Posted on: 07th Apr, 2010 12:57 pm
I will be purchasing a condo. My name will be the only name on the mortgage(better rates with my credit score ), but my daughters name will be on the deed along with my name.
She has never owned a home. Would she qualify for the first time home buyer credit if her name is on the deed only, not the mortgage?
She has never owned a home. Would she qualify for the first time home buyer credit if her name is on the deed only, not the mortgage?
i'd be skeptical, since you've stated that you are the purchaser, but that's just my take on it at this point. honestly, your best bet to make this determination is to discuss this with your tax advisor, if you have one, or to contact the irs - irs.gov.
Daughters name would be on the purchase contract along with mine. Just not on the mortgage.
i know the irs doesn't care about who is borrowing...it's the ownership that counts. but i still defer to them - after all, they're not only the ones who wrote the rules, they're the ones who have to enforce them.