Tax Credit How To Apply
April 16th, 2011
Question: How will the home buyer tax credits be applied to me and my fiance?
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.
Answer: 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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How to Apply for First Time Home Buyer Tax Credit
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