Home Buying in 78729>Question Details

Mabel, Home Buyer in 78729

we bought a duplex house dec.3/2009 we are two individual taxpayer 50/50 share on properties are we entitle for tax rebates for 8000, each ??

Asked by Mabel, 78729 Thu Aug 26, 2010

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11
See your CPA....

If this was an investment property, probably neither of you qualified for the tax rebate. If I remember correctly it was for owner occupied properties only.
0 votes Thank Flag Link Sat Dec 31, 2011
Bruce Lynn, Real Estate Pro in Coppell, TX
MVP'08
Contact
Confer with CPA who would have both of your financial records. Outside our scope of knowledge here as a Realtor.

Lynn911 Dallas Realtor & Consultant, Loan Officer, Credit Repair Advisor
The Michael Group - Dallas Business Journal Top Ranked Realtors
972-699-9111
http://www.lynn911.com
0 votes Thank Flag Link Thu Aug 26, 2010
You should consult with a CPA. Also, the credit is for owner occupied primary residences
0 votes Thank Flag Link Thu Aug 26, 2010
Definitely consult your CPA.
Web Reference: http://Jenbutel.com
0 votes Thank Flag Link Thu Aug 26, 2010
Another thing, the amount of the credit begins to gradually phase out for taxpayers whose adjusted gross income is more than $75,000, or $150,000 for joint filers. It is completely phased out when your AGI is $90,000, or $170,000 for joint filers. Again consult you CPA.
0 votes Thank Flag Link Thu Aug 26, 2010
One property, one rebate. You could have split it (condominium style) and done it that way, but too late (too much of a hassle for 8000 bucks anyway).

Joe Bryson
Real Estate Alliance, Inc.
0 votes Thank Flag Link Thu Aug 26, 2010
I would say no. Both of you are not entitled to claim the tax credit individually. Since this is a question about your personal tax return the best thing to do is contact a CPA or tax professional.
0 votes Thank Flag Link Thu Aug 26, 2010
If your undertaking were to involve TWO separate properties it may be a different story. But one property.....one rebate!!
0 votes Thank Flag Link Thu Aug 26, 2010
No, just one $8K tax credit per property (so long as it was $80k or above). Regardless of how many names are on the title.

Now, if the duplex house was sold individually per side, and you and the other buyer are not together, then yes. But let me be clear, that is only if the duplex was divided and each side was sold individually as two different properties.

Be sure and advise with your tax advisor on the qualifications that were current when you made the purchase (they did change).

Shawn Monshaugen
Keller Williams
http://www.ShawnMon.com
Web Reference: http://www.ShawnMon.com
0 votes Thank Flag Link Thu Aug 26, 2010
HIMabel,

No you can;t both apply for the full tax refund, but you can do 50% each. If there are two units and each is owned separately in title and separate property ID's then you should take it up with your tax accountant.
All the best.
0 votes Thank Flag Link Thu Aug 26, 2010
No, you would each be entitled to half the full rebate amount. You should contact a tax adviser for specifics.
0 votes Thank Flag Link Thu Aug 26, 2010
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