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Level 3
March 7, 2021
Solved

If I have a client that co-signed for his daughter's first home and used a his retirement plan to purchase a house. Can that qualify for the $10,000 first home buyer?

  • March 7, 2021
  • 1 reply
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Best answer by sjrcpa

I guess the house has like an attached apartment and that is what they call the daughter part. I am not sure about the deed. Does that matter?


Yes. He has to have an ownership interest in this first time home "purchase".

1 reply

sjrcpa
Level 15
March 7, 2021

Is this his first home purchase?

Is it his principal residence, too?

The more I know the more I don’t know.
Level 3
March 7, 2021

Yes, it's a mother daughter home, so he lives in the second section.

sjrcpa
Level 15
March 7, 2021

If he meets the requirements then yes he can claim the penalty exception. Is his name also on the deed (as opposed to just on the mortgage.)

Just curious - how does "he" fit into "mother daughter"?

The more I know the more I don’t know.