Posted on: 10th Apr, 2010 03:41 am
I bought my first home in the fall of 2009. However - I am concerned that I do not qualify for the tax credit because my name is on the deed of my dad's rental house. I was originally put on the deed around 2 years ago. But I did not buy the rental house and my name is not on the mortgage. Also, I was living in the rental house for a period of time. Do I qualify?
I did some research an found this question and answer on the IRS website. I would intepret this as applying to me. So it seems that I do not qualify. However, I am not very well versed in legal gargin... so am I interpreting this correctly?
Q. Does previously inheriting a home and living in it automatically disqualify me as a first-time homebuyer if I buy a different home on or before Nov. 6, 2009?
A. Yes, an ownership interest in a prior principal residence would bar you from being considered a first-time homebuyer. As long as you owned and used the prior home as your principal residence, you are not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (11/19/09)
Q. Does previously inheriting a home and living in it automatically disqualify me as a first-time homebuyer if I buy a different home on or before Nov. 6, 2009?
A. Yes, an ownership interest in a prior principal residence would bar you from being considered a first-time homebuyer. As long as you owned and used the prior home as your principal residence, you are not a first-time homebuyer. There is no exception for taxpayers who did not buy their prior residences. (11/19/09)
It is true that if your name is on a property, then you won't be able to qualify as a first time home buyer. Thus, you'll not be able to receive the tax credit.
mercy2, i agree with what you found at the irs website, but you may still want to run this by the irs directly (a live human) or a tax advisor.
