Posted on: 17th Jul, 2012 10:26 am
My girlfriend and I received the first time homebuyer credit after purchasing a home in 2010. We are both on the home, but when filing for the credit, for the sake of ease, the credit was claimed entirely by her.
Of course, we have now split and this house is still dangling over the both of us. As long as one of us retains the house as our primary residency for the remainder of the 36 month period, would we still be required to repay the credit, or does it have to be her residing in the home since she claimed the entire credit (for no other reason than simplifying tax paperwork)?
Also, are options available for refinancing/removing one party from the home during this initial 3 year period? Any information provided is appreciated or if you have links, I'll take them! Thanks.
Of course, we have now split and this house is still dangling over the both of us. As long as one of us retains the house as our primary residency for the remainder of the 36 month period, would we still be required to repay the credit, or does it have to be her residing in the home since she claimed the entire credit (for no other reason than simplifying tax paperwork)?
Also, are options available for refinancing/removing one party from the home during this initial 3 year period? Any information provided is appreciated or if you have links, I'll take them! Thanks.
Hi davis,
For simplifying the tax paperwork, your girlfriend can remain in the property and claim it as her primary residence. Nevertheless, it will be the better if you could contact a tax adviser and take his opinion in this regard.
For simplifying the tax paperwork, your girlfriend can remain in the property and claim it as her primary residence. Nevertheless, it will be the better if you could contact a tax adviser and take his opinion in this regard.
As adonis says both you and your girlfriend require to file the claim together in order to take tax benefits. You also consult good tax consultant for better advice.