Posted on: 28th Mar, 2009 10:25 pm
i put my 2 children on my condo with a quit claim deed nearly 2 years ago. now my son is wanting to purchase his first home. does this disqualify him now as a first time home owner to get the $8,000 tax credit? thank you.
Hi nanspin,
When you quitclaimed the property you transferred the ownership of the condo to your sons. They are the legal owner of the property. Thus, I don't think they can qualify for the first time home buyer tax credit.
When you quitclaimed the property you transferred the ownership of the condo to your sons. They are the legal owner of the property. Thus, I don't think they can qualify for the first time home buyer tax credit.