Discussion:First Time Home Buyer Credit Claimed
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Discussion Forum Index --> Tax Questions --> First Time Home Buyer Credit Claimed
| 16 June 2009 | |
| I have a friend who has just bought a house with only her name on HUD-1 and she is the sole borrower to buy a house even though she will split the downpayment and mortgage and interest and all other costs with her boyfriend. Actually they both live in the same house and that house will be their personal residence. She is not the first time home buyer while her boyfriend is. Can he have his name on the title (the escrow is not close yet) and claim half of the first time home buyer credit ($4,000) even though his name is not on HUD-1? | |
| 16 June 2009 | |
| It appears that your friend is not eligible for the first time home buyer credit(e.g.income too high ,owned a home within last 3 years etc .) . If this is the situation, based on provisions of IRS Notice 2009-12 (examples 4 & 5 ) the boyfriend would be able to claim the entire $8,000 credit if he is added to the title. | |
| 16 June 2009 | |
| The credit for the boyfriend is not $8000 but limited to the lesser of $8000 or 10% of the purchase price.
taxbilly | |
| 16 June 2009 | |
| Has anyone actually filed a 1040X to claim the credit in 2008 for a home purchased in 2009?
If so, has the refund been received? If so, how long did it take? And, did you attach a copy of the HUD-1 even though the instructions don't require it? | |
| 17 June 2009 | |
| I don't think that we should attach a copy of the HUD-1 to the tax return. My friend bought a house for $300K in June 2009 so that her boyfriend can claim $8K on 2009 tax return even his name is not on HUD-1 but have both names on the title? | |
Taxcurmudgeon (talk|edits) said: | 17 June 2009 |
| I agree. In the case you're citing I wouldn't advertise tax fraud either. | |
| 17 June 2009 | |
| You will receive a refund within 8 to 12 weeks from the day you filed your Form 1040X. Yes I have prepared a couple of them and they all received their money. | |
| 18 June 2009 | |
| If IRS asked for proof of ownership of the house, what other documents can prove it if no name on HUD-1 and title? However, the boyfriend did pay for half of downpayment and mortgage and all other housing expenses? The reason I asked it because my girlfriend's broker told me that only the borrower can put her name on the title and not the boyfriend. Does any law prohibits the other party (not borrower) putting names on the title? | |
| 18 June 2009 | |
| Provide a copy of the recorded deed transferring title to the boyfriend. Presumably, it would be a quit claim deed executed shortly after closing. | |
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