Posted on: 14th Sep, 2010 07:05 pm
My fiance and I bought a house together. However, the mortgage is in his name. When we purchased the home, he was eligible for the $8000 tax credit. Unfortunately we have just recently decided to go our separate ways. I would move out of the house, but I have kids and we agreed would be best if I could stay in the house. However, I don't want him to lose his tax credit money. If we do a quitclaim or whatever option to sign the house over to me...would he have to pay back the tax credit?
Hi hugsfrmn,
Your fiancé will become obligated to repay the credit if the home ceases to be his principal residence within 36 months from the date of purchase. The full tax credit received will become due in that case.
Thanks
Your fiancé will become obligated to repay the credit if the home ceases to be his principal residence within 36 months from the date of purchase. The full tax credit received will become due in that case.
Thanks