Monday, May 10, 2010

Can an un-married couple each receive $6000 tax credit as part of the first time home buyer credit?

I was told by a local tax professional that if the house deed and loan paper work is written up a certain way that both myself and my unmarried couple/co-owner would qualify for $6000 each so a total of $12000. I have been trying to find any information about this but I have not had any luck. So if anyone knows for sure if this is true or not let me know.Can an un-married couple each receive $6000 tax credit as part of the first time home buyer credit?
He lied to you.





The maximum credit is up to 10% of the purchase price (maximum of $8000) for the house. If two of you buy the house together, the credit can be split anyway you want, but it cannot go over the 10%.





So, on a $60,000 house, you can have $6000 and they can have $0; or you can have $0 and they can have $6000; or you can have $3000 each.





There is no legal way to double the credit. You cannot lie and claim it's a duplex when it isn't.Can an un-married couple each receive $6000 tax credit as part of the first time home buyer credit?
Do NOT do business with that ';tax pro.'; He or she is either grossly incompetent OR dishonest. You don't want an idiot like that in your corner.





The credit is 10% of the purchase price of the home with an $8,000 limit. An unmarried couple buying together can split the credit any way that they wish as long as both are eligible for the credit. You could each claim $4,000 if the net purchase price was $80,000 or more but there's no way that you'd get more than $8,000 total. It's one credit per home purchased, regardless of the number of buyers on the title.
I would report that guy. He is telling you misinformation at the very least. First you can only get up to $8000. Also, the same house cannot be used for the credit more than one time.
unmarried joint purchasers can allocate the credit to the one entitled to the credit
Definitely true....If you buy two houses
You got some VERY bad information. The MOST you will each get is $4,000

No comments:

Post a Comment