Posted on: 11th Aug, 2009 01:17 pm
Can I get the tax credit if my father is co-signing the mortgage and if his name is on the deed along with mine.
As far as I know YES you could deduct the mortgage interest and taxes. First question, IRS wants to know if you are responsible for loan, since you are the borrower and your father is co signer or guarantor, both the names should show up on the note. you can take 100% deduction or you could split 50 / 50 ( or any ratio ) with your dad.
Ram
Ram
Hi gail!
Welcome to forums!
If both of you are first time homebuyers, then you can claim the first time homebuyer's tax credit. In order to qualify as a first time homebuyer both of you should not have owned a property in the last 3 years.
Feel free to ask if you've further queries.
Sussane
Welcome to forums!
If both of you are first time homebuyers, then you can claim the first time homebuyer's tax credit. In order to qualify as a first time homebuyer both of you should not have owned a property in the last 3 years.
Feel free to ask if you've further queries.
Sussane
We are not accountants, so, can not tell you anything you can legally
binding.
The tax credit is for first time buyers for a primary residence. If married, neither of the parties may have owned a primary home in the past three years.
If your father cosigns and does not live in the property, you can get the entire $8,000 credit. If he is a first time puyer also and lives in the property, you can split the credit.
You are not married to your father, so, you may get the entire credit.
binding.
The tax credit is for first time buyers for a primary residence. If married, neither of the parties may have owned a primary home in the past three years.
If your father cosigns and does not live in the property, you can get the entire $8,000 credit. If he is a first time puyer also and lives in the property, you can split the credit.
You are not married to your father, so, you may get the entire credit.
