First time homebuyer

"M" you offer no assistance whatsoever other than to receive a phone call from people. you must be quite a businessman.

shelley that's a question best asked of the irs themselves, or a tax advisor. it kind of makes sense to me that you'd qualify; but i suggest you check with those who are in the business specifically.

thanks. this situation is very confusing to me since ive never even bought a house much less bought one where im buying out relatives

as i say, if you have never been a homeowner, that ought to qualify you; but i'd hate for you to run with my advice and then find out it's wrong after all.

you're most welcome.

Hi i think i have found something very interesting according to this it says if you inherited the property or was given to you by a relative you are not able to get the tax credit. I will the link its imageshack i dont know how to post picture or if there allowed.

http://img9.imageshack.us/img9/4871/tax.jpg

Thanks and let me know!

I read it but it seems to me if you inherit the entire home. it doesnt say a portion of it. I am still going to ask a tax advisor before i do anything next year. Thanks for the info

Oh yea please advise a real tax advisor as im not one hehe its the only thing close enough on the internet to give u some sort of help. No problem. Hope all works out for you :)

Im hoping i do qualify at least from the portion im buying out if not all of it =) i wouldnt be surprised the government has never helped repsonsible people lol

for anyone who wishes to see the entire form and the instructions and subsequently print it out in a nice, clean format...you can go to irs.gov and do a search for form 5405. click on the link and print it out if you wish.

shelley my only comment about your ownership (and this may or may not be relevant to the tax issue) is that you have access to the entire house, so it's really 100% ownership that happens to be shared with two other parties (who also have 100% access and ownership).

based on that, i think that you'll find the irs ruling wouldn't be favorable for you.

thats what im thinking also unless i buy it sooner than planned before the deed is switched over to all 3 of our names. Its kinda like buying your own house in a way.

oh, well that's some good news! i was operating under the premise that you already had taken ownership. if you can do it prior to the actual transfer, that'd certainly cement your position as a first time homebuyer, and, then the credit would apply.

Hey george! Your everywhere on these forums :) well shelley i actually talked to an local tax advisor. She says if you buy this property 100% in your name you can qualify no problem. If you have the deed with you and two other people she says you probally will not qualify if the other 2 on there are relatives or have owned property within the last 3 years. If you inherit the property you will not qualify. Your best bet is just to call the irs directly and tell them your situation.

not yet. I can not do anything until the estate is closed in another month. I am the type who always researches everything first. I am finding it a challange to get a loan for only $62000 most companies say they dont do loans that small.

yeah, i'm on call 24/7. Hah!