No you cannot both claim the tax credit. You can, however, split it down the middle. I suggest you contact your tax professional for more information. Also, please note you don't automatically qualify for $8,000. The tax credit is 10 percent of the sale price or "up to" $8,000.

Sincerely,
Jacqueline Clarke
Down Payment Assistance/Loan Officer
Enterprise Mortgage Group
Winter Park, FL
Direct: 407-739-3853

John,
No, you both would not be able to use the credit, but you could get the 8000 this year.

If you need additional info let me know

Thanks
Brandon Martens
605-261-9673
brandon@realestateretrievers.com

No. It's $8k total per house, not per person. And thats of course assuming you qualify for it all together.

Hi John,
The way I understand it, the answer to your question would be 'no'. The credit is based on one home purchase, regardless of how many borrowers there are. You must both be first time homebuyers, or have not owned a home in the last 3 years. In addition, as a single person, you cannot have earned more than $75,000, or as a couple, more than $150,000 annual income. The tax credit is 10% of your home purchase price, not to exceed $8000. Meaning, if you bought an $80,000 or higher price range home, you would receive the full tax credit if you qualify based on the above criteria. In a nut shell, if you have not owned a home in the past 3 years and you are considering home ownership, this is your year. Whatever amount you pay in for federal income taxes will be absorbed and the difference will be paid out by the IRS to you in 2010. I understand that there are ways it can be accelerated and your 2008 payable in 2009 taxes can be amended, enabling you to receive the credit in 2009. You should consult your tax advisor or a certified CPA to understand the credit based on your income. This is a wonderful program available for new homebuyers. Think what $8000 can get you... a great start on a secure investment, new furniture for your new house, money to pay off a car loan... the opportunity is in your lap. Remember, if you don't want to pay the $8000 back, you must be an owner occupant in your home for 3 years. I will be happy to answer additional questions, give me a call or email me anytime.
Very Sincerely,
Margue Fenner
Broker Associate
Margue@MoveSiouxFalls.com
The Real Estate Associates Ltd
Sioux Falls, SD
201-3463

Great question, John, you may need to consult a tax advisor. From what I've read, the $8000 is a maximum credit based on the home's price, so it's only going to be allowed once per home, not per person.