The Federal Tax Credits Blog

Posts Tagged ‘buyer credit’

C.A.R. Applauds Gov. Schwarzenegger’s Signing Homebuyer Tax Credit Legislation Into Law

LOS ANGELES, CA–(Marketwire – 03/25/10) – (March 25) – The CALIFORNIA ASSOCIATION OF REALTORS (C.A.R.) today praised California Governor Arnold Schwarzenegger for his leadership in signing the Homebuyer Tax Credit legislation into law. “We are pleased that Governor Schwarzenegger recognized the positive impact the tax credit will have for families hoping to buy their first home,” said C.A.R …

Question: Would still qualify for First Time Home Buyer Credit if on title but not on the loan?

Let’s say my brother bought a house but we did not co sign because I owe too much debt and made too little last year so I am not on the loan, but I am on title. Would I still be able to qualify for the credit? He actually qualifies too but he doesn’t want to claim it because he wants to buy his own house later.

Thanks!

Answer: Since you are on the title, that counts as home ownership.

Where does your brother live? If it’s with you, he won’t qualify on buying another home.

Federal tax credit running out for Franklin County home shoppers

Time is running out for the first-time and repeat home buyer tax credits. The $8,000 first-time credit and $6,500 repeat home buyer credits are set to expire April 30, but those hoping to take advantage of the credit who sign a contract by April 30 are still eligible if the sale closes by June 30.