The IRS has finally established guidelines for eligibility for the home buyer credit when there are co-borrowers that purchase a home.
When a parent of an adult child who already owns a home co-signs for the purchase of a new home with their child, and both names appear on the mortgage, the IRS says that the first-time home buyer may qualify for the entire tax credit.
According to the IRS, the parent does not qualify for any portion of the tax credit, but if the adult child has either never owned a home or hasn’t owned a home during the previous three years and can qualify based on income, they can be allocated the entire $8,000 tax credit.
When unmarried homebuyers co-purchase a home together and only one of them is eligible for the credit, then the full $8,000 tax credit may be allocated to the eligible buyer.
As always, please consult a tax professional for advice before filing.
www.AthensGAHomesForSale.com
About hankbailey
Member of the Athens Area Association of REALTORS®, Georgia Association of REALTORS®, and the National Association of REALTORS®. I grew up in Athens and graduated from UGA with a BBA from the Terry College. I serve as a Residential Real Estate Listing and Buyer Services through Prudential Georgia, one of the largest real estate companies in the State of Georgia. Working with first time home buyers, step-up buyers, and Relocations in Jackson, Barrow, Oconee, and Athens-Clarke Counties.
http://www.AdvancedPropertyMarketing.com (this is our listing methodology)
http://www.GetJobLossProtection.com (this is an overview of our job loss program)
• Adept at understanding mortgage financing issues, products, and terminology.
• Technical expertise in internet marketing.
• Excellence in establishing trust with clients.
Represents Prudential Georgia Property Management in the acquisition and marketing of properties for lease in the Greater Athens area.
Personal website; www.athensgahomesforsale.com
Member of GA MLS
Member of FMLS
Member Georgia Association of REALTORS®
Member of Athens Association of REALTORS®
Member of the National Association of REALTORS®
Member of the UGA Alumni Association
