Posted on: 29th Jul, 2009 10:59 am
Briefly, my wife and I have a mortgage on a rental house which we rent out to our son. He would like to buy the house and somehow, take advantage of the subject matter. We cannot sell it to him directly without him losing his eligability to get the credit. Are there any legal options that would suffice in order for him to complete this deal within reasonable costs? Thank you
rudolph r. zuri
Welcoem to the forum
I do not think thre is any work around for this. Except that your son can buy house from some one else.
The eligibility tersm clearly states that"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
Welcoem to the forum
I do not think thre is any work around for this. Except that your son can buy house from some one else.
The eligibility tersm clearly states that"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
Hi rudolph,
If your son did not own a home in the last 3 years, then he would be able to qualify as a first time homebuyer. Before going into any kind of transaction, I would suggest you to contact a real estate attorney and take his opinion.
If your son did not own a home in the last 3 years, then he would be able to qualify as a first time homebuyer. Before going into any kind of transaction, I would suggest you to contact a real estate attorney and take his opinion.
realgeni is right on with his analysis. there's no workaround in a situation such as you describe. if your son wishes to make a purchase and simultaneously qualify for the tax credit for first time homebuyers, he would have to make that purchase from someone else.
