8Kk first time buyer question.

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Subject Author Date 8Kk first time buyer question. tex shalter 06-16-2009  Re: 8Kk first time buyer question. Mark Bole 06-16-2009
Posted by tex shalter on June 16, 2009, 3:05 pm Please log in for more thread options I bought a small home for my two college age sons to live in about 2 years ago. It's in my name with my wife. A friend said that the $ 8000 stimulus plan to buy new homes was not just a tax credit; that I could sell the home to one of my sons even though they have very little income. And they could get a check from the government. Is there any truth to this before I consult a tax atty. Thanks -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Mark Bole on June 16, 2009, 3:39 pm Please log in for more thread options tex shalter wrote: > I bought a small home for my two college age sons to live in about 2 years > ago. It's in my name with my wife. > > A friend said that the $ 8000 stimulus plan to buy new homes was not just a > tax credit; that I could sell the home to one of my sons even though they > have very little income. And they could get a check from the government. > > Is there any truth to this before I consult a tax atty. > Thanks > Nope, sales to close relatives are not eligible. -Mark Bole -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted First time Home buyer September 3, 2008, 10:54 am Tax credit for first time home buyer August 28, 2008, 10:22 am first time buyer home credit January 30, 2009, 1:33 pm First time home Buyer Credit ? September 24, 2009, 11:34 am First-time home buyer credit and definition of "occupy" for new construction February 14, 2009, 12:56 am Question on First Time Homebuyer Credit July 27, 2009, 7:03 pm Filing taxes first time. One deduction question. April 9, 2007, 2:51 am Question regarding first-time homebuyer credit with joint owners February 14, 2009, 1:57 am Roth distribution for first time (married) home buyers question. October 15, 2009, 9:43 am Home buyer - abroad January 7, 2007, 10:51 pm