First Time Home Owner and Land Trust

**pms** · 06-09-2009, 06:11 PM

We bought a 4 unit owner occupied building about 10 years ago. About 4+ years ago we transfered ownership to a Land Trust where we are the Trustee and Beneficiary of the Trust.

We want to buy a home and capitalize on the 8000 Tax credit for the first time home buyer which states you can not own a home within 3 years.

Would we qualify as a first time home buyer since the Trust legally owns the building?

**Greg** · 06-10-2009, 06:09 AM

Did you transfer the mortgage over to the trust? If you are making mortgage payments you will not qualify.

**REITrainingWhse** · 06-10-2009, 06:38 AM

Originally Posted by Greg

Did you transfer the mortgage over to the trust? If you are making mortgage payments you will not qualify.

And there you have it... If you did not refinance the mortgage into the trust's name, which would be hard, but the way they were giving money out during 2005, not impossible, then you might not qualify for the $8K tax credit.

I suppose you could talk with one of your local tax attorneys to confirm, but I believe the tax credit is in attempts to "jolt the economy" with producing new loans to people who don't have one now.

Later.

**Igorokk** · 06-11-2009, 08:28 PM

Have you noticed that these forums have 49783 members account so far?Im sure more then 3/4 of them are bot accounts and totally forgotten accounts, all with 0 posts.It just asks for some real clean-up time. Just click Members List..omg.