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04-03-2009, 09:01 AM #1
Renter
- Join Date
- Jan 2009
- Posts
- 10
Title and Tax
Hi,
I am a first time buyer, and am planning to buy a condo in Southern California. I have a full time job and my wife does not, so the loan is pre approved with only my name on it ( not my wife's).
We fill our annual tax returns as "Married filing jointly". Now, in order for us to claim taxes/credits etc on our annual return, do I need to get the title with both me and my wife as a joint party? Can I do that? (since the loan has only my name on it) I want to make sure I get full advantage of "First time home buyers Credit" offered by the Government. ($8000) and not half of it by just putting my name on title.
Thanks,
SoCal Buyer.
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04-03-2009, 10:34 AM #2
Condominium
- Join Date
- Dec 2008
- Location
- Minneapolis, MN
- Posts
- 169
To qualify for the Tax credit you both must be "First time buyer" by the gov't standards, because you're filing jointly--even though only you will be on the title.
It's not $8,000 for a couple, it's just up to $8,000 depending on the Home price and your income levels. So you won't "halve" it just because you are buying by yourself.
Click the link in my signature (below the post content) to read my blog on the topic. Even though it's a MN blog, the Tax Credit is the same in every state.
Email me with more questions.
Hope that helps!Steve Howe - REALTOR - RE/MAX Advantage Plus
First Time Home Buyers Programs - Blog for First Time Home Buyers
First Time Home Buyer Class - Get the Facts Before You Buy
SteveH [at] MNRealEstateTeam [dot] com
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04-03-2009, 03:03 PM #3
Renter
- Join Date
- Jan 2009
- Posts
- 10
I did read your blog
Its good information.
Thanks for replying to my querry.
SocalBuyer.
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