Will I get the $8000 tax credit? According to the National Association of Realtors, the IRS has clarified guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.
First, when a home-owner parent of an adult child co-signs for a mortgage and both names appear on the note, the IRS states that under some circumstances, the first-time home buyer can qualify for the whole amount.
Second, the IRS states the parent does not qualify for any portion of the credit; however, if the child hasn’t owned a home during the three years preceding the new purchase and they qualify based on income, he or she can be allocated up to the entire $8,000 credit.
Third, when unmarried individuals co-purchase a home and only one of them is eligible for the credit, up to the full $8,000 can be claimed by the eligible buyer.
Contact The HULS Team of RE/MAX Today’s Realty Hutchinson MN for further information.
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