heres my scenario.i recently sold some property that i owned that did not have a house.my girlfriend has a home she has lived in for 14 yrs.we found a different house to buy and have sold her house.so beings i'm considered a first time homebuyer i qualify for $8000,beings she is a previous owner she qualifys for 6500.the new house will be in both our names.does anybody know just what credit we qualify for??the $8000,the $6500 or say half of each??or what would be cool,both!!

My sister was just talking to her accountant about a similar situation. With the "right" accountant, you just might be...

And by "right." I'm not suggesting a shady one. She talked to 3 before she even heard about the $6500..

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Do I miss being a service advisor ???

Not sure, I'd be interested in hearing what an accountant has to say about that though.

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1999 SL500
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well my brothers a cpa and this has got him scratchin his head.seems they didn't get much info from the IRS about all possible scenarios.and i even checked the IRS site and they don't list this particular scenario either.

This firm seems to have a good understanding of what is happening with
our ..well.. just for now.. those guys in DC.

Give them a call and ask. Its a $14,500.00 question.

http://www.expertonyourside.com/

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"If you dont have time to do it safely, you dont have time to do it"

"The democracy will cease to exist when you take away from those who are willing to work and give to those who would not."

You don't get multiple credits.

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A 2 second google search returned the following:
http://www.irs.gov/newsroom/article/0,,id=187935,00.html

First-Time Homebuyer Credit: Scenarios

S1. If a single person (Taxpayer A) qualifies as a first-time homebuyer at the time he/she purchases a home with someone (Taxpayer B) that is not a first-time homebuyer and then later that year they marry each other, is the credit still allowed?

A. Eligibility for the first-time homebuyer credit is determined on the date of purchase. If Taxpayer A, a first-time homebuyer, buys a house and then later that year marries Taxpayer B, not a first-time homebuyer, the credit is allowable to Taxpayer A. Taxpayer A may take the maximum credit.

S2. Taxpayer A is a single first-time home buyer. Taxpayer B (parent) cosigns for A and does not qualify. Both names are on the mortgage. Can Taxpayer A claim the credit and, if so, how much?

A. Yes. Taxpayer B is not a first-time homebuyer and cannot claim any portion of the credit, but A may claim the entire credit ($7,500 for purchase in 2008; $8,000 for purchase in 2009), if the home was purchased as Taxpayer A's primary residence.

S3. A taxpayer owned her principal residence. Several years ago, she decided to relocate to a rented apartment, but did not sell the former residence. Instead, she rented it out to tenants. Now the taxpayer plans to buy another house and make it her new principal residence. Does she qualify for the first-time homebuyer credit?

A. A taxpayer who owned rental property within the past three years is still eligible for the credit. The taxpayer cannot have owned and used a home as his or her principal residence within the last three years.

S4. If husband and wife wanted to sell the home that the wife owned when they got married, and the husband had not owned a home within the past three years, could he qualify as a first-time homebuyer for the credit even though the wife would not qualify?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the wife had ownership interest in a principal residence within the prior three years, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) of the Internal Revenue Code requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. The husband may not take the credit even if he filed on a separate return.

S5. Taxpayer purchased a home on April 24, 2008, while she was separated from her husband. Later in the year, they reconciled and were living together at the end of 2008. She has not owned a home since 2004 but he owned one which he sold in 2006. They remained married the entire time. Is the taxpayer eligible for the first-time homebuyer credit?

A. No. The purchase date determines whether a taxpayer is a first-time homebuyer. Since the husband had ownership interest in a principal residence within the prior three years, and the taxpayers were legally married, neither taxpayer may take the first-time homebuyer credit. Section 36(c)(1) requires that the taxpayer and the taxpayer's spouse not have an ownership interest in a principal residence within the prior three years from the date of purchase. While individuals do not have to be married to get the credit, marriage (and legal separation) imputes ownership of a previous home upon the other spouse. The wife may not take the credit even if she filed on a separate return.

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those are the scenarios i saw and none pertain to my situation.(a) is the closest but we are not planning on getting married!and she would "qualify" for the 6500 for acquiring a different house.

36(b)(1)(C)Other individuals.—
If two or more individuals who are not married purchase a principal residence, the amount of the credit allowed under subsection (a) shall be allocated among such individuals in such manner as the Secretary may prescribe, except that the total amount of the credits allowed to all such individuals shall not exceed $8,000.

"If two or more unmarried taxpayers purchase a home together, their aggregate national first-time homebuyer credit cannot exceed the applicable maximum, and is allocated among them as prescribed by the IRS.80 The credit may be allocated among the taxpayers using any reasonable method. A reasonable method is any method that does not allocate any portion of the credit to a taxpayer not eligible to claim that portion. A reasonable method includes allocating the credit between taxpayers who are eligible to claim the credit based on the taxpayers' contributions towards the purchase price of a residence as tenants in common or joint tenants, or the taxpayers' ownership interests in a residence as tenants in common"


My take is this:
Together you are limited a maximum credit of 8,000. You can allocate it anyway you want. (IOW, 1 credit per residence purchased)
I don't think there are any regs on this but there have been a few IRS notices on the credit, most recently 2010-6. The instructions to Form 5405 Part II Credit, line 4 say ...."the total amount allocated cannot exceed $8,000"
http://www.irs.gov/pub/irs-pdf/i5405.pdf

If you are both going to be liable on a mortgage, you probably could split it. Or you might split it 55/45 (8000/6500).

Check the IRS' document proofs required to be attached to a return claiming split credits. I would strongly advise splitting the credit as opposed to you taking it all as 1st time homebuyer. If you relationship sours, and you have to sell and recapture, I'd suggest sharing the recapture pain with your gf.

thats the info i was looking for.thanks dyna!!

You're quite welcome!

And on a related topic, for those who bought in 2008 and claimed the 7,500 "credit", I mean interest free loan, this year, 2010, begins the 15 year payback. I was talking to a guy who purchased in 2008 and he sure was suprised to know that the 500 annual payback begins this year,on the return he will file April. 2011!

Of course, I would not at all be surprised if Congress doesn't backpedal and forgive that 7,500 before next year rolls around.