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First time buyers tax credit

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If I'm buying a home with my sister, both names on mortgage and it's her first home but not mine, can she still receive the 8,000 tax credit?

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November 09 - US

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Pasadenan
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Pasadenan

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If the two of you don't have a tax accountant... get the information straight from the IRS:

Call: 1-eight-hundred, eight-two-nine, 1040 ---> IRS
(forget "Empire", they wouldn't help).

And they are open a lot longer than just 8 to 9... round the clock, most days.

And they can direct you to the correct forms, or mail them to you too.

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1 day ago

Amy Lou Gage, "AmyLouGage"
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Amy Lou Gage, "AmyLouGage"

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I would recommend checking with her tax accountant. I have heard the answer to be that she would only be able to receive half of the credit.

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1 day ago

Michael Emery, "MikeEmery"
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Michael Emery, "MikeEmery"

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Yes, as long as she meets the qualifications for the program she would be eligible for the tax credit. The home would have to be HER primary residence for the next three years and not be used as a second home or vacation home. Since you are not eligible for the tax credit there are no such restrictions on whether or not you occupy the home (except for mortgage purposes, but that's a whole 'nother story.)

http://www.irs.gov/newsroom/article/0,,id=206291,00.html

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November 09

Earl Boyer, "Earl Boyer"
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Earl Boyer, "Earl Boyer"

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Your best bet, check with her accountant.

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November 09

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Related Questions

Question how much do these houses rent for

Question If i purchase my first home and my co-borrow has a home already am i still intitled to tax credit?

Question If this house becomes availible for sale I would like to bid on it. This was my 1sthome.

Question If my offer is $50 higher and I have a cash sale, legally does my offer stand?

Question I bought a house in March 2008. Am I eligable for the tax credit?

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