Posted on: 31st Mar, 2010 01:28 pm
Can i fund a purchase money mortgage in order to buy a condo for my college student-daughter to live in and have her claim the $8,000 first-time homebuyer tax-credit?
Hi servicelearning!
Welcome to forums!
If the mortgage is in your name, then your name will also be mentioned on the property deed. If you already have a property in your name, then you won't be considered as a first time home buyer. Thus, none of you would be able to qualify for the first time home buyer's tax credit.
Sussane
Welcome to forums!
If the mortgage is in your name, then your name will also be mentioned on the property deed. If you already have a property in your name, then you won't be considered as a first time home buyer. Thus, none of you would be able to qualify for the first time home buyer's tax credit.
Sussane
Hi Susanne, thanks for the reply! I don't think I framed my question properly, though. The title would be in my daughter's name. We would, in effect, be the lender...
However, I'm rethinking this strategy since then the house would legally be hers... and while I completely trust my daughter, you never know what the future holds! Introducing the potential for trouble doesn't seem worth the $8,000 credit!
However, I'm rethinking this strategy since then the house would legally be hers... and while I completely trust my daughter, you never know what the future holds! Introducing the potential for trouble doesn't seem worth the $8,000 credit!