Discussion:First Time Homebuyer credit (when still on deed after divorce)
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Discussion Forum Index --> Advanced Tax Questions --> First Time Homebuyer credit (when still on deed after divorce)
Discussion Forum Index --> Tax Questions --> First Time Homebuyer credit (when still on deed after divorce)
| 20 November 2008 | |
| This question comes from a client. Would they consider me a first time buyer? According to my divorce decree, in 2004, the house was hers, and I signed over a quit claim deed that year, she had 6 months to refinance, she never did. Furthermore she never filled the quit claim deed, So I had to sign another this spring when I bought my house. I have not technically owned a home in 4 years, but legally I was still on the mortgage and the deed until this year. Does this disqualify me from taking the credit?
Thanks in advance for any help. My main concern is whether or not the quitclaim would be valid, if not filed. | |
| 20 November 2008 | |
| Mark, I haven't looked but I think he is not a 1st time homeowner since he was on the deed and mortgage of his (presumably) principal residence.
(have you heard from Art Aube lately? I lost contact with him a few years ago.) | |
Death&Taxes (talk|edits) said: | 20 November 2008 |
| Kevin's reasoning sounds right, especially since he could receive benefit of Sec. 121 should she sell it. | |
| 20 November 2008 | |
| Thanks guys. I was thinking the same thing. Looking at the house sale rules(Sec. 121) he would definately receive the benefit, I guess next time he should get a better divorce attorney. Haven't heard from Art in 3 or 4 years, not sure what he's up to now. | |
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