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2009 first time home buyer credit question

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Inad1966

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Post Posted: Wed Oct 14, 2009 9:49 pm    Post subject: 2009 first time home buyer credit question
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My boyfriend and I are buying a house together, we are each contributing exactly half of everything. However my credit was not good enough to use for getting the loan so my b.f. name is the only name on the promissory note but my name will be added onto the title once the loan has gone through. Can I claim half of the tax credit for this year on my taxes since we are not married but I have contributed half of the down, and we will each pay half the mortgage each month?
Danielle

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Icon Mini Profile manoj_gopale
manoj_gopale




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Post Posted: Wed Oct 14, 2009 10:24 pm    Post subject:
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Danielle,

Welcome to mortgagefit..

Quote:
Can I claim half of the tax credit for this year


Yes, because your name on title is the proof that you are partial owner of the house at this moment.So surely you can take the tax credit benefit.About how to file the documents for getting tax rebate you either need to take the help from a tax consultant or just approach any good website which will guide you for filling the tax rebate form.

keep in touch.....
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Icon Mini Profile jenkin7
jenkin7




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Post Posted: Wed Oct 14, 2009 11:54 pm    Post subject:
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Hi Inad,

I believe it is quite possible for you to claim half the tax credit on your taxes as long as you are on the title. You need to have an ownership interest in the property to qualify for the tax credit and you must not have owned a principal residence within the past 3 years. It is not necessary for your name to be on the mortgage. A first time buyer can even choose to buy the property with cash, without requiring any mortgage and still qualify for the tax credit.
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