Today TaxMama hears from Jennifer in Alabama, who tells us, “I have never owned a home and will be purchasing one in June 2009.
My fiance did own a home within the last year. To qualify for the $8k first-time homebuyer tax credit, will I have to carry the mortgage loan myself?”
That’s a good question.
If you want to be able to use the credit, not only will you have to carry the loan yourself, you will have to be the only one on title.
In fact, just to be safe, I wouldn’t put him on title for at least two years after the purchase date – though I can’t find that specific reference.
I hope he’ll be able to understand and accept the situation. It would be a shame to have a tax law come between you.
And remember, you can find answers to all kinds of questions about the first time homebuyers credit and other tax issues, free.
Where? Where else? At TaxMama.com
- Ask TaxMama :: Where taxes are fun and answers are free
- www.TaxQuips.com :: The number ONE free tax podcast online
- IRS FAQs :: Tax Credit to Aid First-Time Homebuyers