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You would split it.

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IRS Form 5405

http://www.irs.gov/pub/irs-pdf/f5405.pdf


IRS pages on the Tax Credit:

http://www.irs.gov/newsroom/article/0,,id=187935,00.html

http://www.irs.gov/newsroom/article/0,,id=204671,00.html


National Association of Realtors web page on the Tax Credit:

http://www.realtor.org/home_buyers_and_sellers/2009_first_ti…


National Association of Home Builders has a good page on the Tax Credit:

http://www.federalhousingtaxcredit.com/2009/faq.php


Talk with a CPA or Tax Attorney if you have questions about the guidelines.

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Best wishes to you,
Fred
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Hello John- I know this was not the question, or answer, you were looking for- but just some thoughts to keep in mind should you proceed with this purchase together-
Unless you are "common-law" spouses (7 years living together??) then legally there are no general rules for "what happens" if you split up- regarding the house, etc. I'm not an attorney, but I've seen some ugliness happen in similar circumstances if things don't work out perfectly. Good news is that you should be buying a place at the bottom of the market so you should never be "under water" with it later on.
To keep it fair, both of you should be on the Deed, and of course also the mortgage loan. Actually, both being on the loan is more important, as far as each person being responsible for the bills and paying for the house obligations.
You should consider writing up something separate that you both sign before you move into and close on the house detailing what would happen if one person wanted to move out or sell the place, etc.
I know these are not fun things- but it could avoid a lot of headaches later.
Just my 2 cents.
If you want any lending advice, which I am actually qualified to give, please contact me. Thanks and good luck,
Ken L.

John,

Consider referring to the following federal website intended to answers common questions about this important program
http://www.federalhousingtaxcredit.com/2009/faq.php

Good luck

To answer briefly,you split.

Hi John - This document from the IRS should answer all of your questions.

http://myrealtorjake.com/download/18/