FTHB-Form 5405, Two Claiming Credit?

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  • zeros
    Senior Member
    • Dec 2006
    • 921

    #1

    FTHB-Form 5405, Two Claiming Credit?

    Boyfriend and girlfriend both purchased the home and each one is planning to take a portion of the credit. The form 5405 doesn't seem to ask for the SSAN of the other party when they are not taking the full credit. How does the IRS check to see if they are not taking over 100% (overall) of the $8000 for that particular property?
  • BHoffman
    Senior Member
    • Feb 2008
    • 1768

    #2
    I think they ask Magic 8 ball.

    Comment

    • ChEAr$
      Senior Member
      • Dec 2005
      • 3872

      #3
      Originally posted by zeros
      Boyfriend and girlfriend both purchased the home and each one is planning to take a portion of the credit. The form 5405 doesn't seem to ask for the SSAN of the other party when they are not taking the full credit. How does the IRS check to see if they are not taking over 100% (overall) of the $8000 for that particular property?
      form 5405 asks for the property address if different from page one of 1040.
      If they need to, they can match it up.
      ChEAr$,
      Harlan Lunsford, EA n LA

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      • Lion
        Senior Member
        • Jun 2005
        • 4698

        #4
        Can I

        Can I use the Magic 8 Ball to find out if my client received $250 from the SSA?!

        Comment

        • S T
          Senior Member
          • Jun 2005
          • 5053

          #5
          Wishes

          I think we are all wishing that "Magic 8" "Crystal Ball" , Lion

          S

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