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katleb12 · Joined: 27 Jul 2009 Posts: 1 1.32 Dollars($)

If two first time home buyers, unmarried and living in the home together, purchase a home as borrower and co-borrower, do they both qualify for the tax credit or do they have to split the 8k?

gmakerley · Posted: Mon Jul 27, 2009 8:35 am Post subject:

yes, as unmarried persons filing separate tax returns, you two would split the $8000 at $4000 apiece.

kentmark0 · Joined: 25 Jul 2009 Posts: 49 0.00 Dollars($)

since both of you are enjoying same property, you will get tax credit of 8k max. you need to split it

gmakerley · Posted: Mon Jul 27, 2009 10:47 am Post subject:

not to mention that the irs has ruled in this sort of situation, setting out its guidelines.

livinginnky · Posted: Mon Jul 27, 2009 11:31 am Post subject:

I want to point out something that always gets left out of this scenario, but is important...

It is 10% of the purchase price UP TO $8000.

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2009 tax credit for borrower and co-borrower.