buy a home in wife’s name to claim the $8000 tax credit

[cahunter]

I have a question about this $8000 tax credit. Our situations is that both husband and wife are working. And the total income is over the income cap for $8000 tax credit for married couple. But the wife’s income is still around the income cap for single.

Can we buy a house under only wife’s name and file tax as married separately to claim the $8000 tax credit?

[Eugene]

Here’s my understanding:

– If you buy a house under both of your names and you file as married separately, both of you would be eligible for $4000 credit each, and both of you would be subject to $75,000 income caps.

– If you buy a house under your wife’s name and you file as married separately, your wife would be eligible for $4000 credit, subject to her income cap, and you wouldn’t be eligible for anything. That makes you worse off than in the first scenario.

– If you file a joint return, it does not matter whose name is on the deed.

I am not a CPA or a financial advisor, be sure to double check with a licensed professional.

[Eugene]

Here’s my understanding:

– If you buy a house under both of your names and you file as married separately, both of you would be eligible for $4000 credit each, and both of you would be subject to $75,000 income caps.

– If you buy a house under your wife’s name and you file as married separately, your wife would be eligible for $4000 credit, subject to her income cap, and you wouldn’t be eligible for anything. That makes you worse off than in the first scenario.

– If you file a joint return, it does not matter whose name is on the deed.

I am not a CPA or a financial advisor, be sure to double check with a licensed professional.

[Eugene]

Here’s my understanding:

– If you buy a house under both of your names and you file as married separately, both of you would be eligible for $4000 credit each, and both of you would be subject to $75,000 income caps.

– If you buy a house under your wife’s name and you file as married separately, your wife would be eligible for $4000 credit, subject to her income cap, and you wouldn’t be eligible for anything. That makes you worse off than in the first scenario.

– If you file a joint return, it does not matter whose name is on the deed.

I am not a CPA or a financial advisor, be sure to double check with a licensed professional.

[Eugene]

Here’s my understanding:

– If you buy a house under both of your names and you file as married separately, both of you would be eligible for $4000 credit each, and both of you would be subject to $75,000 income caps.

– If you buy a house under your wife’s name and you file as married separately, your wife would be eligible for $4000 credit, subject to her income cap, and you wouldn’t be eligible for anything. That makes you worse off than in the first scenario.

– If you file a joint return, it does not matter whose name is on the deed.

I am not a CPA or a financial advisor, be sure to double check with a licensed professional.

[Eugene]

Here’s my understanding:

– If you buy a house under both of your names and you file as married separately, both of you would be eligible for $4000 credit each, and both of you would be subject to $75,000 income caps.

– If you buy a house under your wife’s name and you file as married separately, your wife would be eligible for $4000 credit, subject to her income cap, and you wouldn’t be eligible for anything. That makes you worse off than in the first scenario.

– If you file a joint return, it does not matter whose name is on the deed.

I am not a CPA or a financial advisor, be sure to double check with a licensed professional.

[cahunter]

If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.

[cahunter]

If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.

[cahunter]

If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.

[cahunter]

If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.

[cahunter]

If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.

[ocrenter]

but how would you file your income tax? you would have to file as married filing separately. what is the trade off doing that just to get the $8000?

[ocrenter]

but how would you file your income tax? you would have to file as married filing separately. what is the trade off doing that just to get the $8000?

[ocrenter]

but how would you file your income tax? you would have to file as married filing separately. what is the trade off doing that just to get the $8000?

[ocrenter]

but how would you file your income tax? you would have to file as married filing separately. what is the trade off doing that just to get the $8000?

[Author]

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