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$8000 first time home buyer tax credit?

For the 8000 Housing Tax credit, can the first time home buyer not be on the mortgage?

  • I have read that a cosigner is eligible for the credit if they are a first time home buyer but does this person need to be on the mortgage to receive the tax credit or simply on the deed? Federal Housing states: "However, 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. "

  • Answer:

    Must claim the house as principle residence on tax return for 3 years or will have to pay the money back. John R. Thomas - Certified Mortgage Planner Primary Residential Mortgage, Inc. www.DelawareMortgageLoans.net

Rich at Yahoo! Answers Visit the source

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The person need not be on the mortgage, but must be on the title. Said person must also fulfill another requirement, and that is that he/she must use the house as his/her primary residence. Not sure what you want to do here, but that is also a firm requirement.

Hello Rich, The homebuyer can receive the credit by being on the deed. Factors that indicate that a taxpayer has the benefits and burdens of ownership include: 1. the right of possession, 2. the right to obtain legal title upon full payment of the purchase price, 3. the right to construct improvements, 4. the obligation to pay property taxes, 5. the risk of loss, 6. the responsibility to insure the property and 7. the duty to maintain the property. Hope this helps! --- Brad

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