First time home buyer opportunity perhaps?

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  • LCP
    Senior Member
    • Dec 2005
    • 432

    #1

    First time home buyer opportunity perhaps?

    Putting the risks aside, would the law preclude one from buying a home, reselling it to a first time home buyer on a land contract and sharing the credit in some manner?

    Related question.... could direct deposit be arranged to split the refund between the taxpayers account and the investor's account?
  • WhiteOleander
    Senior Member
    • Jun 2005
    • 1370

    #2
    You have to own the property 36 months or you have to repay the credit.
    You have the right to remain silent. Anything you say will be misquoted, then used against you.

    Comment

    • newbie
      Senior Member
      • Nov 2006
      • 333

      #3
      You did say putting risks aside, but still........

      Originally posted by LCP
      Putting the risks aside, would the law preclude one from buying a home, reselling it to a first time home buyer on a land contract and sharing the credit in some manner?
      The law might not preclude it and once the taxpayer receives the credit it is up to that individual to decide what they are to do with the cash. If they give some to the the seller there does not appear to be a problem. I would not want to be in charge of setting up the transaction.


      Originally posted by LCP
      Related question.... could direct deposit be arranged to split the refund between the taxpayers account and the investor's account?
      I would not take any part in this. If the taxpayers name is on both accounts it would be possible, if taxpayers name is not on the account it shouldn't be possible but it might flow into the account. I would not knowingly want to be the one to set this up either.

      Comment

      • HBurkholder
        Member
        • Mar 2006
        • 64

        #4
        I would not want to be party to such an arrangement. However, I can understand where this is comming from. I also sell realestate and could sell more houses if that $8000 could somehow be used for the down payment and/or closing costs.

        Comment

        • David1980
          Senior Member
          • Feb 2008
          • 1703

          #5
          Originally posted by LCP
          Related question.... could direct deposit be arranged to split the refund between the taxpayers account and the investor's account?
          I hate the 8888, that thing has gotta have more abuse than legitimate use. Can only be used to deposit to taxpayer's account. Not for the tax preparer, not for the financer of a FTHB. Just the taxpayer and the taxpayer's accounts.

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