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.

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.

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