More details to this question:
I had a bankruptcy discharged in October 2010. I had the foreclosure sale on my old house in February 2012. Did I lose ownership rights after the bankruptcy or after the foreclosure? I bought a house in December 2014 and the IRS is denying my 2014 tax credit saying that I have owned a house in the 3 years before the date of purchase because the mortgage company sent them a statement from 2012.
1 ANSWER
Commercial & Bankruptcy Law Attorney serving Powell, OH
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Ronald K. Nims
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The first time home buyer credit expired in 2010. There was no credit to claim in 2014. Bankruptcy does not transfer ownership of the house, bankruptcy discharges your personal obligation on the loan but doesn't affect the lien against the property. Only the foreclosure or a deed-in-lieu transfers ownership.
Answered on Apr 16th, 2015 at 9:10 AM