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Tax Credit for First Time Home Buyers

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  • 06-26-2010, 07:53 PM
    Markee
    Tax Credit for First Time Home Buyers
    Bought a house in Florida in 2009 in my sons name so he could file for the $8000 first time buyers credit which we received already. Both me and my son are living in that house new and plan to stay here. I homesteaded the house in my sons name for 2010.

    I own another house the house we moved from its in my name bought it maybe 20yrs ago at this time that house is homesteaded in my name. My plan is to rent that house out the one in my name but once I rent it I loose my homestead. Since I've owned and lived in the home so long my taxes are very very low there.

    Florida has a homestead portability law that lets you move your homesteaded tax deductions with you when you move. Since I'm lived in the home so long i have a lot of portability built up in it and want to figure out a way I can transfer it to the new house in my son’s name and take avantage of all that portability.

    I called the county tax dept. explained my scenario to them and was told that i could retitle the new house to both me and my sons name and would be able move over and take advantage of the full homestead from the old house

    My question is what affect will that have on the $8000 first time buyer’s credit will my son be expected to pay it back?

    We both plan to live and stay in the house for over 3yrs.

    Also we have no mortgage on either home .
  • 06-28-2010, 11:39 AM
    Mr. Knowitall
    Re: Tax Credit for First Time Home Buyers
    It appears possible to avoid repaying the tax credit provided the home remains your son's principal residence for not less than three years from the date of purchase. I suggest consulting a tax professional to make sure that you handle the matter with the minimum potential for tax exposure.
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