Hi & thanks for using our service. I'll do my best to give you a complete & accurate answer. Please ask me to clarify anything you don't understand.
You are talking about a first time homeowner's mortgage on your property?
Before you can give "clear title" to your property, the mortgage has to be repaid in full; usually at the "closing" just like when you purchased the property. With a mortgage, the real estate is the security for the loan; when you sell the security, their is nothing supporting the loan except your credit; that would require an interest rate 3 or 4 times higher than a mortgage interest rate;
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I guess I need to be more specic. My mom and I bought this house togetther, but need to get it off my credit report because even though Mom makes all payments on time, it is hurting my dept ratio. The motgage company said they will take me off the mortgage if I sign a Quick Claim Deed, but I need to know if I will have to pay the !st time home owners loan i recieved on my tax return in 2009 all at one time or just continue to have the payments taken out of my taxes every year?
Oh, you are talking about the 1st time homebuyer's CREDIT on your 2009 income taxes.
When did you purchase the house.
the approximatel date
So you got the credit on your 2008 return that you prepared in 2009, is that what you're saying?
there were 2 different credits; do you recall which one you received & how much it was?
1st time home buyers loan for $3500, witch was half because I am only half owner of the house
You should have started paying the loan back using form 5405 beginning with your 2010 & 2011 returns.
yes I have
You will have to repay the balance of the loan all at once on the return for the year of transfer, if you transfer title to your mother.
thank you for your help
You don't qualify for any of the exceptions to that rule
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in order than I can get credit for my work
Thanks very much. SEG