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legaleagle
legaleagle, Attorney
Category: Tax
Satisfied Customers: 13441
Experience:  Completed Fed Income Tax in law school, 10 years preparing personally tax returns
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My mother and father are aging and I wanted to buy a home large

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My mother and father are aging and I wanted to buy a home large enough so they could live with me. My father qualified for a loan through the VA at a very low interest, so the mortgage is in their names, the deed is in all of our names and I make the payments. The closing date was May 9, 2009. Per the IRS, my parents do not qualify for the first time homebuyers credit, because they have owned another home for 25 years and have paid mortgage interest since we bought the new home. My question is this: The mortgage is in their names, my name is XXXXX XXXXX deed as well as theirs, do I qualify for the first time homebuyer credit? Thank you for any help.
Submitted: 6 years ago.
Category: Tax
Expert:  legaleagle replied 6 years ago.
No you do not. The loan would have had to be in your name alone.
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