Claiming the 8k first time home buyers credit. I don’t qualify for the mortgage but can be on the deed?
by Mortgage Rates on Thursday, November 25th, 2010 | 5 Comments
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From the IRS website:
“Because of the documentation requirements for claiming the credit, taxpayers who claim the credit on their 2009 tax return must file a paper — not electronic — return and attach Form 5405, First-Time Homebuyer Credit and Repayment of the Credit (see the instructions for help with the form), and a properly executed copy of a settlement statement used to complete the purchase.
Purchasers of conventional homes should include a copy of Form HUD-1, Settlement Statement, or other settlement statement, showing all parties’ names, property address, sales price and date of purchase.
Purchasers of mobile homes who are unable to get a settlement statement should include a copy of the executed retail sales contract showing all parties’ names, property address, purchase price and date of purchase.
Purchasers of newly constructed homes where a settlement statement is not available should include a copy of the certificate of occupancy showing the owner’s name, property address and date of the certificate.”
My interpretation is that the HUD statement is the document that the IRS uses to determine the home buyers tax credit, so you are not able to take it.
No, you need to BUY, you have to be on the HUD1 for the credit.
You are not buying anything, she is gifting half the house to you.
you would only be entitled to 1/2 of that $4000 at best – you are not married, so you have to file separate tax returns and since she doesn’t qualify, you would only qualify for 1/2 – maybe
Nope. By not being on the mortgage and HUD, you are not eligible.
No, you cannot claim the credit as YOU are not actually purchasing the home and will not be on the HUD settlement statement that your girlfriend will sign at closing.