Results 1 to 2 of 2
  1. #1
    Join Date
    Jun 2010
    Posts
    1

    Default 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 .

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default 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.

    1. Sponsored Links
       

Similar Threads

  1. Federal Taxes: Denied First Time Home Credit from 2008
    By roweboat in forum Tax Law
    Replies: 1
    Last Post: 08-03-2011, 07:54 AM
  2. Federal Taxes: First Time Home Buyer Credit if You Own a Home Outside of the USA
    By kaschool in forum Tax Law
    Replies: 2
    Last Post: 01-10-2011, 11:44 AM
  3. Replies: 15
    Last Post: 05-31-2009, 01:09 AM
  4. Buyers Agent Wants To Sue Clients For Time
    By asking4help in forum Buying, Selling and Conveying Real Estate
    Replies: 4
    Last Post: 08-12-2008, 06:08 AM
  5. Responsibility To Buyers Of A Home After They Take Possession
    By emma748 in forum Buying, Selling and Conveying Real Estate
    Replies: 1
    Last Post: 03-31-2007, 09:04 AM
 
 
Sponsored Links

Legal Help, Information and Resources