My roommate and I just bought a house. Instead of separately buying crappy housed we both signed the mortgage and bought a slightly less crappy house. Since we are both first time home buyers and are both on the mortgage, will we both get the $8,000?
Munch
October 30, 2009, 6:15pm
2
satoridt:
My roommate and I just bought a house. Instead of separately buying crappy housed we both signed the mortgage and bought a slightly less crappy house. Since we are both first time home buyers and are both on the mortgage, will we both get the $8,000?
If you signed the mortgage with 100 of your friends, do you think the gov’t would pay out $800,000?
satoridt:
My roommate and I just bought a house. Instead of separately buying crappy housed we both signed the mortgage and bought a slightly less crappy house. Since we are both first time home buyers and are both on the mortgage, will we both get the $8,000?
No, but you two get to decide how to split the $8,000, regardless of how you split the down or monthly payments.
no, but does that mean the question’s not worth asking?
It seems you have answered your own question, but here it is from the horse’s mouth:
Q. How much is the credit?
A. The credit is 10 percent of the purchase price of the home, with a maximum available credit of $7,500 ($8,000 if you purchased your home in 2009) for either a single taxpayer or a married couple filing a joint return, but only half of that amount for married persons filing separate returns. The full credit is available for homes costing $75,000 or more ($80,000 if purchased after Dec. 31, 2008, and before Dec. 1, 2009).
Link.
That quote from the linked page doesn’t seem to directly address the idea of unmarried co-owners, but this one does:
Q. If two unmarried people buy a house together, how do they determine how much each may take of the credit?
A. IRS Notice 2009-12 provides guidance for allocating the first-time homebuyer credit between taxpayers who are not married.
Munch
October 30, 2009, 8:32pm
7
Not that particular question, since it’s self-evident what the answer is once you think about it.
I submitted my credit claim via US mail, with the direct deposit option. I was credited significantly faster than a friend who submitted her claim online.