Port Charlotte Florida Real Estate » $8000 tax credit http://bestchoicerealty.net/WordPress News and Reports for buying/selling real estate. Thu, 03 Jun 2010 19:15:30 +0000 http://wordpress.org/?v=2.9.2 en hourly 1 New Rules for Tax Credit Set by IRS http://bestchoicerealty.net/WordPress/2009/12/07/new-rules-for-tax-credit-set-by-irs/ http://bestchoicerealty.net/WordPress/2009/12/07/new-rules-for-tax-credit-set-by-irs/#comments Mon, 07 Dec 2009 17:46:59 +0000 taz http://bestchoicerealty.net/WordPress/?p=127 IRS  sets guidelines for eligibility for the home buyer credit when co-borrowers purchase a property.

Home-owning parents of an adult child, co-signs for a mortgage and both names appear on the note, under some circumstances, the first-time home buyer can qualify for the whole amount say the IRS.

The  parents do not qualify for any portion of the credit, but if the child has not owned a home during the three years preceding the current purchase and can qualify based on income, they can be allocated the entire $8,000 credit.

Unmarried individuals that co-purchase a home and only one of them is eligible for the credit, then the full $8,000 can be allocated to the eligible buyer.

Check with your local IRS office for more information.

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