TIME IS TICKING AWAY!!!
The 1st Time-Homebuyer Tax Credit will end on December 1st. You must have closed on or before November 30, 2009 in order to take advantage of the credit. The 2009 Tax Credit - Does NOT have to be repaid.
I have seen many blogs with the incorrect info to this question. It's important to do your homework if you are going to take advantage of the credit.
Question -
Let's assume that Taxpayer A is a first-time home buyer (has not owned a home in the last 3 years). Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?
Answer-
Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($8,000 for purchase in 2009), if the home was purchased as Taxpayers A's primary residence.
More info: http://www.irs.gov/newsroom/article/0,,id=206294,00.html
