Posted on: 11th Mar, 2010 12:14 pm
We are interested in coborrowing on a refi and will also be living in the home full time along with the current homeowner. This will be the first time we've ever had a mortgage, would we qualify for the first time home buyers tax credit and/or any other tax deduction regarding taxes or interest?
The law defines first-time home buyeras a buyer who has not owned a principal residence during the three-year period prior to the purchase.
Tax is equal to 10 percent of the homes price and up to the limit of $8,000, worth checking how much you qualify for your part in the mortgage.
Tax is equal to 10 percent of the homes price and up to the limit of $8,000, worth checking how much you qualify for your part in the mortgage.
based on what you described, i don't believe you will qualify for the tax credit. however, it is worth your trouble to check with a tax advisor for further clarification, and you can also check with the irs directly. on their website, irs.gov, there is a Q&A section. i'm not sure your particular question will get answered in that section, but if not, a call might do the trick. tax advisor would be quicker, probably.
