Question regarding first-time homebuyer credit with joint owners

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Subject Author Date Question regarding first-time homebuyer credit with joint owners waynegib@gmail.com 02-14-2009  Re: Question regarding first-time homebuyer credit... Alan 02-14-2009
Posted by waynegib@gmail.com on February 14, 2009, 1:57 am Please log in for more thread options I purchased a home in August of last year and this is my first home, however, I put my mother's name on the home too so I am the primary and she is the joint owner. But she currently owns a home. Would I still be able to qualify for the $7500 tax loan? The home cost about $600,000. I was wondering if I could do something like I own half the home and that by itself would qualify for the $7500 tax loan credit since $7500 is the lower amount between $7500 and 10% of the home purchase price. The reality is I paid for the entire home myself but I just added my mother's name to get approved for the loan. Thanks for any advice you may provide. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Posted by Alan on February 14, 2009, 9:48 am Please log in for more thread options waynegib@gmail.com wrote: > I purchased a home in August of last year and this is my first home, > however, I put my mother's name on the home too so I am the primary > and she is the joint owner. But she currently owns a home. Would I > still be able to qualify for the $7500 tax loan? The home cost about > $600,000. Yes. -- << ------------------------------------------------------- >> << The foregoing was not intended or written to be used, >> << nor can it used, for the purpose of avoiding penalties >> << that may be imposed upon the taxpayer. >> << >> << The Charter and the Guidelines for submitting posts >> << to this newsgroup as well as our anti-spamming policy >> << are at www.asktax.org. >> << Copyright (2007) - All rights reserved. >> << ------------------------------------------------------- >> Similar Threads Posted Question on First Time Homebuyer Credit July 27, 2009, 7:03 pm Home sale between joint owners April 18, 2009, 10:11 pm Joint tenancy, multiple owners, capital gains calculation October 7, 2008, 7:41 pm New home owners tax credit March 20, 2009, 8:04 pm First-time homebuyer credit March 6, 2009, 12:11 pm Main home for homebuyer credit? March 14, 2010, 2:11 pm First time homebuyer Credit 2008 -2009 March 6, 2009, 1:18 pm eFile and later amend for $8000 homebuyer credit? March 13, 2010, 9:14 am homebuyer credit - single to married buyer/seller January 20, 2010, 7:36 pm Ohio Joint filing credit January 15, 2009, 12:47 pm