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QUESTION DETAIL
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My mother-in-law bought a condo in 2001 and my husband and I lived in it. In 2004 we "refinanced" it into my name, and in 2007 we "refinanced" into my husband's name. We never claimed the "first time buyer's" Tax Credits. Can we do that now?
ANSWER
Expert Thomas Graham iii's Answer:
Unfortunately you do not qualify for the “First-time Homebuyer’s” tax credit. To qualify you had to purchase a new home beginning in 2008. Also, even if the refinance occurred in 2008 it would not have qualified because it was not a new home purchase and it was from a close relative. (IRS)
