Video answering the questions “How do I file for the First Time Home Buyer Tax Credit?” and “Can I use the First Time Home Buyer Tax Credit as a down payment?” In posting quite frequently about the tax credit, I had noticed that there were still many questions out there, so I thought these two answers might help many buyers thinking of purchasing a home in San Antonio (and elsewhere) and wondering about the tax credit.
My boyfriend and I are buying a home together but he can not be on the mortgage because of his poor credit. I do not qualify for the 00 first time home buyer tax credit but my boyfriend does. Does he have to be on the mortgage in order to qualify for the tax credit or can I put him on the deed and will that qualify him for the tax credit?
The IRS has confirmed that if he is on the deed, lives in the house and can prove, that he has contributed towards the payment of the house, he does qualify for the credit. I am very comfortable having him on the deed but not on mortgage. Without getting into detail, his credit issues are understandable. I am awaiting to hear if the bank has any issues with him being on the deed. I will select the best answer then.
First Time Homebuyer Credit – Public Service Announcement from IRS, courtesy of the NAD. If you are a first time homebuyer, you may qualify to receive a credit to assist with the purchase of your new home. For more information, go to www.irs.gov
If you are a tax practitioner, enrolled agent, CPA or other tax professional, you’ll want to go to the 2010 IRS Nationwide Tax Forums. Find out when, where and what you can learn at one of the year’s most anticipated continuing education events for tax professionals.
www.pbs.org PBS Airdate: March 30, 2009 Nightly Business Report’s tax guru, Kevin McCormally of Kiplinger’s Personal Finance, explains the two different tax credits first-time home buyers need to consider. Catch McCormally’s tips Mondays in March and early April 2009 on Nightly Business Report. For more information visit: www.pbs.org
Here’s a Tip from the IRS. . . Did you buy a house or a condo recently? If you did, it could mean money in your pocket. Thats right, if you bought a home last year you could get a 75-hundred dollar interest-free loan – courtesy of Uncle Sam — and you have 15 years to pay it back. On the other hand, if you buy a home this year before December the first, you can get a tax credit of up to eight-thousand-dollars either on this years return or next years return, and you dont even have to pay it back. To learn more about the first-time homebuyer credit go to IRS.gov.
