can you claim first time home buyer credit if you were added to a deed?
quillera asked:
my best friend bought her home back in 2006 but this year on may of 2009 she added me to the deed since I’ve been the one living in the house since 2006 and paying for the mortgage…i already filed my 2008 return but wondering if i need to do an amendment return to apply for the first time home buyer credit with form 5405….PLEASE HELP ! thanks !
Russell
my best friend bought her home back in 2006 but this year on may of 2009 she added me to the deed since I’ve been the one living in the house since 2006 and paying for the mortgage…i already filed my 2008 return but wondering if i need to do an amendment return to apply for the first time home buyer credit with form 5405….PLEASE HELP ! thanks !
Russell
July 25th, 2009 at 1:54 pm
Matthew
You can receive a credit up to 10% of the price you paid for her to deed the property to you this year.
If you paid $1 then you are entitled to a credit of $.10. If you paid $0 then you get nothing. How much did you pay her? Look on the deed she issued this year to see what amount you paid. Mostly like it was $1.
Her purchase back in 2006 is not relevant.
July 25th, 2009 at 6:51 pm
Kimberly
Did you purchase the property, have a proper closing, etc? If you were added to a deed on an existing property, the answer is no. You have to purchase the property, not make payments toward someone else’s mortgage taken out before this program went into effect.
July 26th, 2009 at 4:22 am
Philip
no – the house was already bought before the eligible time period
July 29th, 2009 at 10:44 am
Georgia
You can’t get any tax credit unless you BUY a house. The credit is extended up to $8,000 or ten percent of the purchase price, whichever is less. You haven’t paid anything to be added to the deed. Therefore you are not entitled to any credit. That you paid the mortgage payments does not count.
July 29th, 2009 at 9:14 pm
Terry
No as this was not a purchase, it was a transfer. Good try.