My girlfriend and I are buying a house together. I am not eligible for the credit b/c I already own a home. I will be putting the down payment down, but we will be splitting the mortgage. We will both be on the deed, but under tenancy in common. This allows us to provide different ownership percentages, and hers will most likely be under 50%.
Can she claim the entire credit since I am not eligible?
Also, how can we divvy up the mortgage and property tax deductions?
Wow, I'm really baffled by everyone's attitude on this post. Why am I the bad guy for asking follow up questions? Am I not allowed to ask where the expert is getting his information from? Please explain to me how I am "attacking the responder" b/c I feel like I'm the one being attacked.
We MAY have come down on you a little hard, but the IRS has posted numerous Q&As on this issue, and I have called and asked about this particular issue a number of times.
The advice given to you IS accurate, even if I cannot find the specific posting on the IRS website; it just seems that you do not want to believe us, which can be frustrating at times.
Thank you for your time and advice. I decided to look elsewhere for advice, and other forums were able to help me. They supported their answers with evidence (IRS quotes, rulings, etc.), not with vague statements. The IRS has posted numerous Q&A's on the homebuyer's tax credit, but not on my specific situation. I have made phone calls too, and the representative on the IRS hotline has already said $8k. I'm sure calls made by a tax expert hold more weight, so I'm more than happy to hear what your calls said about my situation. What reasoning did they give for the answer being $4k? Some reasoning and thoughtful interpretation would be welcome and much appreciated. Or if you come across that specific posting you alluded to, then I would love to read it. Until then, I cannot just take your word on it until you provide some type of evidence or analysis.
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