Co-buying a house and the federal tax-rebate.?
Can I jointly buy a place with my brother? He is eligible for the rebate but I am not (I've previously purchased. Can he get the 8,000 tax rebate for co-buying a house?
Completely seperate question:
Also, if you buy without going through a mortgage, making monthly payments to the current owner, can you get the 8,000?
- teran_realtorLv 71 decade agoFavorite Answer
1 - He qualifies for $4,000.
2 - Yes, as long as title transfers. Still, he only gets half ($4,000) if your name is also on title.
As far as 2009 was concerned, you did have to show the settlement statement (HUD-1) to show that you bought the house. It doesn't matter if you paid cash, got a bank loan, borrowed from the Mafia or if the owner carried the note - as long as title transferred to your name.
- chatsplasLv 71 decade ago
IRS has NOT published the new 5405 and instructions, so anything you do bears a risk of it not qualifying.
Buying is the prerequisite, not a mortgage, so yes, buying without a mortgage can qualify. However, you will have to prove that it was your money (the one claiming the credit) used to buy your house.
www.irs.gov form 5405Source(s): tax pro
- ?Lv 71 decade ago
If you are a co buyer then no one gets a rebate. You are not a first time home buyer.
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- golferwhoworksLv 71 decade ago
no and no