Welcome Guest. Register Now!  


Homeowner Tax Home owner tax issues and rebates.


Reply
 
LinkBack Thread Tools Search this Thread Display Modes
  #1 (permalink)  
Old 08-11-2009, 10:53 AM
Junior Member
 
Join Date: Aug 2009
Posts: 1
First Time Home Buyer Credit - refinance into existing property?

Here is the scenario:

An individual who meets the definitions of a first time home buyer moves in with his girlfriend, the two are not married.

The individual refinances the mortgage for the girlfriend. He is the primary party responsible for the mortgage. He is added to the deed, and is responsible for half of the mortgage, interest, taxes, and expenses.

Does this qualify as a purchase?

The credit would allow for the individual to claim the full credit even if he purchased a new house with the girlfriend who is not a new credit.

He previously had no real property interests, and following the refinance he has 50% interest in real property. The transaction was funded by debt incurred by the individual.

I am curious to hear some thoughts. Thanks!



Digg this Post!Add Post to del.icio.usBookmark Post in TechnoratiFurl this Post!Reddit! stumble!bookmark in google!Share on Facebook!
Reply With Quote
Ads
Reply



Posting Rules
You may not post new threads
You may not post replies
You may not post attachments
You may not edit your posts

vB code is On
Smilies are On
[IMG] code is On
HTML code is Off
Trackbacks are Off
Pingbacks are Off
Refbacks are Off


Similar Threads
Thread Thread Starter Forum Replies Last Post
1st Time Home Buyer Tax Credit jprroth1 Homeowner Tax 0 05-06-2009 08:15 PM
First time Home Buyer Credit ilkergokeri Homeowner Tax 1 04-23-2009 08:46 AM
First time home buyer partial rental property bojopookie Miscellaneous 0 03-01-2009 11:33 AM
What is the purpose of this First Time Home Buyer Tax Credit? TaxGuru Homeowner Tax 0 01-29-2009 03:13 AM
Can taxpayers claim both the DC 1st time Home Buyer Credit & First-Time Home Buyer? TaxGuru District of Columbia 0 01-25-2009 11:32 PM

Follow us on Facebook Follow us on Twitter Google Buzz Rss Feeds

» Categories
 
Individual
 » Income
 » IRA/Sep
 » Medical
 
Corporations
 » Payroll
 
Forum for CPAs
 
Financial Planning
 
 
 

» Recent Tax Q&A
No Threads to Display.