Posted on: 21st Jan, 2010 06:46 pm
My fiance and I are looking into purchasing a home soon and would like the first time home buyers credit. A couple years ago my parents put my name on their house and land in case something happened to them it would be mine. Since they did that will I be able to get the $8,000 tax credit?
Hey mike,
Its doesn't matters, If you buying home first time then you will be eligible for First Time Home Buyer Tax Credit. But you have not owe any property from last 3 years. As you say couple of year , then if you not passed 3 years after leaving name from house then still wait for few months.
Thanks & Regards.
gunz.ijjistaff
Its doesn't matters, If you buying home first time then you will be eligible for First Time Home Buyer Tax Credit. But you have not owe any property from last 3 years. As you say couple of year , then if you not passed 3 years after leaving name from house then still wait for few months.
Thanks & Regards.
gunz.ijjistaff
Hi Mike,
I understand that your parents added your name to the title to the house. But did you use it as your primary residence? Since your name was added to the property deed, you are a legal owner of the property. But if you did not use this property as your principal residence, you can still claim the first time buyer tax credit.
I understand that your parents added your name to the title to the house. But did you use it as your primary residence? Since your name was added to the property deed, you are a legal owner of the property. But if you did not use this property as your principal residence, you can still claim the first time buyer tax credit.
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