tax Q 1040 first time homebuyer?
My dad and I bought a house in 2008 .Both My dad and i are named on title and mortgage I fill up form 1040 for myself and I deduct all interest , insurance premium and tax ( itemize tax deduction) from my income but I claim 7500 tax credit ( first time homebuyer ) on my dad tax return and he use standard deduction (form 1040). Do you think I could do that?
One more question, if I buy home in 2009. Do you think I can get 8k credit as first time homebuyer?
If your dad is a home owner and his name is on the title, you will not qualify for the $7500 credit. Both of you have to be a first time home buyers. If you do qualify then you should have claimed 1/2 of the $7500 on your return and half on his. I also believe that you can claim whatt you have paid on the interest and property tax on you sch A.
You can only deduct MPI (Mortgage Premium Insurance) not casualty insurance.
Home Mortgage Interest Income Tax Deduction 2009, 2010
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Tags: 2008_tax_changes · charitable_contributions · irs_taxes · itemizing_deductions · tax_bracketNo Comments
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