First-time homebuyer tax credit questions?

by **cmnb81** on Sat Oct 24, 2009 5:55 pm

My partner is the sole owner of the home that we live in. Is there a way that I can be added to the title of the house, but not to the loan? (my credit is not very good) Would being added to the title only qualify me for the first time home owner tax credit? Thank you!

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

by **KB523** on Sat Oct 24, 2009 6:08 pm

The tax credit is for first time home buyers. You can not be added to the title of the house if he doesn't own it right out (which he doesn't because he has a loan) In order to be added to the title, you have to be on the loan or he owes no money to any banks. And in order to qualify for the first time home buyers refund, you actually have to BUY a home......

by **thetaxlady084** on Sat Oct 24, 2009 6:31 pm

Being added to the title is NOT the same as buying a house.
The IRS will see the lack of a purchase and refuse to issue the credit.

You can't just get $8000 of "free" money by claiming you are buying in when you aren't. Heck, you admit that you have no skin in the game and have zero interest in paying him a downpayment or getting onto the mortgage.

The IRS would view the addition of your name to the title as a gift and gifts do NOT qualify for this credit.

by **jlf256** on Sat Oct 24, 2009 6:31 pm

No way.

by **sharonsky368149** on Sat Oct 24, 2009 6:44 pm

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First-time homebuyer tax credit questions?