Quote:
Originally Posted by phfgkl  My son and his fiance purchased their first home last October, he is going to use it this year too, he will do his taxes online, but, I'm not sure how that works out since the home is in both of their names(even though he makes all the house payments). I didn't hear where you have to pay anything back, I need to check in to that more. |
Heres some info on it: To qualify, you must close on your new house between April 9, 2008 and July 1, 2009. The “first-time home buyer credit” is a temporary refundable, repayable tax credit equal to 10% of the purchase price of a home, up to $7,500 for singles and married couples filing jointly. (Singles who buy a house together get only $3,750 each, as do married couples filing their tax returns separately.)
So your son and his fiance would both claim half the credit on their separate returns.