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I am a first time home buyer but my co-signer is not. Am I still eligable for the tax rebate?

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July 27 2009 - San Carlos
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Answers (2)

Here's the link to the IRS.

Just be aware that if you're a married couple the ownership of a home by one partner will disqualify both parties from the tax rebate.

http://www.irs.gov/newsroom/article/0,,id=206293,00.html
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July 27 2009
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Yes ... as long as you meet all the requirements. 

As of the co-owner, its worded odd in that you "split the money" such that the person not eligible does nto get any of the money.. that is you can get all or some - but be sure they get none.

Here is the exact wording....

Form 5405 - Part II Credit
 
 Line 1. If two or more unmarried individuals buy a main
home, they can allocate the credit among the individual
owners using any reasonable method. The total amount
allocated cannot exceed the smaller of $7,500 ($8,000 if
you purchased your home in 2009) or 10% of the
purchase price. See Purchase price on page 3.

Note. A reasonable method is any method that does not
allocate all or a part of the credit to a co-owner who is
not eligible to claim that part of the credit.
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July 27 2009
 
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I am a first time home buyer but my co-signer is not. Am I still eligable for the tax rebate?
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Latest answer by Michael Emery
July 27 2009 | 2 answers
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