seller financing: Can I still get a tax credit with seller financing?
- 11/29/09 06:22 AM
Question:Can a buyer claim the first-time homebuyer tax credit if buyer purchases using seller financing? Answer:Yes. So long as the buyer obtains the "benefits and burdens" of ownership of the property, then the buyer can claim the credit. This is true even if the seller retains legal title as seller would if the financing document used was a real estate contract instead of a note with deed of trust. Factors that indicate that a buyer has the "benefits and burdens" of ownership include:... ...The preceding is an opinion from Annie Fitzsimmons, the attorney who answers questions for the Washington Association … (0 comments)
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