Am I qualified for the First time home buyer tax credit?
Jon asked:
My grandmother lives in a Co-op in New York and I help her pay the maintenance, I used to live with her for several years until 2 years ago. Both of our names are on the co-op contract as share holder as well as on the Mortgage Interest Statement, Form 1098. I never took a mortgage or actually purchased any home. My question is, am I qualified for the 8000$ first time home buyer tax credit in case I buy an apartment in 2009?
Danielle
My grandmother lives in a Co-op in New York and I help her pay the maintenance, I used to live with her for several years until 2 years ago. Both of our names are on the co-op contract as share holder as well as on the Mortgage Interest Statement, Form 1098. I never took a mortgage or actually purchased any home. My question is, am I qualified for the 8000$ first time home buyer tax credit in case I buy an apartment in 2009?
Danielle
September 2nd, 2009 at 6:53 pm
Alicia
No, as you are co-owner and you used the co-op as your principal residence within the last 3 years.
Helen, EA in PA
September 6th, 2009 at 4:47 am
Brandon
I’m afraid not. You are on the mortgage. This disqualifies you.
September 8th, 2009 at 12:26 am
Monica
You could be on a hundred mortgages and/or deeds and still qualify but if you owned any share in what was your principal residence anytime in the three years prior to the purchase of a new principal residence you do not qualify for the FTHBC.
September 9th, 2009 at 11:02 pm
Janice
If three years have elapsed from the time you no longer lived in the co-op to the date you purchase your apartment, then the fact that you have an ownership interest in the co-op will not disqualify you from the credit.
You are going to need very good documentation that three years have elapsed. The IRS will see you are on the 1098 for the co-op and possibly ask for proof that you qualify for the credit.
The deadline for purchasing a home eligible for the credit is November 30, 2009.