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Jesse Handel
Jesse Handel, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience:  7 years tax preparation. IRS Registered Tax Preparer.
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Me and my husband are buying a new home. We currently own a

Customer Question

Me and my husband are buying a new home. We currently own a house so we do not quilify for the 8000 tax credit. If we have add our daughter or son in our new house as co signers and they have never owned a house themselves, can we then claim the credit?
Submitted: 4 years ago.
Category: Tax
Expert:  Jesse Handel replied 4 years ago.

HelloCustomer Thank you for coming to Just Answer and allowing us to answer your tax questions. The $8000 first-time homebuyer tax credit is based on the homeowner being a first-time homebuyer. The IRS will provide the tax credit to the taxpayer or taxpayers that are listed as the homebuyers in the closing paperwork. A cosigner doesn't affect the tax credit (which means that parents can cosign a loan for a first-time homebuying child and the child will still be allowed the tax credit). Your plan would only work if your child was listed as the homebuyer and the home was registered in their name, and if your child filed their own tax return. Since you already own a home, you would have to make your child the primary owner and the IRS would pay the $8000 to your child, not to you.

 

I hope this answers your question. Please let me know if you need more information.

Jesse Handel, Tax Preparer
Category: Tax
Satisfied Customers: 262
Experience: 7 years tax preparation. IRS Registered Tax Preparer.
Jesse Handel and 5 other Tax Specialists are ready to help you
Customer: replied 4 years ago.
my only concern now is that "the child in question" is 2 1/2 year old and of course lives with us. Can she file her own tax return?
Customer: replied 4 years ago.

I think I just found my answer by looking at the IRS site:

It stated on publication 501 (who should file) that you should file a tax return if you can get money back!,

Im guessing regardless of age you can file a return: If you could answer this for me I would greatley appreciate.

 

Anyways Thank you so MUCH for your help so far.. Love your puppy by the way. We have one (MAX) that looks very similar to it. Have a great day.

Expert:  Jesse Handel replied 4 years ago.

Thanks for your accept. Glad you like my puppy. I would advise that with a 2 1/2 year old child you would be taking a very grave risk of the IRS charging you with tax fraud if you filed a return claiming that your daughter is a first-time homebuyer entitled to the tax credit. Your daughter would have to be the purchaser of the home and a minor (under 18) child isn't able to enter into legal contracts. While you could file a return for her, the IRS would not knowingly accept her as a first-time homebuyer. There's a slight chance that the return wouldn't be audited, but in a case of tax fraud, the normal statute of limitations doesn't apply, so they could look at it any time in the future.

 

I hope this helps. It's been a pleasure working with you.

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