Posted on: 08th Mar, 2010 11:13 pm
I and my boyfriend bought a house together and I couldn't be qualified to be on the mortgage because I'm still in school. However, we added my name to the deed and the mortgage payments are coming out of my account. Do I qualify for the tax credit?
Hi quba.
When it comes to the first time buyer tax credit, it is of little importance if you are on the loan. As long as your name is on the property title, you are a legal owner of the property. So, if your name is on the title and if you have not owned a primary residence for the past 3 years, you can qualify for the first time buyer tax credit of $8000.
When it comes to the first time buyer tax credit, it is of little importance if you are on the loan. As long as your name is on the property title, you are a legal owner of the property. So, if your name is on the title and if you have not owned a primary residence for the past 3 years, you can qualify for the first time buyer tax credit of $8000.
What is the source of this information? Everyone I asked was either lost or confused...
Hi quba,
The reason I say this is, tax credit is meant for first time home buyers and home ownership has nothing to do with a mortgage. Your name does not have to be on the loan for you to be considered as a home owner. Ownership and mortgage are two completely different issues. Moreover, a buyer can also buy a real estate home or a mobile home with cash payment. But it does not mean he will not be able to claim the first time buyer tax credit. In case you have any doubt, call the IRS. They should be able to tell you if you will qualify for the tax credit.
The reason I say this is, tax credit is meant for first time home buyers and home ownership has nothing to do with a mortgage. Your name does not have to be on the loan for you to be considered as a home owner. Ownership and mortgage are two completely different issues. Moreover, a buyer can also buy a real estate home or a mobile home with cash payment. But it does not mean he will not be able to claim the first time buyer tax credit. In case you have any doubt, call the IRS. They should be able to tell you if you will qualify for the tax credit.
i think we need to back up a minute, however. quba, you noted "we added my name to the deed" - was this done at the time of purchase or afterward? if it was at the time, then you are qualified, but since you two are not a married couple, you would each be eligible for only $4000 each. if, however, the purchase was made by him, and you were added after the fact, you will not be eligible.
you can get all the facts on the tax credit from the irs.gov website, or you can check with a tax advisor for any questions you may have. in fact, despite what we may have told you here, you are best served to speak directly with a tax advisor or irs agent about this, as we are not necessarily the final word on this topic. i know i'm not.
you can get all the facts on the tax credit from the irs.gov website, or you can check with a tax advisor for any questions you may have. in fact, despite what we may have told you here, you are best served to speak directly with a tax advisor or irs agent about this, as we are not necessarily the final word on this topic. i know i'm not.
