First Time Home Buyer Credit Claim
September 1st, 2010
Question: Do I only claim for half of the First Time Home Buyer Credit?
Me and my mom purchased a home in October 2009. Now, we’re not sure if I’m supposed to claim the whole credit by myself, or we are supposed to claim half of it each. This is the first time I own a home and my mom owned a house but she never lived in it.
Answer: As long as this house was not purchased from a relative and all other conditions are met, you can allocate the credit between you as you choose. Read the instructions of Form 5405 for clarification.
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