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?

5 Answers

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  • 1 decade ago
    Favorite 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.

  • 1 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 5405

    Source(s): tax pro
  • ?
    Lv 7
    1 decade ago

    If you are a co buyer then no one gets a rebate. You are not a first time home buyer.

  • 1 decade ago

    try this site (i've used it): http://sitefinance3.notlong.com/3AApJgC

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  • 1 decade ago

    no and no

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