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In 1995, my mother and I bought a house jointly. In 2001, she transferred it into a living trust with her will's stating I still had the right to inherit the house. I continued to pay mortgage interest and take it off my taxes, along with the property taxes, because the mortgagee still had us as joint owners.
Now my mother is about to go onto Medicaid, and we discovered this error. So, in addition to losing all my equity in the house (half of $150,000), am I liable for taking off the expenses?
Furthermore, am I still eligible to take the $8000 credit as a first time buyer, given I ceased being an owner in 2001? We discovered this error only this week.