Does a having a private mortgage through family disqualify you for the 1st time home buyer tax credit?

[RobB]

For the past 4 years I have been buying my home from my uncle through an escrow service. The private mortgage does not show on my credit report, but I do claim the interest as a deduction on my taxes. I have placed that home on the market and I am purchasing another home. Will I be able to claim the first time home buyer tax credit since my previous mortgage was held privately?

[gimeabrak2000152]

NO, you are not a first time buyer or you have to have not owned in the last i think 3 years

[godged544]

As long as you declared mortgage interest on your property within the past 3 years, you are not going to qualify for the FTHB credit.

[dogma177]

Of course not. The IRS has proof of your homeownership on your previous tax returns.

[LeoF905]

First you can not have purchase a home from a family member, 2nd you would have to purchased a home in the last year and 3rd you do not apply if you have owned a home in the last 3 years. So three strikes and your out.

[acermill164]

No, you cannot. Your financing situation has NOTHING to do with the first time homebuyer credit. You cannot have had a primary residence titled under your name for the past three years. It appears that you have one titled to you now. That automatically disqualifies you from the credit.

[Heather515]

You are not eligible for the first time home buyer tax credit. The fact that you have been buying the home from your uncle (a relative) disqualifies you from taking advantage of the credit. The tax credit is for first-time home buyers only. For the tax credit program, the IRS defines a first-time home buyer as someone who has not owned a principal residence during the three-year period prior to the purchase.