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    creahands's Avatar
    creahands Posts: 2,854, Reputation: 195
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    #1

    Jul 30, 2009, 05:27 PM
    First time buyer discount
    Hi all

    Don't know if in right area, hope so.

    This is in state of Ct.

    There are 2 people on the title. Only one person on mortgage.

    Is the person not on mortgage entitled to the first time buyers discount?

    Thanks in advance for any answers.

    Chuck
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #2

    Aug 3, 2009, 01:50 PM
    Are the two people married?

    If not, did both persons participate in the purchase?

    If so, and this can be proven via the closing documentation, then they can both get the First-Time Home Buyer's Credit.
    creahands's Avatar
    creahands Posts: 2,854, Reputation: 195
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    #3

    Aug 3, 2009, 09:35 PM
    Thanks ATE

    I think I have to expand on question.

    Mother buys 3rd house. Puts son on deed.

    After 4 yrs son wants to buy own house.

    Is he entitled to First-Time Home Buyer's Credit

    Chuck
    AtlantaTaxExpert's Avatar
    AtlantaTaxExpert Posts: 21,836, Reputation: 846
    Senior Tax Expert
    		  
    #4

    Aug 4, 2009, 10:29 AM
    I believe putting the child on the deed make him a legal owner of the mother's house.

    I understand why the mother did it (for estate purposes), but by doing so, In my opinion, the son is now no longer eligible for the First Time Home Buyer's Credit.
    creahands's Avatar
    creahands Posts: 2,854, Reputation: 195
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    #5

    Aug 4, 2009, 10:59 AM
    Thanks ATE

    That was my opinion also.

    Chuck
    Fr_Chuck's Avatar
    Fr_Chuck Posts: 81,301, Reputation: 7692
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    #6

    Aug 4, 2009, 11:03 AM

    Will agree,
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