The IRS has spelled out guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.
If you are single and buy a first-time home as a part owner, you can claim the full credit as long as you qualify for the credit.
For example: If you are a single person who qualifies for the credit and you have a co-signer or co-owner, such as a parent who does not qualify, you can still claim 100% of the credit says the IRS.
The IRS says the parent doesn’t qualify for any portion of the credit, but if the child hasn’t owned a home during the three years preceding the current purchase and can qualify based on income, he or she can be allocated the entire $8,000 credit.
When unmarried individuals co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.
Source: Internal Revenue Service www.irs.gov
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