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Old 01-27-2009, 01:06 PM
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New Home Buyer Tax Credit- Spouse not on loan

I am purchasing a house with my mother-in-law as a non-occupant co-borrower, since I did not qualify on my own, and she will not be claiming the tax credit. My husband is not on the loan and we will file our taxes as married filing separately. The law states that unmarried people can divide the tax credit as they wish as along as it does not exceed $7500. Since my husband is not purchasing the house, can I claim the full $7500?



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Old 01-29-2009, 02:38 AM
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The IRS allows 2 unmarried individuals buying a principal residence to be able to claim this First Home Buyer Credit. The taxpayers purchasing a qualified home "may allocate the credit among the individual owners in any reasonable manner. But, the total amount allocated between the owners may not exceed the smaller of $7500 or 10% of the purchase price of the house."

However, you must meet the additional test in that neither your mother-in-law or you must have owned a main home at any time during the three years prior to the date of purchase. If either of you did own a home during that period than neither of you would be eligible for the credit.

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