Posted on: 07th Oct, 2009 09:36 am
My father recently refinanced his house and I was added as co-borrower on the loan and also on the deed of trust but I have never had a mortgage loan in my name nor have I been on the deed of trust till now. Would i be eligiable for the tax credit considering this is my first house?
no
George's answer is short and correct.
Not only have you never had a mortgage before, you also have not ever purchased a house. You are now an owner because you were added to the deed, however, you never"puchased" a house.
Additionally, if you had purchased the house from your father, you would still not be eligible for the tax credit because purchasing from a relative does not qualify for the tax credit.
Not only have you never had a mortgage before, you also have not ever purchased a house. You are now an owner because you were added to the deed, however, you never"puchased" a house.
Additionally, if you had purchased the house from your father, you would still not be eligible for the tax credit because purchasing from a relative does not qualify for the tax credit.
What about if you purchased from an Uncle?
I am not sure. You have to check with an accountant.
The guidelines read:
You may not purchase from a related person and that includes:
Your spouse, ancestors (parents, grandparents or lineal descendants (children, grandchildren, etc)
(This from IRS Form 5405)
An uncle is a related person, but, not specifically noted in their example
The guidelines read:
You may not purchase from a related person and that includes:
Your spouse, ancestors (parents, grandparents or lineal descendants (children, grandchildren, etc)
(This from IRS Form 5405)
An uncle is a related person, but, not specifically noted in their example
i know this came up not long ago here, too; but i honestly don't recall the answer. if this query by boston22 is related to the initial inquiry here, i think we are at the same standstill. our original poster hasn't made a purchase; rather he was added as an owner of a family property.
Thats correct, if you just add yoru name to existing deed, you are nto eligable
And also any purchases done from an relatives are also nto qulified for the tax credit
And also any purchases done from an relatives are also nto qulified for the tax credit