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Answers (2)
- wetdawgs
- Contributions:26470
NO, this is not the definition of a first time buyer for the IRS tax credit.
A person must actual purchase the house (i.e. get the title in their name) and use the house as their primary residence for a full three years. They cannot purchase the house from their parents.
This person could be paying his mother's mortgage, and purchase a house for his own use. The house purchased for his own use is likely to be eligible for the first time buyer's credit if he doesn't currently own his primary residence (and hasn't in the last three years)
A person must actual purchase the house (i.e. get the title in their name) and use the house as their primary residence for a full three years. They cannot purchase the house from their parents.
This person could be paying his mother's mortgage, and purchase a house for his own use. The house purchased for his own use is likely to be eligible for the first time buyer's credit if he doesn't currently own his primary residence (and hasn't in the last three years)
- Kelly Lacey, "kellylacey"
- Contributions:797
As long as your friend does not have ownership in the home and is not on the mortgage. If the mortgage and house are in his Mother's name and he only writes the checks, then he is a 1st-time buyer.
Is a person considered a first time home buyer if they are paying the mortgage for a parent?
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