property tax refund.
02-01-2009, 01:08 PM
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property tax refund.
as some of you know i bought a house with my sister. she just filled her taxes (filed together with husband) and included the house. shes getting i think around 8k back.
my question is, will i also receive some money back for the house? or can it only be one person to claim this?
if so, great! otherwise i need to let her know before she goes out and spends my money too!
my question is, will i also receive some money back for the house? or can it only be one person to claim this?
if so, great! otherwise i need to let her know before she goes out and spends my money too!
02-01-2009, 01:21 PM
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Who's name is the mortagage loan in?
If it's in her name, you are at the mercy (technically) of your sister; IOW you have no claim on the interest paid.
If it's in both your names I don't know how it works, since you cannot file joinlty.
If it's in her name, you are at the mercy (technically) of your sister; IOW you have no claim on the interest paid.
If it's in both your names I don't know how it works, since you cannot file joinlty.
02-01-2009, 01:32 PM
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anyone?
02-01-2009, 01:34 PM
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If she's already filed, I think it would be best just to split the difference for what she got back because of the house.
02-01-2009, 01:41 PM
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02-01-2009, 01:55 PM
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It can be filed only once. I don't know about how to claim shared properties.
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02-01-2009, 02:44 PM
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02-01-2009, 02:53 PM
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02-01-2009, 03:14 PM
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More then likely she opted for the First time home owners tax credit and got $7,500 back..
Don't worry she has to pay it back interest free over the next 15 years.. $500 a year..
I bought a house this year and the house had very little effect on my taxes..
http://www.federalhousingtaxcredit.com/faq.php
It is a bit weird that she would take the credit without consulting you first and/or even file taxes before you both sat down and discussed all this..
Don't worry she has to pay it back interest free over the next 15 years.. $500 a year..
I bought a house this year and the house had very little effect on my taxes..
http://www.federalhousingtaxcredit.com/faq.php
It is a bit weird that she would take the credit without consulting you first and/or even file taxes before you both sat down and discussed all this..
Does the credit have to be paid back to the government? If so, what are the payback provisions?
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
Yes, the tax credit must be repaid. Home buyers will be required to repay the credit to the government, without interest, over 15 years or when they sell the house, if there is sufficient capital gain from the sale. For example, a home buyer claiming a $7,500 credit would repay the credit at $500 per year. The home owner does not have to begin making repayments on the credit until two years after the credit is claimed. So if the tax credit is claimed on the 2008 tax return, a $500 payment is not due until the 2010 tax return is filed. If the home owner sold the home, then the remaining credit amount would be due from the profit on the home sale. If there was insufficient profit, then the remaining credit payback would be forgiven.
02-01-2009, 03:50 PM
#11
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How about all that mortgage interest you've been paying that she claimed as her own?
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