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Buying a house with my fiance and it will be all in her name for credit reasons. I'm not being allowed on the deed or HUD closing form since we aren't married. I will be living there and we will be married in 3 months. Is there any way for me to claim the $6500 credit I would be elidgible for if I were on the purchase? Could I seller finance purchase from her to get my claim to the credit. She isn't elidgible and it's all moot in 3 months after getting married. At this point I'm guessing I just can't get it.
I would assume that since you will be married in 2010, you will file jointly in early 2011 for tax year 2010. If she has lived in her previous home for 5 of the last 8 years, she (and you) should qualify for the credit. However, as with all tax matters, check with an accountant before following anybody's advise on a forum like this!
You guys can't both claim the tax credit for the same house, can you? Especially when you technically didn't buy the house if your name is not on it. That doesn't seem quite right. My husband and I are trying to buy our first home and we won't each get to claim an $8,000 tax credit. There will be one $8,000 tax credit between the two of us.
You guys can't both claim the tax credit for the same house, can you? Especially when you technically didn't buy the house if your name is not on it. That doesn't seem quite right. My husband and I are trying to buy our first home and we won't each get to claim an $8,000 tax credit. There will be one $8,000 tax credit between the two of us.
You are right, but that really wasn't his question. His finance can't get it so he's trying to figure out if there is some way for him to qualify. Apparently he could qualify for the $6500 credit for previous homeowners, but due to credit issues can't be on the purchase agreement. He has to be a party to the purchase to qualify. If his finance can't qualify for the credit on her own I think they are out of luck, but check with a tax specialist and the IRS when they publish their guidelines.
how can an unmarried couple claim the $6500.00 tax credit ? is it possible that each person can claim only half of the credit so that way both can get it? the credit portion is in my fiances name but my name is on the deed along with his. am i still quailified to receive a portion of the credit?
how can an unmarried couple claim the $6500.00 tax credit ? is it possible that each person can claim only half of the credit so that way both can get it? the credit portion is in my fiances name but my name is on the deed along with his. am i still quailified to receive a portion of the credit?
The $6500 credit is for previous homeowners that have owned their home at least 5 out of the last 8 years prior to the new home purchase. I assume this is your situation?
Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit?
A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.
The notice discusses the older $7500 credit, but the way they allocate the credit should be similar. Assuming that both of you would have qualified on your own for the credit, it can be divided between you based on the contributions each of you put towards the home purchase.
If your fiance provided all the financing for the purchase, it's likely that only he could claim the credit. You should consult with a tax professional to be sure.
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