Posted on: 03rd Mar, 2010 08:49 am
i bought a banked owned home. the purchase had to be cash. i paid cash for it and i went to closing and signed paperwork. 10 days later i quit claim deeded the home to my son who then was able to get a cash refinance in his name with me as the co signer. will he be able to get the first time home buyers tax credit?
Hi barbarav,
As your son purchased the property from you, he will not be able to take advantage of the first time homebuyer's tax credit. Moreover, those who refinance the mortgage, do not qualify for this tax credit.
As your son purchased the property from you, he will not be able to take advantage of the first time homebuyer's tax credit. Moreover, those who refinance the mortgage, do not qualify for this tax credit.