Posted on: 04th Mar, 2010 08:24 pm
I have never bought a home or had a mortgage but my name is on a deed, a house that a friend of mine has a mortgage on. Would I be considered a First Time Home Buyer?
Hi vaspock,
You can qualify as a first time buyer if you have not owned a property for the last 3 years. You can claim the first time buyer tax credit of $8000. On the other hand, if you have owned and occupied a principal residence for the 5 consecutive years out of the last 8 years, you can still qualify for a $6500 tax credit.
Though your name is not on the loan, it is on the property deed, right? In that case, you already own a home and you cannot qualify for the first time buyer tax credit of $8k. However, if you can prove that you did not use this property as your primary residence and the property you are going to buy will be used as your main home, you can qualify for the tax credit of $8k.
You can qualify as a first time buyer if you have not owned a property for the last 3 years. You can claim the first time buyer tax credit of $8000. On the other hand, if you have owned and occupied a principal residence for the 5 consecutive years out of the last 8 years, you can still qualify for a $6500 tax credit.
Though your name is not on the loan, it is on the property deed, right? In that case, you already own a home and you cannot qualify for the first time buyer tax credit of $8k. However, if you can prove that you did not use this property as your primary residence and the property you are going to buy will be used as your main home, you can qualify for the tax credit of $8k.
Yes, you have to prove that you are not using this property as primary resident, then i will possible.
Thanks.
Thanks.
your question is best answered by a tax advisor, or the irs directly.
