First time home buyers credit- requirements?

this year before the deadline of december first, i will buy my first home, my question is one of the requirements prior to getting this credit, is not to have owned a property 3 years behind.

The thing is 2 years ago, my parents gave me one of their homes, as a gift, would this count towards, me owning or buying a property 3 years prior to this upcoming purchase!

Hope you can help, I am really confused!

8 Answers

  • 1 decade ago
    Favorite Answer

    When your parents gave you the home, did they transfer the title / deed in your name? Is there any paperwork declaring you as the owner (property taxes, interest earned claimed on Federal income taxes, etc).

    If any paperwork identifies you as the owner, then you will probably not be eligible for the credit since you do not meet the definition of a first time buyer.

    If your parents OWNED the house and no documentation ties you financially to the residence, then it would appear as if you simply lived in a home owned by some one else (parents) for free.

    Source(s): jh
  • 1 decade ago

    Acermill often notes important points that most people miss. "Primary residence" is one such point.

    Where is the house? If you own a home that you have not lived in for the past 36 month, then you still qualify for the $8k.

    For example - if you've been at college, renting for the past three years, but your grandmother, back in your home town gave you a house... you still have not owned a "primary residence".

  • Anonymous
    1 decade ago

    Sorry, you don't qualify.

    They should call it the first time home OWNER tax credit, since its ownership of a home (not the actual purchase of a home) that determines whether or not you qualify. The name as it is now (First time Home BUYER) is a little misleading in a situation like yours.

  • 1 decade ago

    Sad to say, you will not qualify as a first time buyer, UNLESS the gifted home was used as a rental/investment property during your ownership. If you occupied the house as your primary residence within the preceding three years, you are diaqualified.

  • How do you think about the answers? You can sign in to vote the answer.
  • npk
    Lv 7
    1 decade ago

    If the property title was in your name, yes, it will "count."

  • 1 decade ago

    if they gave you the home but they continued to pay its mortgage and if it is still in their name, then you should be fine to get a loan as a first-time home buyer.

    Source(s): homeowner
  • 1 decade ago

    if the home is in your name then yes it counts, if the home is in someone elses name then it would not count.

  • Anonymous
    1 decade ago

    You own the house. Do you live in it? If yes, you ALREADY have a house.

Still have questions? Get your answers by asking now.