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My wife and I loaned the money to our 25 year old son to buy

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his first home--a condo for...
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: 6 years ago.Category: Tax
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11/1/2011
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 years ago
Tax.appeal.168
Tax.appeal.168, Tax Accountant
Category: Tax
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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.
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Customer reply replied 6 years ago
Are you a tax accountant or attorney?
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 years ago
Tax Accountant.
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Tax Professional: Tax.appeal.168, Tax Accountant replied 6 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
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Customer reply replied 6 years ago
What if the home was purchased Jan 2010 as I have confirmed that was purchase date
Tax Professional: Tax.appeal.168, Tax Accountant replied 6 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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Tax.appeal.168
Tax.appeal.168
Tax.appeal.168, Tax Accountant
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