Help! with ANCHOR form when there is a cosigner.

Submitted by cbwb t3_10et12f in newjersey

Trying to figure out the right way for our son to do the ANCHOR form. We were the co-signer but did not pay a cent toward the home or it's upkeep or taxes. We co-signed only for him to qualify for a better rate due to him having a recent job change. On the property tax records both husband and son are listed as owners. We are not eligible to split this 50/50 because we are getting a rebate from our own home (we are not interested in taking any of what he is owed).

On line 8a it asks if ownership is shared. I think the answer would technically be yes. Then for line 8b it asks for the share you owned, for which our child would be 100%, but there are only 2 spaces to fill in so he can't write 100% (well, he could since it's a mail-in form).

The house has been sold and we did not take any of the proceeds. We signed a form to assign sellers proceeds at closing.

Or should he just answer "no" to sharing ownership on line 8a since practically speaking he was the sole owner. He made the payments and took all the tax benefits etc.

4

Comments

You must log in or register to comment.

D00TZpop t1_j4szbtq wrote

Call your legislators. Most of them are doing programs to get people to sign up for the rebate.

3

theorigamist t1_j4t9qpx wrote

He should answer no to shared ownership. Likely they won’t question it further and it’ll just be accepted, and if they do question further, your explanation here should make sense, that he was “practically the sole owner”

3

cbwb OP t1_j4tcot6 wrote

Replying to theorigamist (#1,392,046)

I'm sure theyll accept it eventually, the IRS does! But, this is NJ... Just wondering if there's a "correct" way to do the form. There's a faq for every other situation. 🤷🏻‍♀️

1

theorigamist t1_j4tdfjb wrote

Replying to cbwb (#1,392,221)

The form is very vague for that answer yea. He could put 100%, or 99%, but i doubt NJ is looking for specific proof or justification for whatever percent is put down. If they did require proof the state should have made that clear in the question

2

dEn_of_asyD t1_j4u9isz wrote

Replying to D00TZpop (#1,391,482)

I'd second the call your district rep's constituent office to see what's up. They usually have a case worker or department contact who knows how it works.

Idk about ANCHOR, but my car is co-owned. I got it in college, my dad put his name down as a co-owner when documents were being made up. Anyways, whenever I do registration I have to get him to sign. They've rejected it when it's just my signature even though I'm the primary owner and he has his own car. I could get a title change, but with MVCs being the way they are it's just quicker to tell him to sign and move on for another year.

1