question about the $6500 homebuyers credit?

[tilliepoo]

Im in Michigan..

My dad is buying a 2nd property that he plans to move into as his main residence. He will qualify for the the $6500.00 tax rebate (step-up). I will also be moving into this property. He wants to put both our names on the deed. If he does this, will this cause a problem of getting this credit? Cant see any reason why not?

thanks

tilliepoo

 

[LdiJ]

Im in Michigan..

My dad is buying a 2nd property that he plans to move into as his main residence. He will qualify for the the $6500.00 tax rebate (step-up). I will also be moving into this property. He wants to put both our names on the deed. If he does this, will this cause a problem of getting this credit? Cant see any reason why not?

thanks

tilliepoo

About 2 weeks ago he was buying the condo just for you. Unless he sells his current home within a fairly short amount of time, he is going to have a hard time convincing the IRS that your condo is his new primary residence.