Abraham and Company, Certified Public Accountants

Welcome to Abraham and Company's tax tips. We are working hard to inform you with the latest tax tips.

	2009 Home Buyer Tax Credit
	The 2009 Home buyer tax credit is valid for all first-time home buyers until December 1, 2009. This is valid for single and married taxpayers. e.g. Jim and Mary are engaged and are buying a house together. They will still be single at the end of 2009. Jim or Mary's share of the $8,000 credit for the purchase of a house could be $4,000, but it does not have to be. If Jim and his fiancé put the same amount into the purchase and each owns 50% of the house and owes 50% of the mortgage, each should take 50% of the credit. But this is not necessary according to the IRS. You can use almost any method that makes sense. For instance, if one of them put in more than the other, they can divide the credit in proportion to what each contributed. However, even if one of them does contribute more than the other, they can still divide the credit 50/50 if they each own half. It's their choice.