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If I have a client that co-signed for his daughter's first home and used a his retirement plan to purchase a house. Can that qualify for the $10,000 first home buyer?

ayalastaxes
Level 3
 
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sjrcpa
Level 15

Yes. He has to have an ownership interest in this first time home "purchase".


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sjrcpa
Level 15

Is this his first home purchase?

Is it his principal residence, too?


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ayalastaxes
Level 3

Yes, it's a mother daughter home, so he lives in the second section.

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sjrcpa
Level 15

If he meets the requirements then yes he can claim the penalty exception. Is his name also on the deed (as opposed to just on the mortgage.)

Just curious - how does "he" fit into "mother daughter"?


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ayalastaxes
Level 3

I guess the house has like an attached apartment and that is what they call the daughter part. I am not sure about the deed. Does that matter?

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sjrcpa
Level 15

Yes. He has to have an ownership interest in this first time home "purchase".


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ayalastaxes
Level 3

Ok, Thanks for the clarification and all your help.

sjrcpa
Level 15

You're welcome.


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