Another Tax ?

[PghLybrt]

My GF finaly gave me her tax stuff to do. As I am doing it I run across the 1st time homebyer tax credit. My question is does she qualify?

Here is the situation. I bought the house in my name only 10 years ago. This past year we spent 3gs and put her name on the deed. I am the person listed on the mortgage. Any idea? I am leaning towards the no, but it would be nice.

 

[jackskellingtonsgirl]

My thought would be no, but we don't own property so I don't really know that much about it. You should probably phone the IRS and ask them. They were actually really nice when I called them about some weirdness with a 401K.

 

[PghLybrt]

I think I may do that.

Q. If a person does not actually make the payments on a home that’s their principal residence, but the deed and mortgage documents are in their name, can they be considered a first-time homebuyer?

A. Yes. If a taxpayer purchases a home to be used as a principal residence from an unrelated person and has not owned a home within the previous 36 months, the taxpayer is eligible for the first-time homebuyer credit regardless of who makes the mortgage payment

That is what the web site says. She is on the deed but I do not think she is on the mortgage. Then I started thiking that she would have to be on it. Why would the bank allow me to put someone on the deed with no financial obligation to the property? I think I have to call the bank too.

 

[mickeyfan1]

Deeds have nothing to do with the mortgage. The deed is the legal owners, the mortgagees are legally responsible for making the payments. 2 totally seperate issues. For example, on my street there is a home that is owned by an elderly couple and their son on the Deed. However, the son is the only person on the mortgage.

I would call the IRS, like Jenn said, and hope that the answer will be yes!

 

[C&G'sMama]

Check with the IRS but I would say no. She didn't purchase anything. The credit is the smaller of $8,000 or 10% of the purchase price of the home (what SHE paid for it) She didn't buy anything.

Now if she had paid for it (including via a mortgage) then we'd have to look at that fact pattern. But based on what you have said, there's nothing to take a credit for.

-A

 

[PghLybrt]

Check with the IRS but I would say no. She didn't purchase anything. The credit is the smaller of $8,000 or 10% of the purchase price of the home (what SHE paid for it) She didn't buy anything.

Now if she had paid for it (including via a mortgage) then we'd have to look at that fact pattern. But based on what you have said, there's nothing to take a credit for.

-A

I would agree except that she had to pay the taxes to be put on the deed. If she were my husband ( or other family member) then she would have paid nothing. So it does look like she bought 1/2 of our home.

Well i shall find out, if i ever get off hold!!