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can i take the first time home buyers credit if i lease with option to buy?
i am buying a home on a lease with the option to buy. I have never owned before, so I can I take this credit on my taxes or not. And if so what do I need for the irs. i have a contract that states that i am buying and that i am responsible for all repairs etc on my home
Public Comments
- Unless you are in the military, the credit is over.
- if the deed is not in your name, YOU DO NOT OWN THE HOUSE AND YOU ARE BEING RIPPED OFF.
- See IRS Form 5405. If you were not on active duty and did not have a binding contract before April 30 to "purchase" it before July 1, 2010, you missed the deadline.
- The credit has been over since April 30, 2010. Regardless, your scenario does not qualify for the first time home buyer tax credit. Until you actually purchase the house, you are simply renting the premises, and this scenario did not qualify for the tax credit when it WAS being offered.
- No, legally you are only a renter. You would have had to completed the purchase option and owned the house before the deadline to take the credit.
