its hard to get any information about the speciaql $8000.00 tax credit for first time home buyers. i heard that the credit is not granted when selling property between grandparents, parents, children or grandchildren, but its ok between brothers and sisters. if my daughter buys my home and i owe $135000.00 mortgage on it, would she be buying from me or the bank?
even though the bank technically owns it since it is not paid off, you would be the person gaining or losing money in the sale, so it would be considered you selling it to her….so, according to everything I have seen, the 8K credit could not be claimed…..read the bottom of this page:
http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html
even though the bank technically owns it since it is not paid off, you would be the person gaining or losing money in the sale, so it would be considered you selling it to her….so, according to everything I have seen, the 8K credit could not be claimed…..read the bottom of this page:
http://turbotax.intuit.com/support/kb/tax-content/tax-tips/6360.html
References :
She is buying it from you. The bank is not the titled owner of the property. You are, and your daughter would be disqualified from the tax credit.
References :