1st time home buyer credit

[kds2259@hotmail]

Illinois- Bought a home with my daughter, it will be hers and her husbands primary residence not mine. They will be making payments, not me. His name is not on purchase contract. I know I dont qualify, but if they file together can they still get the entire $7500 or must they file seperatly and only she gets $3750? I think I have provided enough information. My own accountant couldnt answer and cant get through to IRS.

I send thanks for any and all information in this matter

 

[LdiJ]

Illinois- Bought a home with my daughter, it will be hers and her husbands primary residence not mine. They will be making payments, not me. His name is not on purchase contract. I know I dont qualify, but if they file together can they still get the entire $7500 or must they file seperatly and only she gets $3750? I think I have provided enough information. My own accountant couldnt answer and cant get through to IRS.

I send thanks for any and all information in this matter

If your daughter is a first time homebuyer, then she can claim 1/2 of 10% of the purchase price (up to 3750) for the first time homebuyer credit. If the house was purchased for 50k, for example, her half of the credit would be 2500.