Question


Kisha B

I have a strange situation for the 8000 tax credit..help?

Hi! My mom is getting a mortgage in her name for me...I filed bankruptcy 3 years back therefor, I don't qualify for the loan. I will be making the payments on this house. The lender said that she can get my name added to the deed, and she was wondering if that would be enough proof for me to qualify for the tax credit. I have not owned a home since June of 2006. If no, no biggie, I'm not expecting it anyways! Thanks...I've been trying to get ahold of a tax preparer for 2 days with no luck! Thanks guys! I really appreciate it...like I said..no dissappointment or anything, but it was worth a shot! Have a great night!

4 weeks ago - 6 answers

Best Answer

Chosen by Asker

If Mom owns her home and the loan is in her name neither of you qualify for the $8,000 tax credit.

by ! !

4 weeks ago

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Other Answers

The HUD closing statement is required with the IRS form at return filing.So if your name is not on the HUD form (which it wouldn't beif your not on the loan) then you wouldn't qualify. Also, If any party on the buyer's side isn't a first time buyer, it negates the credit anyways. So unless your mother is a 1st time buyer there won't be a credit to anyone.

by cooperjack- 4 weeks ago

Hi.. Below please find tips w/ regards to tax credit for 2009 First-Time Home-buyers. 1. The tax credit is for first-time home buyers only. 2. The tax credit does not have to be repaid. 3. The tax credit is equal to 10percent of the home's purchase price up to a maximum of $8,000. 4. The credit is available for homes purchased on or after January 1, 2009 and before December 1, 2009. 5. Single taxpayers with incomes up to $75,000 and married couples with incomes up to $150,000 qualify for the full tax credit. For more details visit us at www.juliedhingracpa.com or IRS.gov Hope it helps. Thanks,

by lukring- 4 weeks ago

No, your name has to be on the loan.

by ~*Mama-of-Two*~- 4 weeks ago

It's not the mortgage loan that matters... it's the property title. Unless all parties on the title qualify as "first time buyers", there will be no tax credit. Adding a name to the title afterward does not meet the definition of a "first time buyer."

by jlf- 4 weeks ago

Don't go to someone who "does taxes on the side". Find a CPA and fast. I think that if you and your mom are buying the house, with just her on the loan (and she owns a house and you never have), you qualify for up to $4,000.

by teran_realtor- 4 weeks ago