined: 03 Dec 2009 Posts: 4 33.06 Dollars($)

you want to talk to your tax advisor or irs that will better help u .

jveenstra · Posted: Thu Dec 03, 2009 12:43 pm Post subject: Tax Credit

A quit claim deed is not a purchase.

To verify a purchase your name must be on the HUD-I Settlement Statement. You are not on it.

Probably can not get the tax credit.

gmakerley · Posted: Thu Dec 03, 2009 9:47 pm Post subject:

john, a purchase can be done on a quit claim. i wouldn't want to be involved in it, but it's possible; just not good business.

jveenstra · Posted: Fri Dec 04, 2009 8:24 am Post subject: Tax Credit

George, I'm not exactly sure how such a purchase with a quitclaim deed would work. Can not say I've ever heard of such a thing.

In this case, the purchase was already done. I am guessing the "purchase with a quit claim" still needs a HUD-I Settlement Statement. It takes a HUD-I Settlement Statement to verify purchase for the FTHB tax credit.

While I believe you know something I've never heard of, not sure how it works and not sure how it would help this particular situation.

gmakerley · Posted: Fri Dec 04, 2009 8:34 am Post subject:

y'know, john; when i made that statement, i wasn't considering the specific topic covered in this stream. but i've heard of such transactions taking place with a quit claim deed - cannot cite you chapter and verse, and i can't say it's prevalent, either.

gmakerley · Posted: Fri Dec 04, 2009 8:35 am Post subject:

tell you what...i'm going to a closing this afternoon...i'll ask the lawyer his opinion on the matter - not for this case, but in general.

jveenstra · Posted: Fri Dec 04, 2009 8:49 am Post subject: Quit Claim

Thanks. I'm always glad to discover/learn something new.

Did you throw in that last comment to let me know we'd possibly be learning something or to let us know you have a closing---which is always a good thing but all too often somewhat rare theses days

gmakerley · Posted: Fri Dec 04, 2009 8:51 am Post subject:

a little bit of both...i held off on the "HALLELUJAH" part of it, though.

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