In February 2010, I will have owned my home for 5 years, making me eligible for the $6,500 tax credit if I purchased another Home by April. My fiance has never owned a home, making her eligible for the $8,000 tax credit as a first time home buyer. We’re very eager to purchase a home before April. How would the tax credits on a purchase apply to a couple in our situation? Thank you.
If you *don’t* get married, and buy the house together, you would have to pick a credit and then split it. If you opt for her to get the $8000, she can apply for all of it. (And runs the risk of paying the entire amount back.) If you opt for the $6500 credit, the details aren’t out, but presumably you would claim the entire $6500 and she would claim $0.
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#1 by spalmer on March 3, 2010 - 7:08 pm
If your fiance purchases the home solely in his name, he will be eligible for the tax credit of 10% of the purchase up to and $8,000 limit. If the home is in both of your names, you will be eligible for the credit up to $6,500. To be eligible for the $8,000 credit, both of you would have to be first time home buyers.
This is a good link that gives further information on the extended credit: http://online.wsj.com/article/SB10001424052748703808904574529512997057836.html?mod=WSJ_hpp_MIDDLENexttoWhatsNewsSecond
References :
#2 by the tax lady on March 3, 2010 - 7:22 pm
If you *don’t* get married, and buy the house together, you would have to pick a credit and then split it. If you opt for her to get the $8000, she can apply for all of it. (And runs the risk of paying the entire amount back.) If you opt for the $6500 credit, the details aren’t out, but presumably you would claim the entire $6500 and she would claim $0.
References :