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Do I qualify for new tax credit?

Will I qualify for the $8000 home buyer's tax credit?

  • I helped my aunt buy a house in 2003 because she had bad credit. My name was on the grand deed but I never lived in the house. I did take tax deductions for the property tax and interest for 2003, 2004, 2005, and 2006. However, in early 2007, my name was removed from the grand deed. Since I never used this home as my principal place of residence, will I still qualify for the tax credit.

  • Answer:

    You mean to purchase a new home? Yes. "Principal residence" is the operative phrase. From the IRS: What is eligible? Any home purchased as the taxpayer’s principal residence and located in the United States qualifies. You must buy the home after April 8, 2008, and before Dec. 1, 2009, to qualify for the credit.

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