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Julie Thornt…,  in Los Angeles County, CA

Does anyone know for the tax credit how this would work....? I have a buyer she is a first time home buyer, but her Dad is going on title and he is

Asked by Julie Thornton, Los Angeles County, CA Mon Nov 9, 2009

not a first time buyer and they are uying the house cash out, so does she get the $8000.00 tax credit this is in La county...thanxs

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thank you, Sean
They are buying the house cash out with no loan and he wants to be on title with his daughter and the house is 1.2 million and she is married and they (3) all make really good money,some are saying as long as she is on title she will get it no matter who else goes on title. I guess i will contact a cpa..
0 votes Thank Flag Link Tue Nov 10, 2009
Hi Julie,

With the new changes to the First Time Homebuyer Tax Credit I am unsure if this still applies, but over the past year the tax credit has allowed any true first time homebuyer on title to recieve a tax credit.

The real question is of course, how much of a tax credit will the buyer be eiligible to receive? This will depend not only on who is on title, but also, how much income does the first time homebuyer make as well as several other qualiying factors. Here you can consult directly with the IRS, read the tax credit guidelines on the IRS website, or contact a local CPA.
0 votes Thank Flag Link Tue Nov 10, 2009
I would consult with an accountant but in my personal opinion it is understood that you cannot be on title for the property. It would make more sense for him to be on the mortgage and the daughter to be on title.

But once again I am not an accountant and suggest you consult one.



Sean Dawes
0 votes Thank Flag Link Mon Nov 9, 2009
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