New Home Purchase tax credit senerio?
Son never owned a property. Father co-signs for son as the co- borrower for the purchase. Father and son buying another home, fathers not sell his current home, however the new purchase will be primary residence for father and son. New purchase property will be father and son's primary residence. Who and how much tax credit is avalible to both parties? by sonlookingtobuy from Newark, New Jersey. Dec 3rd 2009
Leo Harvey (LHARVEY)
#6 ranked lender in Pennsylvania - 149 contributions
IRS Notice 2009-12 allows unmarried joint purchasers to allocate the credit amount to any buyer who qualifies as a first-time buyer, such as may occur if a parent jointly purchases a home with a son or daughter. Ownership of a vacation home or rental property not used as a principal residence does not disqualify a buyer as a first-time home buyer. Your son, provided he meets income guidelines, will be qualified to receive the full $8000 tax credit.
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