Friday, December 2, 2011

My mom is not on the deed to her house, can she purchase it from her husband?

My mom's husband has owned his house since before they married 4 years ago and is not listed on the deed. Can he sell her the house and make her eligible for the $8000 tax credit? She has not owned a house for the last 5 years.|||No, she does not qualify on 2 counts. First, she can not buy from a relative. Second, as she is married both spouses have to qualify.|||No. Sales between close relatives are explicitly excluded under qualifications for the tax credit. Understand that the credit has been put in place to cause unsold homes to have buyers. It's not a scheme for someone to make $8000 by changing owners who already live together.|||You can't get the credit if you purchase a house from relatives. I bet that would include buying from your spouse.





The credit is suppose to help and encourage people to buy homes to get the real estate market moving again, not to give out tax credit bonanzas.|||By law if they are legally married, she already owns the same rights to the house as he does, because they are married.





What they can do is file a quit claim deed, puttin her name on it and have it recorded at the county assessors office.|||No, purchasing from a relative (spouse included) makes a person ineligible for the the tax credit.|||no. you cannot buy from spouse and qualify.





But they could sell that house and buy another and qualify for the credit.

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