Posted on: 25th Jan, 2010 03:38 pm
Hello,
In the middle of 2009 my father quitclaimed me the condo (Property A) I am currently living in. I recently purchased another property (Property B) which I want to get the New Buyer Tax Credit on since this is the first home I am actually purchasing. I know that I am not allowed to claim the credit if I have owned a property in the last 3 years. Since my father quitclaimed me property A, does that mean I do not qualify for the credit on property B? If so, is there any way to reverse the quitclaim as if he never quitclaimed it to me in the first place and effectively qualifying me for the New Buyer Tax credit?
In the middle of 2009 my father quitclaimed me the condo (Property A) I am currently living in. I recently purchased another property (Property B) which I want to get the New Buyer Tax Credit on since this is the first home I am actually purchasing. I know that I am not allowed to claim the credit if I have owned a property in the last 3 years. Since my father quitclaimed me property A, does that mean I do not qualify for the credit on property B? If so, is there any way to reverse the quitclaim as if he never quitclaimed it to me in the first place and effectively qualifying me for the New Buyer Tax credit?
Hi lanceman,
As you owned the property A which was quitclaimed to you buy your father, you won't be able to qualify for the first time homebuyer's tax credit. I don't think there is any way to reverse the deed and prove that your father never quitclaimed it to you.
As you owned the property A which was quitclaimed to you buy your father, you won't be able to qualify for the first time homebuyer's tax credit. I don't think there is any way to reverse the deed and prove that your father never quitclaimed it to you.
i agree with adonis' take on the matter. you can certainly pose this very question to the irs directly (irs.gov) or to a tax advisor - either of which would be able to definitively answer you.
i can't speak for adonis, but i know that i cannot render tax advice; so seeking the counsel of a true professional in the field would be advisable if you wish to get clarity.
i can't speak for adonis, but i know that i cannot render tax advice; so seeking the counsel of a true professional in the field would be advisable if you wish to get clarity.
