marriedinmay
Apr 15, 2009, 06:07 PM
My fiancé has never purchased a house so we would like to take advantage of the $8000 1st time homebuyer tax credit. I however own a home. Does he need to buy our next home without me on the title? Can I be a co-signer for the loan even if I am not put on the title? Can we be married? (Our wedding is in May 2009)
MukatA
Apr 15, 2009, 07:55 PM
The credit is 10 percent of the purchase price of the home, with a maximum available credit of $8,000 for either a single taxpayer or a married couple filing jointly. The limit is $4,000 for a married person filing a separate return. In most cases, the maximum credit will be available for homes costing $80,000 or more.
So your fiancé is eligible for rebate as long as you do not file joint return. Your U.S. Tax Return: First-Time Homebuyer Credit (http://taxipay.blogspot.com/2009/01/first-time-homebuyer-credit.html)