I am assuming a mortgage/home do I qualify for the 2009 tax credit?

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We are in the process of assuming the home we have been renting for 3 years (we have paid the mortgage for 3 years). When we assume the loan the house and existing loan will be in our names. We have never owned a home before so do/will we qualify for the 2009 tax credit?

3 Comments
  1. Reply
    golferwhoworks
    May 2, 2011 at 5:28 am

    YES YOU WOULD SINCE YOU HAVE BEEN DOING A LEASE PURCHASE

  2. Reply
    bargaineering.com
    May 2, 2011 at 5:29 am

    Yes you should be fine as long as the original mortgage was not in your name before this year.

  3. Reply
    Hawaii Home
    May 2, 2011 at 5:57 am

    I strongly recommend sending them a copy of he HUD-1.

    Be sure to go directly to the IRS site, and talk to an accountant:
    http://www.irs.gov/newsroom/article/0,,id=204671,00.html

    Here’s a good summary

    http://www.hawaiihome.biz/2009/05/first-time-homebuyer-tax-credit-faqs/

    http://www.hawaiihome.biz/2009/05/first-time-home-buyers-tax-credit-2009/

    The IRS want to know the purchase price. The purchase price is the adjusted basis of your home on the date you purchased it. This includes certain settlement or closing costs (such as legal fees and recording fees) and your down payment and debt (such as a first or second mortgage or notes you gave the seller in payment for the home).

    Email me if you have questions.

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