spiderweb Posted October 22, 2009 Report Share Posted October 22, 2009 Folks, Can the First Time Homebuyer's credit be granted or taken on a fractional Share basis? That is three siblings are purchasing a home to be occupied by only one of them---they will equally be 1/2 owners. Can someone please shed a light on this if at all possible. Thank you all in advance. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted October 22, 2009 Report Share Posted October 22, 2009 Folks, Can the First Time Homebuyer's credit be granted or taken on a fractional Share basis? That is three siblings are purchasing a home to be occupied by only one of them---they will equally be 1/2 owners. Can someone please shed a light on this if at all possible. Thank you all in advance. I believe that it has to be the main residence of the purchaser. Therefore, the person who is going to occupy the home should get the entire credit, because the law says that it can be allocated in any way that you choose. Did you mean that they will be equal 1/3 owners or are there just two siblings. Quote Link to comment Share on other sites More sharing options...
spiderweb Posted October 22, 2009 Author Report Share Posted October 22, 2009 I believe that it has to be the main residence of the purchaser. Therefore, the person who is going to occupy the home should get the entire credit, because the law says that it can be allocated in any way that you choose. Did you mean that they will be equal 1/3 owners or are there just two siblings. That was a mistake on my part, they will all be equal 1/3 owners. Quote Link to comment Share on other sites More sharing options...
mcb39 Posted October 22, 2009 Report Share Posted October 22, 2009 That was a mistake on my part, they will all be equal 1/3 owners. Only the one who is going to live there can take the credit.....all of it! Quote Link to comment Share on other sites More sharing options...
JohnH Posted October 22, 2009 Report Share Posted October 22, 2009 But if they trust one another enough to share ownership, it seems they should be able to trust the one claiming the credit to pay each one's share of the credit back to them. Quote Link to comment Share on other sites More sharing options...
jainen Posted October 22, 2009 Report Share Posted October 22, 2009 >>pay each one's share of the credit back<< Only the resident is entitled to any share of the credit, and he is entitled to the whole amount even though he only has partial title. Under the law, the credit can be divided according to who lives there, regardless of ownership percentages. Quote Link to comment Share on other sites More sharing options...
JohnH Posted October 23, 2009 Report Share Posted October 23, 2009 Guess I didn't explain myself well enough, and possibly I made a wrong assumption. I assumed that the original question implied that the three siblings desired to split the credit because they were splitting ownership. Since that isn't possible because only the one who actually lives there is entitled to the credit, I was suggesting that if this was their intent, they could accomplish the same thing by having that person claim the credit and split it equally among them. Quote Link to comment Share on other sites More sharing options...
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