Comments on: Ask the taxgirl: Mortgage and Housing Tax Credit http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/ Paying taxes is painful... but reading about them shouldn't be. Sun, 12 Feb 2012 17:55:29 +0000 hourly 1 http://wordpress.org/?v=3.1.3 By: Homebuyer’s Credit In Chart Form (Cause Who Doesn’t Love Charts?) | taxgirl http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-14643 Homebuyer’s Credit In Chart Form (Cause Who Doesn’t Love Charts?) | taxgirl Mon, 22 Feb 2010 14:59:44 +0000 http://www.taxgirl.com/?p=3595#comment-14643 [...] Mortgage and Housing Tax Credit [...] [...] Mortgage and Housing Tax Credit [...]

]]> By: Ask the taxgirl: Same Sex Couples and the Homebuyer’s Credit | taxgirl http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-11144 Ask the taxgirl: Same Sex Couples and the Homebuyer’s Credit | taxgirl Tue, 04 Aug 2009 18:12:56 +0000 http://www.taxgirl.com/?p=3595#comment-11144 [...] my answer is that, at first blush, so long as your partner otherwise qualifies, he would be entitled to take the credit if you sold him your property. But consider all of the [...] [...] my answer is that, at first blush, so long as your partner otherwise qualifies, he would be entitled to take the credit if you sold him your property. But consider all of the [...]

]]> By: Ask the taxgirl: MFS and Homebuyer’s Credit | taxgirl http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-11125 Ask the taxgirl: MFS and Homebuyer’s Credit | taxgirl Mon, 03 Aug 2009 20:25:20 +0000 http://www.taxgirl.com/?p=3595#comment-11125 [...] say yes, so long as she otherwise qualifies. According to the IRS, “qualifying taxpayers who purchase a home before Dec. 1 receive up to [...] [...] say yes, so long as she otherwise qualifies. According to the IRS, “qualifying taxpayers who purchase a home before Dec. 1 receive up to [...]

]]> By: Ask the taxgirl: Co-signers and First Time Homebuyer’s Credit | taxgirl http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-11124 Ask the taxgirl: Co-signers and First Time Homebuyer’s Credit | taxgirl Mon, 03 Aug 2009 17:58:24 +0000 http://www.taxgirl.com/?p=3595#comment-11124 [...] you can, so long as you otherwise qualify. From the facts, I’m assuming that this is your first home and that it will be your primary [...] [...] you can, so long as you otherwise qualify. From the facts, I’m assuming that this is your first home and that it will be your primary [...]

]]> By: Ask the taxgirl: Homebuyer’s Credit and Rentals — taxgirl http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-10966 Ask the taxgirl: Homebuyer’s Credit and Rentals — taxgirl Sun, 19 Jul 2009 13:22:46 +0000 http://www.taxgirl.com/?p=3595#comment-10966 [...] Assuming that you otherwise qualify for the first time home buyer credit, the answer to your question is yes so long as the home is your main home. The IRS considers your main home where you live “most of the time” – that means that vacation properties or second homes would not qualify. But you are allowed to rent out part of your “main home” and still claim the credit, so long as the other requirements are met. [...] [...] Assuming that you otherwise qualify for the first time home buyer credit, the answer to your question is yes so long as the home is your main home. The IRS considers your main home where you live “most of the time” – that means that vacation properties or second homes would not qualify. But you are allowed to rent out part of your “main home” and still claim the credit, so long as the other requirements are met. [...]

]]> By: Brad G. http://www.taxgirl.com/ask-the-taxgirl-mortgage-and-housing-tax-credit/comment-page-1/#comment-10878 Brad G. Wed, 08 Jul 2009 13:52:23 +0000 http://www.taxgirl.com/?p=3595#comment-10878 Why would someone "purchase" a home and not take title? That seems peculiar. Depending on the state, there could be adverse state tax consequences, as well as descent and devise and homestead rights complications. If it is a related party as Kelly suggests may be the case, then if the property wasn't really "sold" then there could be gift tax consequences. Why would someone “purchase” a home and not take title? That seems peculiar. Depending on the state, there could be adverse state tax consequences, as well as descent and devise and homestead rights complications.

If it is a related party as Kelly suggests may be the case, then if the property wasn’t really “sold” then there could be gift tax consequences.

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