Linda,

Mike is absolutely incorrect. Please read the tax code concerning your question or talk to your accountant. I hope that Mile will do the same. This is a federal tax code and is the same for every state. Some states may offer other incentives but the answer to your question is still the same, they are not eligable if they buy this home from you and there is any blood realation or relation by marriage to you or your spouse down to sons and daughters, up to parents, or across to brothers and sisters or any of their spouses. Most of the agents here have answered your question correctly and I believe the link to the tax code was given by someone. I hope Mike will read through the posts and find it and read it before he advises anyone else incorrectly and it ends up costing him $8,000 because some that he told qualified didn't and they hold him accountable.

Ron Rogers

No, if the home is in their name.
Yes,if it is in your name
Very sorry about getting back to you so late
I need not see the question originally because the web site was modified
Mike Mezias
856-582-0366 ext.146
ps-if they are eligible to borrow there are State and lender incentives-have them contact me direct and I will assist them

Sorry, Your children are not eligible for the credit if they purchase from you. The IRS wants to know if the property was purchased from a related party. If you answer yes, you are not eligable.

I find this to be an easy guide

http://www.realtor.org/wps/wcm/connect/f6ee3f004d2465a491f6f…

If you purchase a home from a close relative, you are not eligable for the credit.

Linda,

If this is the actual son or daughter of someone in title the answer is no, they would not qualify for the tax credit. I would agree with paul read for yourself and seek professional advise from an accountant or CPA. Based on the information that you have given from what I can tell it would not work. It is not what the credit was intended for. The other factor that you would have is you tax liability. If you sell at aprofit from the purchased price you would likely have capital gains and if you sell without a profit and it is below market value you or they could be hit with a gift tax. These are other reasons that you should talk to an accountant to see what you best way to go would be. I would even advise talking to more than one. There is a wide range that they interpret the tax codes, some are conservative and some or more agresive and ride the line. You have to decide what is the best advise for you.

Ron Rogers

Linda,

It is not necessarily true below that they must be on the deed. Spouses with only one name on the deed do not qualify. I would visit the stimulus site to get the answer for sure. If you need assistance, I am located in Sewell.

Janet Larsen, Broker/Associate
Remax Connection
660 Woodbury-Glassboro Road, Ste 26A
Sewell, NJ 08080
Offc: 856-415-1210, ext. 321
Cell: 856-261-6910

Linda, If you do nothing else read the IRS form. It is not rocket science. If you rely on the comments here you may make a grave error. Talk to a tax accountant (mortgage loan officers may or may not know all the details which are contained in the law regarding qualifying and exceptions) Again, you at minimum should read:

http://www.irs.gov/pub/irs-pdf/f5405.pdf

Pay particular attention to the section on acquiring property from relatives (and make note of WHICH relatives.)

Paul Howard,Broker
NJHomeBuyer.com Realty
http://www.njhomebuyer.com
MEMBER: NAEBA http://www.naeba.org

As long as they are not owners of the property (on the deed) for the last 3 years then they would qualify for the stimulus.

If their names are not on the deed or the mortgage, there is a real good chance that they will qualify for the tax credit. My mortgage guy will be able to answer that question if he is given the opportunity to do business with them.

Rhonda Sciubba, Realtor-Associate
Re/Max Preferred
Sewell, NJ
Office: 856-589-4848
Cell: 856-649-3649

It probably depends on their relationship to the current owner.
If you look at the IRS form they would need to file for the credit you should find the answer.

see: http://www.irs.gov/pub/irs-pdf/f5405.pdf

Paul Howard, Broker http://www.NJHomeBuyer.com Realty
811 Church Rd Ste 111
Cherry Hill NJ 08002
856-488-8444
http://www.twitter.com/paulhoward