Tax Credit Foreclosed Homes
February 4th, 2010
Tax Credit Foreclosed Homes
Question: New home buyers credit and energy property credit.?
I'm purchasing a new home tomorrow. The title will have my fathers name on the title as well as mine (The bank basically wanted his on it too). He has owned a house for years, I have not. I was wondering if I still get the $8,000 tax credit for a new home buyer. Also, the house is a foreclosed house that is not fully constructed. (Basically has drywall in it and nothing else). I am putting energy efficient appliances in it and wondered if I get the energy credit as well. I know it's for existing homes, but taxes have been paid on this house for 2 years now so does that make the house existing? Thanks in advance!
I should add, I'm more worried about a tankless water heater (it qualifies), not so much appliances.>
Answer: For the house to be considered for FTHB credits you must have a certificate of occupancy prior to 12/01/09. You father being on the title has nothing to do with the FTHBC if you otherwise qualify. I don't think the energy credit would apply in this case.
First Time Home Buyer Tax Credit $8000
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