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ok here's the story. This year I got married in feb. We closed on a house on the 23 of june.
I make 50k a year and my husband makes 120.
I read you can make an addendum to this years taxes for the credit. I would like to do that because next year I'll have to file my taxes as married and we make too much to qualify for anything. but as this year I filed single and well within the range I should qualify for my half of the credit..
can I do that? or am I disqualified because I did get married before we actually bought the house? I can't find anything about this?
ok here's the story. This year I got married in feb. We closed on a house on the 23 of june.
I make 50k a year and my husband makes 120.
I read you can make an addendum to this years taxes for the credit. I would like to do that because next year I'll have to file my taxes as married and we make too much to qualify for anything. but as this year I filed single and well within the range I should qualify for my half of the credit..
can I do that? or am I disqualified because I did get married before we actually bought the house? I can't find anything about this?
anyone know?
The better question to ask is,
"what is my Modified AGI?"
Doesn't matter if you made 300K a year. If your modified AGI (through deductions, credits, personal exemptions) drive your Adjusted Gross Income below 150K, you are good to go with the 8K housing tax credit for first time homebuyers.
2. You could file an addenum (but most likely your husband) would be disqualified because his income is 120K (again is his AGI less than 75K?)
That's the bottom line, What is the combined AGI of both your tax returns.
Get back to us once you answer that important question.
"Are there any income limits for claiming the tax credit? Yes. The income limit for single taxpayers is $75,000; the limit is $150,000 for married taxpayers filing a joint return. The tax credit amount is reduced for buyers with a modified adjusted gross income (MAGI) of more than $75,000 for single taxpayers and $150,000 for married taxpayers filing a joint return. The phaseout range for the tax credit program is equal to $20,000. That is, the tax credit amount is reduced to zero for taxpayers with MAGI of more than $95,000 (single) or $170,000 (married) and is reduced proportionally for taxpayers with MAGIs between these amounts."
This was taken from http://www.federalhousingtaxcredit.com/2009/faq.php#1 (broken link)
ok here's the story. This year I got married in feb. We closed on a house on the 23 of june.
I make 50k a year and my husband makes 120.
I read you can make an addendum to this years taxes for the credit. I would like to do that because next year I'll have to file my taxes as married and we make too much to qualify for anything. but as this year I filed single and well within the range I should qualify for my half of the credit..
can I do that? or am I disqualified because I did get married before we actually bought the house? I can't find anything about this?
anyone know?
I am NOT an accountant, and therefore my answer cannot be relied upon as an accountants could. However.
If you fine an addendum to your 2008 tax return, your new status as a married person has no bearing. You were unmarried & filed as unmarried on the 2008 return.
thanks Bill, I'll find an accountant, that's what we were hoping.
as far as what is the agm, we don't know what it will be filing married, we have an inkling it's still going to be above the cap. but we know that this year I am well below the cap. I was reading the actual addendum form the other day and it says that the amount of money does not need to be split evenly if two people are buying but if one person cannot claim their half it should not be split unfairly. in other words, it looks like I can't claim the whole thing, but I can claim more than half.
I will get thee to an accountant to find out how to do this right. I wonder if there is an accountant forum out there anyway? I don't want to do something so wacky that I get myself audited. I don't have anything to hide but what a PIA.
I am in the process of building a house and will be closing on it 5 November. However, I am currently in Iraq, therefore my Dad will be closing on it as he is my power of attorney. I am worried that since I won't be back in the states and actually moving into the house until Dec. 10th I won't qualify for the credit. Can anybody please clarify if this is an issue, and if it is what I can do to still get the 8000? Thank you.
I am in the process of building a house and will be closing on it 5 November. However, I am currently in Iraq, therefore my Dad will be closing on it as he is my power of attorney. I am worried that since I won't be back in the states and actually moving into the house until Dec. 10th I won't qualify for the credit. Can anybody please clarify if this is an issue, and if it is what I can do to still get the 8000? Thank you.
The day you move in is completely irrelevant. The importnat date is the closing date, the date you legally become the owner of that house. The closing must occur before (and NOT ON) December 1,2009.
thanks Bill, I'll find an accountant, that's what we were hoping.
as far as what is the agm, we don't know what it will be filing married, we have an inkling it's still going to be above the cap. but we know that this year I am well below the cap. I was reading the actual addendum form the other day and it says that the amount of money does not need to be split evenly if two people are buying but if one person cannot claim their half it should not be split unfairly. in other words, it looks like I can't claim the whole thing, but I can claim more than half.
I will get thee to an accountant to find out how to do this right. I wonder if there is an accountant forum out there anyway? I don't want to do something so wacky that I get myself audited. I don't have anything to hide but what a PIA.
I'd be interested to hear where you read that info re: not splitting the credit unevenly. From what I've read, with 2 owners the credit can be split however you want, as long as both meet the "eligibility" rules (no previous home ownership w/in last 3 years, etc).
As a matter of fact that's exactly what I advised my DD to do if she and new husband close before 12/01...same situation as you. They'll make too much on a joint return ( and for the average person the MAGI is no different than the AGI) for 2009 and she made too much for Single on 2008 but he didn't. I advised that HE file an amended return for his 2008 Single return and claim the entire credit.
Please let us know if you've gotten any new info...I'm sure lots of others will find it useful!
f the tax credit is for a home you bought in 2008, you must pay back the credit. If the credit is for a home you bought in 2009 or 2010, you do not have to pay back the credit in most cases.2008 Homebuyer tax credit: You must start paying back the credit two years after the year you bought the house. You pay back the credit over a 15-year period as an additional tax on your tax return. If you claim a $7500 credit, for example, you must pay back about $500 per year. Note: The tax credit is basically a 15-year interest-free loan from the government.If you stop living in the house as your primary residence, or if you sell the house before the 15-year repayment period is over, you must pay back the balance of the tax credit in full. In special situations, you do not have to pay back the full amount (for example if you do not make enough profit from the sale of the house to pay back the credit, or if the taxpayer dies).2009-2010 Homebuyer tax credit: You do not have to pay back the credit as long as you own and live in the home as your principal residence for at least three years. If you sell the home before the three years are up, you must pay back the entire credit.Carmen ArrudaMember
If you want to skip it, here's the interesting part (which they do not explain in detail):
1,400,000 homebuyers have taken advantage of the tax credit.
The story specifically states that NAR estimates that 350,000 of those wouldn't have purchased without the tax credit, meaning 1,050,000 would still have purchased without the tax credit.
This means the total cost of the program breaks down like this:
1,400,000 x 8,000 = $11,200,000,000 (11.2 BILLION)
This means the total cost to give the 350,000 people who wouldn't have purchased a home without the tax credit was the 11.2 Billion; which means:
11,200,000,000 / 350,000 = $32,000 per transaction
So:
It cost $32,000 for each individual who got the $8,000 tax credit, to motivate them to purchase a new home.
^^ Oh it has just begun Carmen. The more I see these programs (cash for clunkers is another) , the more I realize they have nothing to do with stimulus but everything to do with wealth distribution.
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8k Tax Credit
