Husband co-signed

Today TaxMama hears from Nancy in Florida with this problem. “I am a first time home buyer. My husband co-signed for someone 4 years ago. That house was never his primary residence. We can prove it with lease papers from our apartment. My house mortgage is only on my name. My husband is in the deed because we are married. Can I get the first time homebuyer credit?”

TaxMama answers a question on Tax

Dear Nancy,

Life is so much more complicated than the Legislature could have imagined. But, yes, you and your husband are qualified for the full first-time homebuyers credit.

Your husband is a brave and generous fellow. He has never lived in the home. The provisions of the law allow you to own other real estate, including rentals, vacation homes, offices – even to co-sign for someone. As long as the house was never your husband’s primary residence, no problem. So, do save the proof you had.

Before you file for it, read today’s TaxWatch column in MarketWatch.com. It should go live on the site by 11:00 am EST today. You can either subscribe to TaxWatch, or just go to my columns.
http://www.marketwatch.com/Journalists/Eva_Rosenberg

And remember, you can find answers to all kinds of questions about the first time homebuyers credit and other tax issues, free. Where? Where else? At TaxMama.com.

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