Posted on: 27th Jul, 2009 07:12 am
If two first time home buyers, unmarried and living in the home together, purchase a home as borrower and co-borrower, do they both qualify for the tax credit or do they have to split the 8k?
yes, as unmarried persons filing separate tax returns, you two would split the $8000 at $4000 apiece.
since both of you are enjoying same property, you will get tax credit of 8k max. you need to split it
not to mention that the irs has ruled in this sort of situation, setting out its guidelines.
I want to point out something that always gets left out of this scenario, but is important...
It is 10% of the purchase price UP TO $8000.
It is 10% of the purchase price UP TO $8000.
