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

[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?

[Eugene]

[quote=cahunter]If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.[/quote]

Tax code is not concerned with combined AGIs of everyone who buys the property. To get full credit, you have to 1) be a first-time homebuyer (i.e. be on the deed), 2) file a tax return, 3) show income that is less than 150,000 if married filing jointly, 75,000 otherwise.

[Eugene]

[quote=cahunter]If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.[/quote]

Tax code is not concerned with combined AGIs of everyone who buys the property. To get full credit, you have to 1) be a first-time homebuyer (i.e. be on the deed), 2) file a tax return, 3) show income that is less than 150,000 if married filing jointly, 75,000 otherwise.

[Eugene]

[quote=cahunter]If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.[/quote]

Tax code is not concerned with combined AGIs of everyone who buys the property. To get full credit, you have to 1) be a first-time homebuyer (i.e. be on the deed), 2) file a tax return, 3) show income that is less than 150,000 if married filing jointly, 75,000 otherwise.

[Eugene]

[quote=cahunter]If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.[/quote]

Tax code is not concerned with combined AGIs of everyone who buys the property. To get full credit, you have to 1) be a first-time homebuyer (i.e. be on the deed), 2) file a tax return, 3) show income that is less than 150,000 if married filing jointly, 75,000 otherwise.

[Eugene]

[quote=cahunter]If we buy under both’s name, we will get nothing. If my wife can get something, that is better than nothing.[/quote]

Tax code is not concerned with combined AGIs of everyone who buys the property. To get full credit, you have to 1) be a first-time homebuyer (i.e. be on the deed), 2) file a tax return, 3) show income that is less than 150,000 if married filing jointly, 75,000 otherwise.

[cahunter]

Are you saying that even if we buy a house under both’s names, we can still file tax separately and my wife can get half of the tax credit? That is even better than I expected.

[cahunter]

Are you saying that even if we buy a house under both’s names, we can still file tax separately and my wife can get half of the tax credit? That is even better than I expected.

[cahunter]

Are you saying that even if we buy a house under both’s names, we can still file tax separately and my wife can get half of the tax credit? That is even better than I expected.

[cahunter]

Are you saying that even if we buy a house under both’s names, we can still file tax separately and my wife can get half of the tax credit? That is even better than I expected.

[cahunter]

Are you saying that even if we buy a house under both’s names, we can still file tax separately and my wife can get half of the tax credit? That is even better than I expected.

[Anonymous]

So, If my Fiance and I both make less than $75,000, are first time home buyers buying a primary residence, can we each collect the $8000 dollar credit?

[Anonymous]

So, If my Fiance and I both make less than $75,000, are first time home buyers buying a primary residence, can we each collect the $8000 dollar credit?

[Anonymous]

So, If my Fiance and I both make less than $75,000, are first time home buyers buying a primary residence, can we each collect the $8000 dollar credit?

[Anonymous]

So, If my Fiance and I both make less than $75,000, are first time home buyers buying a primary residence, can we each collect the $8000 dollar credit?

[Author]

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