Home Buying in 02882>Question Details

Taxcreditque…, Home Buyer in 02882

Can I qualify for the first time home buyers credit as a co-signer?

Asked by Taxcreditquestion, 02882 Wed Mar 10, 2010

I'm looking to invest in property but as a college student I do not qualify for a mortgage as I do not have sufficient credit history (the deposit would be my money.) If my parents take a mortgage and I co-sign it, and have my name on the home title and use it as my principle dwelling, can I qualify for the first time home buyers credit? (following other stipulations such as not being declared as a dependent on my parents taxes) My parents already own a home.

All other Q&A's I have seen are the other way around, however I noticed the statement that "The first time home buyer tax credit will apply to you as long as you are on the loan and title and file seperate income tax forms from your parents"
To mean this implies that I could possibly qualify.

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Answers

4
Taxcreditque

I would suggest you contact a IRS Taxpayer Assistance Center near you ( The IRS created them to answer Tax Questions)...You can drop in/no appointment necessary or phone them...

Here's how to locate one near you...http://www.irs.gov/app/officeLocator/index.jsp


Good luck
Dunes
0 votes Thank Flag Link Wed Mar 10, 2010
To be eligible for the First Time Homebuyer Tax Credit you are stating that this will be your primary residence for the next 3 years. Typically, with a home loan, you would still be the primary signer. A non-occupant co-signer is allowed (typically a family member). Having a co-signer will not effect your eligibility. If you are the primary buyer, regardless of any cosigner (even if they are a homeowner), you would be eligible for the credit.
0 votes Thank Flag Link Wed Mar 10, 2010
Good Afternoon TaxCredit,

My understanding tells me yes, but a tax professional will be your best bet for 100% verification. Good Luck and let me know if I can be of any assistance in your search.

Happy Hunting,
Chris
0 votes Thank Flag Link Wed Mar 10, 2010
I hate to do this to you, as I am supposed to be providing a helpful answer and all....but this is really a question for a Trusted Tax Advisor! You are after all dealing with the IRS in order to get this money...

Wish I had more for you, and if you do get a concrete, verfiable answer...I'd love for you to post it here so we can all see.

Good Luck!

John King, Buyers
(210)445-2631
Mission Realty
johnkinghomes@gmail.com
http://www.johnkinghomes.com

Selling homes and land in San Antonio, TX since 2004!
0 votes Thank Flag Link Wed Mar 10, 2010
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