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