Will I still qualify????
If I purchased a timeshare back in 3/2003 and received a "mortage" loan (balance of $2000 left), and now will be purchasing a home, will I still qualify for the $8000 first time home buyer tax credit?
Hi there, great question!! Most likely since it's a mortgage...you probably wont qualify for the $8000 tax credit but I can certainely check with some lenders to make absolute sure. I'll need some more information from you to start inquiring. Please feel free to call or email me anytime. Good luck
Kamal Randhawa
Broker
510-932-1066
If you are taking a mortgage interest deduction on the mortgage loan for the timeshare then this will likely jeopardize your tax credit. Best way to know for sure is to contact the IRS
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