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Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
Satisfied Customers: 2499
Experience:  Nearly 30 years of varied tax industry exp. Tax Biz owner
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My wife and I loaned the money to our 25 year old son to buy

Customer Question

My wife and I loaned the money to our 25 year old son to buy his first home--a condo for $42K. He received the first time buyers tax credit. This was in Feb of 2009. The deed is only in his name but I would like to put my name on the deed as well to legally secure our interest. If I do this will the $8000 tax credit he received be compromised somehow--will the IRS bill him or something once my name is XXXXX XXXXX the deed?

I suppose the other option would just be to record a mortgage. Your thoughts please
Submitted: 2 years ago.
Category: Tax
Expert:  Tax.appeal.168 replied 2 years ago.
Hello, THANK YOU for choosing Just Answer. My goal is to help make your life...a little...LESS taxing.



I've been researching the matter, and from what I have been reading, adding your name(s) will not compromise the $8,000 tax credit. However, if the home is sold within the first 3 years of ownership, the entire amount of the tax credit is recaptured. This means the person will be required to give that money back to the I.R.S.
Customer: replied 2 years ago.
Are you a tax accountant or attorney?
Expert:  Tax.appeal.168 replied 2 years ago.
Tax Accountant.
Expert:  Tax.appeal.168 replied 2 years ago.
Qualifying taxpayers who bought a home before Dec. 1, 2009, do not have to repay the credit, provided the home remains their main home for 36 months after the purchase date.

http://www.irs.gov/newsroom/article/0,,id=204672,00.html
Customer: replied 2 years ago.
What if the home was purchased Jan 2010 as I have confirmed that was purchase date
Expert:  Tax.appeal.168 replied 2 years ago.
Hello again,

The same applies.

For a home purchased in 2010, the credit does not have to be paid back UNLESS the home ceases to be the taxpayer's main residence within a three-year period following the purchase. So as long as the home remains to be his main residence for the specified period of time, he won't have to pay it back.

You can refer to the following IRS webpage for verification:

http://www.irs.gov/newsroom/article/0,,id=204671,00.html

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