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  1. #1
    Join Date
    Sep 2010
    Posts
    2

    Default Denied First Time Home Buyer Credit

    I bought a home in April 2010. I have not owned any property or had my name on any property in the past 3 years.

    I was just notified that i did not meet the 3 year requirement of ownership by the IRS and denied my first time home buyers credit.

    I know I have not owned any real estate in the past 3 years or signed to have my name put on anyones real estate during this time.

    My father did in 2/2008 have his lawyer file a Quit Claim deed on his property naming me with Rights of Survivorship and not as tenants in common.

    Now since he is still alove he can do with his property as he wishes the title has not been altered and i have no legal claim what so ever to his property of course unless he dies.

    What can i do?

  2. #2
    Join Date
    Sep 2010
    Posts
    19,901

    Default Re: Denied First Time Home Buyer Credit

    Quote Quoting rsing
    View Post
    My father did in 2/2008 have his lawyer file a Quit Claim deed on his property naming me with Rights of Survivorship and not as tenants in common.

    Now since he is still alove he can do with his property as he wishes the title has not been altered and i have no legal claim what so ever to his property of course unless he dies.
    You're contradicting yourself here. If you were deeded a property as joint tenants with rights of survivorship, you are HALF owner. It's not "his" property it is yours (the two of you). JTWROS doesn't mean you don't get anything until he dies, it means you have half now and you get the other half when he dies.

    You are apparently ineligible.

  3. #3
    Join Date
    Sep 2010
    Posts
    2

    Default Re: Denied First Time Home Buyer Credit

    Some of that information was never explained to me. i don't know if it was explained to him like that before he did it or he just omitted it when telling me. Either way thank you for your time.

  4. #4
    Join Date
    Jul 2007
    Location
    Florida
    Posts
    2,344

    Default Re: Denied First Time Home Buyer Credit

    The law only requires that you not have owned a main home during the preceding 3 years. You could own a house that you rent out, or you could be a co-owner of a house that you did not live in. It will be up to you to appeal the IRS' position on this. My guess is that you have deducted either property taxes or mortgage interest on a tax return that indicated to the IRS that you owned a house. That's one main reason I've seen them deny this credit. It will require follow up. Seek help if you don't feel comfortable dealing with the process.

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