I have a client who has never owned a home. He co-signed for a mortgage for a person who has owned her home for a while. In co-signing he became a 1% owner on title on the home. Is he entitled to a Home Buyer Amount ? Does it depend on whether the 99% owner previously claimed the Home Buyer amount?
No. This is a bare trust arrangement, nothing more. The home buyers amount goes solely to the primary beneficiary.
Most likely as noted by @Deepinthemoneycall but just to clarify:
Does your client LIVE in the home for which he co-signed?
Is he, perhaps, MARRIED to the person who owns the other 99% of the home?
On the other hand, if his wife already claimed the Home Buyer amount for that home, it’s too late - he can’t claim any of it.
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