entropy asked:
We are thinking of just having the First Time home buyer be the primary and claim the $8000 on their taxes. But the other person still will be on the title and mortgage.
Vicki
We are thinking of just having the First Time home buyer be the primary and claim the $8000 on their taxes. But the other person still will be on the title and mortgage.
Vicki
Rita
Yes, if you have not owned a home within the last three years. Please see the IRS publication regarding this matter.
Comment by The Professa — July 7, 2009 @ 7:27 pm
Jeff
If any person on the deed has owned a home within the past three years, neither party will qualify.
Comment by reenzz — July 9, 2009 @ 2:29 pm
Donna
All partys have to be first timers. Involving anyone who is not disqualifies the rest of you. To get the credit only the first timer can be on the deed, which mean the mortgage as well as you can’t get a mortgage for property you will not own.
Comment by Landlord — July 9, 2009 @ 11:37 pm
Wendy
Unmarried joint purchasers may allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. this answer is provided on the federalhousingtaxcredit.com under the FAQ section
Comment by Nicki — July 11, 2009 @ 4:48 am