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Nutlee
Sep 11, 2009, 08:18 AM
Hi. My husband and I are in the process of buying our first home. He is on H1b visa and I am on H4 visa. We have been in the USA for almost 3years. Can we claim the first time homebuyer's credit $8k? Both of our names are on the title/deed of the property. Should we have it replaced to have only my husband's name on it? Our son and I have ITIN.

AtlantaTaxExpert
Sep 11, 2009, 12:43 PM
Yes, as long as you close on the house no later than 30 November 2009.

Both of your names can be on the title/deed.

You will claim the $8,000 credit on your 2009 tax return by filing Form 5405.

MukatA
Sep 14, 2009, 04:45 AM
The amount of the credit begins to phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. Your U.S. Tax Return: First-Time Homebuyer Credit (http://taxipay.blogspot.com/2009/01/first-time-homebuyer-credit.html)