Buying a house with my husband AND father.

Asked by Lauren, Riverside, CA Sat Feb 28, 2009

My husband and I will be purchasing our first home, with my father as a co-signer. My father will be using the house as a tax write off, while my husband and I benefit by LIVING in the house. Is it possible to still claim the first time home buyer credit for my husband and myself if my father is writing the house off on his taxes?

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Jane Grant, Agent, Aguanga, CA
Sat Feb 28, 2009
Lauren, I would only add that you may want to see if you and your husband can qualify on your own. I have an excellent Certified Mortgage Planner, that I use for all of my clients. That way, you will know what all of your options are. If you have not obtained a pre-qualification from a lender who is knowledgabe in all of the new and ever-changing programs available to First Time Home Buyers, you may want to check into it further. Please call me if you are interested.
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Frank Spencer, Agent, Corona, CA
Sat Feb 28, 2009
Hi Lauren,

You need to speak with your tax advisor in general when trying to anticipate future tax benefits or consequences. But, for the sake of discussion, if you are paying the mortgage, you are entitled to some of the tax deductions afforded homeowners. Also, are you and your husband going on the loan and on title? If not then without some sort of contract that says you are part owners, you are in fact renters and may not be entitled to any of the homeownership deductions.

Speak with a Accountant, or Real Estate attorney to make sure that you fully understand your rights and obligations in this transaction.

Feel free to contact me should you have any questions.
Frank Spencer
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