$8000 1st time homebuyer

[Bucky]

Grandmother co sign for grandaughter. Both are on the loan and title. Grandaughter is paying payment. She just didn't have the income to qualify. Can she take the whole credit.

[BP.]

Form 5405 instructions: see p.2

http://www.irs.gov/pub/irs-pdf/f5405.pdf

Yes, unmarrieds can allocate total credit by any reasonable method they choose.

[Bucky]

what if grandma own a house?

[Gretel]

Grandmother co sign for grandaughter. Both are on the loan and title. Grandaughter is paying payment. She just didn't have the income to qualify. Can she take the whole credit.

In my opinion she can take the full credit since it is her house. How the house is paid for and if and how mortgage it obtained should have no bearing.

[BP.]

what if grandma own a house?

Looks like disqualification based on co-owner's ownership of a primary residence only applies to spouses.

[solomon]

Agree with Gretel. At a minimum she is the full equitable owner.