U.S. CitiesCity-Data Forum Index
Go Back   City-Data Forum > U.S. Forums > New York > Long Island
 [Register]
Please register to participate in our discussions with 2 million other members - it's free and quick! Some forums can only be seen by registered members. After you create your account, you'll be able to customize options and access all our 15,000 new posts/day with fewer ads.
View detailed profile (Advanced) or search
site with Google Custom Search

Search Forums  (Advanced)
Reply Start New Thread
 
Old 05-20-2009, 08:21 PM
 
157 posts, read 428,515 times
Reputation: 50

Advertisements

I am not considered eligible for this because I currently own a Co-Op (for about 2 years). My question is... if I buy a new house with my girl friend and we put her name on it too, does that qualifiy us? I have no worries about my gf actually owning half my house, i understand what that means to me and it is fine.

My question is, does anyone know if that would work? I have the full time job, she is in college. Just courious... it kills me that there is $8000 out there that I cant get myself. The house that I buy I plan on staying at for some time, and I am not buying an expsive house, so $8000 is actually a good chunk for me!
Rate this post positively Reply With Quote Quick reply to this message

 
Old 05-20-2009, 08:53 PM
 
Location: Long Island
9,599 posts, read 21,042,773 times
Reputation: 5322
Quote:
Originally Posted by anthonylongisland View Post
I am not considered eligible for this because I currently own a Co-Op (for about 2 years). My question is... if I buy a new house with my girl friend and we put her name on it too, does that qualifiy us? I have no worries about my gf actually owning half my house, i understand what that means to me and it is fine.

My question is, does anyone know if that would work? I have the full time job, she is in college. Just courious... it kills me that there is $8000 out there that I cant get myself. The house that I buy I plan on staying at for some time, and I am not buying an expsive house, so $8000 is actually a good chunk for me!
Sorry, but not jointly. Your current co-op ownership disqualifies you.

If she were to buy it herself, in her name, that would work of course. But since she has no income, she can't get a mortgage; however, with you as a co-signer on the mortgage it might possibly work (subject to lender's approval), but she'd have to be the only owner at closing.
That doesn't mean she can't add you to the title down the road, however, that would have potential gift tax implications, unless you're planning on getting married and she "gifts" you half of the house after the marriage - gifts between spouses have no tax consequences.

A lot of "ifs" and uncertainties for $8,000...

HTH
Rate this post positively Reply With Quote Quick reply to this message
 
Old 05-21-2009, 11:13 AM
 
Location: Garden City, NY
50 posts, read 104,748 times
Reputation: 25
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.

First-Time Homebuyer Credit: Scenarios
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 01:42 PM
 
12,240 posts, read 15,949,241 times
Reputation: 7935
Quote:
Originally Posted by ooom416354 View Post
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.

First-Time Homebuyer Credit: Scenarios
but it had to be bought between april 2008 & april 2009 for you to be considered eligible...I think.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 01:55 PM
 
Location: Long Island
9,599 posts, read 21,042,773 times
Reputation: 5322
Quote:
Originally Posted by ooom416354 View Post
Elke you are not corret with that. If a house is bought where both parties are joint tenants in common then all of the $8000 credit can be claimed on the taxes of the person who is a first time home buyer. If both of them were 1st time home buyers then they would each claim $4000 per tax return. If they were married however this cannot be claimed, so both parties would have to file single on their taxes for 2008 or 2009. I am in this position and will be getting married this year but for tax purposes you can claim this on an amended 2008 return when both of us are single. Fiance is a 1st time home buyer and I am not. In any event, both parties names can be on the property and mortgage, even if one half of the party is not a first time homebuyer.

First-Time Homebuyer Credit: Scenarios
I was referring to a married couple
You are correct, you are in that "exception" position, because they now permit filing an amendment on the 2008 tax return.
Glad to see some buyers out there are well informed - good for you

BTW, title is either "Joint Tenants" in the case of a married couple, or "Tenants in Common" in cases where property is owned jointly. With Joint Tenants, or JTWROS, the other party automatically inherits the property; with Tenants in Common, each owner (can be more than two) can "will" his/her share to anyone they want - it goes into that individual's estate.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 01:57 PM
 
Location: Long Island
9,599 posts, read 21,042,773 times
Reputation: 5322
Quote:
Originally Posted by Jdawg8181 View Post
but it had to be bought between april 2008 & april 2009 for you to be considered eligible...I think.
For the original Tax Credit, (refundable $7,500), closing needed to be between April - December 2008. For the $8,000 Tax Credit, closing needs to be between Jan. 1st - November 30th of this year.
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 05:24 PM
 
1,615 posts, read 3,368,376 times
Reputation: 1114
If someone closed in June could they still amend their 2009 tax return and how long is it taking to receive it once they file?
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 06:30 PM
 
Location: bay shore
518 posts, read 1,704,644 times
Reputation: 105
Quote:
Originally Posted by LongIslandCitizen View Post
If someone closed in June could they still amend their 2009 tax return and how long is it taking to receive it once they file?
yes u could. i filed an amendment for the credit i believe in late march and just got the check about a week ago
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-10-2009, 09:25 PM
 
Location: Long Island
9,599 posts, read 21,042,773 times
Reputation: 5322
Quote:
Originally Posted by LongIslandCitizen View Post
If someone closed in June could they still amend their 2009 tax return and how long is it taking to receive it once they file?
As long as you make sure it's your 2008 tax return
And if you elect direct deposit into your checking account, you'll get the money much faster then if you request a check!
Rate this post positively Reply With Quote Quick reply to this message
 
Old 06-11-2009, 12:04 PM
 
1,615 posts, read 3,368,376 times
Reputation: 1114
Quote:
Originally Posted by Elke Mariotti View Post
As long as you make sure it's your 2008 tax return
And if you elect direct deposit into your checking account, you'll get the money much faster then if you request a check!
I stand corrected. I meant the 2008 return. Thanks Elke!
Rate this post positively Reply With Quote Quick reply to this message
Please register to post and access all features of our very popular forum. It is free and quick. Over $68,000 in prizes has already been given out to active posters on our forum. Additional giveaways are planned.

Detailed information about all U.S. cities, counties, and zip codes on our site: City-data.com.


Reply
Please update this thread with any new information or opinions. This open thread is still read by thousands of people, so we encourage all additional points of view.

Quick Reply
Message:




Over $104,000 in prizes was already given out to active posters on our forum and additional giveaways are planned!

Go Back   City-Data Forum > U.S. Forums > New York > Long Island
View detailed profiles of:

All times are GMT -6.

© 2005-2021, Advameg, Inc. · Please obey Forum Rules · Terms of Use and Privacy Policy · Bug Bounty

City-Data.com - Contact Us - Archive 1, 2, 3, 4, 5, 6, 7, 8, 9, 10, 11, 12, 13, 14, 15, 16, 17, 18, 19, 20, 21, 22, 23, 24, 25, 26, 27, 28, 29, 30, 31, 32, 33, 34, 35, 36, 37 - Top