Profile picture for CarlosEGutierrez

How could my daughter take advantage of the tax credit.

 for a home that I was helping to buy but must re-finance.  I paid the down payment and put her as the borrower and my self as the co-borrower.  It was purchased in 2006 for $245,000 and loan was for $196,000 at 6.125%, 15 year fixed.  I can no longer help with payments of $1981.00 including taxes and insurance.  The balance of the mortgage is approximately $165,000 and my daughter's monthly income is $1908.84 after all deductions.  Her yearly gross pay is $64,545.57. Her boyfriend has lost his job and can only help very little.
  • September 29 2009 - Ironwood Ridge
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Answers (4)

Profile picture for Rod Dennis
Your daughter could likely qualify to refinance the home into her own name to a 30 year fixed rate in the range of 5%. That would significantly reduce the payment on the home therefore allowing her to be able to make the payment on her own. She however will not qualify for the tax credti as stated by others.
  • November 01 2009
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Not a chance in hell!  And given the scenario you've described, I would recommend that you/she seriously seek the advice of a reputable real estate broker and/or attorney.

Best of luck!
  • September 29 2009
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If this has been your daughters primary residence for the past three years, she would not qualify for the First Time Homebuyers Tax Credit as she is considered the owner of this property.

Even if she had no financial interest in the property and was renting the property from you, she would not qualify for the tax credit because you cannot purchase a home from your parent.

http://www.irs.gov/newsroom/article/0,,id=206291,00.html
  • September 29 2009
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If you are asking about the First time buyer tax credit, she can't.
She already is the owner on a house.

  • September 29 2009
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