WASHINGTON, D.C. (Realtor.org) – IRS eligibility guidelines for the home buyer tax credit when co-borrowers purchase a property have been spelled out.
When a home owning parent of an adult child co-signs for a mortgage and both names appear on the note, the first-time home buyer can qualify for the whole amount under some circumstances.
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.
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