Archive for January, 2010
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.
Unfortunately 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.
Now that it is 2010, and April will fast approach, the time to start looking for the first time home buyers home in really really now. Call me at 303-888-2488 to look.