Does dad qualify for first-time homebuyer credit?
Time is running out for the first-time homebuyer credit worth up to $8,000. Sales must close by Nov. 30. And if you’re constructing a house, you need to be in it by that date, too.
According to the IRS, more than 23,000 Maryland taxpayers have been able to take advantage of the credit as of Sept. 17. Nationally, more than 1.4 million have benefited from it.
At Consuming Interests, we are still getting questions about the credit. I typically forward them to the IRS. Answers either trickle out or come in a gush. Here’s a recent trickle:
Q. I qualify as far as the guidelines read for a first-time home buyer. I purchased my house with cash this year so there is no mortgage. Its is my primary and only residence. I put my daughter on the title with me for estate purposes. She and her husband do have interest in their own home and live in their own home. My question is: Am I eligible for the $8,000 credit regardless of my daughter being on the title?
IRS: Yes. Your daughter is not a first-time homebuyer and cannot claim any portion of the credit, but you may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as your primary residence.
Comments
I took a bankruptcy in 2005, and have not owned a house since then. I am relocating to Island Park, Idaho. This will be my own primary residence. The seller is willing to carry papers. What do I have to do to qualify for the $ 8,000.00 rebate?
I don't know what "carry papers" means, but you must buy the house and have the deal close by Nov. 30. There are certain income limits. I believe the credit starts phasing out for individuals with AGI above $75,000. And the credit is worth 10 percent of the house value, not to exceed $8,000. If you're married and your spouse has owned a house in the past three years, you will not be eligible for the credit. There is lots of information on this blog about the tax credit under the taxes category. Check it out. - eileen
Posted by: Bill McKelvey | October 13, 2009 8:16 PM
Ho do i find out if i can get this me and my girl frien never had a houes be for and we have two kid and right now we live whit my mom and day
Posted by: Timothy Clark | October 15, 2009 8:13 PM