If my parents refinance their home to get my name on the title, does that qualify me for the $8000 tax credit?

Asked by Mcavallo2010, 90620 Fri Jul 31, 2009

They purchased a manufactured home in California four years ago, and I have been paying the mortgage for the past three years, and will continue to do so for another three when it will be paid off. An agent brought this idea to my attention, but it sounds a tad bit too easy, and too good to be true. Thank you in advance for any insight.

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Bob Phillips, Agent, Rancho Santa Margarita, CA
Wed Aug 5, 2009
Hello Mcavallo, Unfortunately, that absolutely will NOT qualify you for the tax credit. You probably misunderstood what an agent was talking about.
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RENE LABRADO, , Fountain Valley, CA
Tue Aug 4, 2009
Hello Mcavallo2010,
Unfortunatelly the $8,000 Tax Credit is only for First Time Home Buyers. This does not apply for refis. For more info check out this site.

0 votes
Gary Gukassi…, , Pasadena, CA
Fri Jul 31, 2009
Hi Mcavallo2010,

The $8,000 tax credit does not apply when a property is being transferred from parent to child. Adding your name on the title will not entitle you to the tax credit.

Hope that helps.


Gary Gukassian
Beverly Realty
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