Posted by Edwin on May 07, 2010 at 14:28:00:
Is the tax credit you refer to the one that requires the buyer to occupy the house for at least 3 years? If you foreclose and kick them, out before the 3 years are up, they would have to repay the tax credit. Maybe you need to explain that to them?
john hyre…tax credit…pls advise - Posted by chris
Posted by chris on April 25, 2010 at 16:14:09:
This is beyond mind boggling to me. I am trying to put things delicately through this. We have had tennants for over 1 year. We did 1st time tax credit with them and with you John. The house is in Ohio. The actual amended return is in the mail to us - per correspondence. Then I am to have tenant/buyer sign and send to irs.
The tenants have stated they will not sign anything because they spoke with an atty and it doesn’t matter how they bought. They feel they should have the tax credit. I can’t even type it is so outrageous. The language in the land credit is simple enough for a moron to understand. Perhaps I am incorrect.
Anyhow, without the amended return being signed, they become tenants with an extra person now living in the house who is not on the lease. I expect a lack of a payment this upcoming month, although I may be incorrect because they may not want to miss a payment and lose the house. And I have already been warned that we will fight this out in court. Oh did I mention a vicious breed dog now resides there as well?
The land contract has been recorded and apparently due to that these tenants are under the assumption they have all the power. My favorite is that they no longer have a home phone so I am getting in touch via a neighbors cell number.
They truly believe we are going to have a battle.
I have taken the time to write another letter to them explaining the difference between what they think they have and what they have.
What is the best way to give notice now? With the tenant and the dog…do it immediately as they have expressed they do not wish to go forward with signing the documents needed to fullfill the land contract or is there a better way?
Re: john hyre…tax credit…pls advise - Posted by James - Michigan Investor
Posted by James - Michigan Investor on April 28, 2010 at 20:14:20:
Foreclose and have the documents sent to the IRS so they can collect the credit. 
What was the remedy if you can give any details?
James
Thanks John, I posted before we chatted. - Posted by chris
Posted by chris on April 27, 2010 at 11:27:26:
I can’t thank you enough for your help on this. To anyone reading…I know things were hectic and he gave a personal call. Can’t beat an atty that finds the time to take care of everything! He is number one in my book.
Re: john hyre…tax credit…pls advise - Posted by chris
Posted by chris on April 29, 2010 at 08:47:19:
I do not think they want to lose the house. We are sending a 30 day notice soon due to their unwillingness to sign the amended returns, if they do not cooperate in the end it will be just that foreclose and be done with them.
I don’t even think they are smart enough to get the credit on their own.