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Tax credit eligibility

Posted on: 17th Aug, 2009 10:56 am
Is the co-borrow eligible for the tax credit if:
1st scenario: The co-borrower takes up primary residence at the home and is put on the title?
2nd scenario: The borrower does not actually need me as a co-borrower but puts me on the title. Would I be eligible for the tax credit as a first time home owner?
in the first scenario, the coborrower could not be a coborrower, but the borrower only with nobody else, in order to qualify as a first-time homebuyer.

in the second scenario, ditto.

your involvement will prevent your first-time homebuyer from qualifying at all.
Posted on: 17th Aug, 2009 11:16 am
Yes if your involved in title or loan then she will not get the tax credit. Only way would for the co co borrower to get the house in there name only. Then at that time they can qualify for the tax credit.
Posted on: 17th Aug, 2009 11:32 am
if you are not a FTHB, you will not be eligible at all for the tax credit...if you co-sign for the purpose of qualify the FTHB, and that person plans on occupy the property as their primary residence..then they will still get the full tax credit assuming they meet all the other income restrictions.
Posted on: 17th Aug, 2009 02:59 pm
Here is where I pulled that information



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Posted on: 17th Aug, 2009 03:00 pm
Shelley,

Welcoem to the forum

These are the guidign rules for $8000/- tax credit.



Good luck and feel free to ask

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Posted on: 20th Aug, 2009 07:45 pm
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