Facts: 2 Singles
Buy home together - 50 % interest each
Home will be more than $75,000.
Question: When filing their 2008 returns, can each get a 10% credit for 50% of the purchase price - $3,750 since max credit is $7,500.
I called the IRS - . Agent told me that the "tax law" was not in effect yet. That Congress was still working on it. She could not advise on this situation. Would not have any info - tax law - until Jan 2009. They (Irs) only have what is on the website. I asked for the "technical division" She replied that she was it.
Printed out website infor dated 9/16/08 IR-2008-106. It refers to homes purchased after 4/8/08 and before 7/1/09.
I thought this Credit was part of the Housing and Economic Recovery Act of 2008 that had been enacted already. Does "enacted" mean that it has not passed? I'm thinking that the advice of not "banking on" what the IRS tells you is sound.
Buy home together - 50 % interest each
Home will be more than $75,000.
Question: When filing their 2008 returns, can each get a 10% credit for 50% of the purchase price - $3,750 since max credit is $7,500.
I called the IRS - . Agent told me that the "tax law" was not in effect yet. That Congress was still working on it. She could not advise on this situation. Would not have any info - tax law - until Jan 2009. They (Irs) only have what is on the website. I asked for the "technical division" She replied that she was it.
Printed out website infor dated 9/16/08 IR-2008-106. It refers to homes purchased after 4/8/08 and before 7/1/09.
I thought this Credit was part of the Housing and Economic Recovery Act of 2008 that had been enacted already. Does "enacted" mean that it has not passed? I'm thinking that the advice of not "banking on" what the IRS tells you is sound.
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