Mortgage home loan answers
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I am assuming a mortgage/home do I qualify for the 2009 tax credit?
Posted on January 20th, 2011 3 comments
Roxie Mae asked:
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?
Steve3 responses to “I am assuming a mortgage/home do I qualify for the 2009 tax credit?”
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YES YOU WOULD SINCE YOU HAVE BEEN DOING A LEASE PURCHASE
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bargaineering.com January 22nd, 2011 at 18:44
Yes you should be fine as long as the original mortgage was not in your name before this year.
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Hawaii Home January 25th, 2011 at 03:57
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:,,id=204671,00.html
Here’s a good summary
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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golferwhoworks January 21st, 2011 at 19:17