IF I buy a house for retirement in Nashville TN area and pay cash. I currently own home in PA with F

I am thinking of buying a house for retirement in Nashville TN area and pay cash. I currently own home in PA with FHA financing for past 10 years. So therefore I am not a first time home owner, right? So I am screwed in trying to claim the $8000 gov't. money, right? How can I get the money? Can I put the home in TN in my niece's name since she will be sole heir and will eventually own it anyway? She doesn't own a home but lives in AZ. Does she really have to live in the house in TN to qualify for 3 years? She is a teacher and getting jobs aren't easy right now anywhere so she has to keep the job she has.

Is this $8000 out of my hands? Is there a way to get it?????

Thanks,
Vince 
  • September 26 2009 - Allentown
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Answers (4)

Hi Vince, you would qualify for the $6500 tax credit for sellers that are purchasing aother home. As far as the $8000 tax credit, you would not be eligible to claim that. I hope that helps.

Cheryl Supplee
Coldwell Banker Preferred
  • January 13 2010
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take it as a loss dont be willing to commit fraud for a tax credit your freedom should be worth a lot more than that $8000
  • September 26 2009
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No you can't get it. You own house, you're not eligible. Your niece doesn't own a house, she's eligible, but has to occupy the property she buys for three years. Fraud ain't cool, be straight on the taxes and crooked with the ladies.
  • September 26 2009
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The $8,000k tax credit is for first time home buyers only and the first time buyer must occupy the home for 3 years to keep the money. Even if you were to put the house in her name, if she isn't physically occupying the house then she would not be eligible for the tax credit. Unfortunately it does not seem as though there is a loop hole for you to grab that $8k credit. I wish you the best of look in retiring and if you need any assistance in preparing your house for sale in PA, i'd be glad to help you.

Margaret Raab
Weichert Realtors Allentown
610-657-3270

  • September 26 2009
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