How much will I get as a tax credit from being a first-time home buyer?
Question by : How much will I get as a tax credit from being a first-time home buyer?
With regard to the extended first time home buyer tax credit, how much will my husband and I receive? We are filing our taxes as married filing single. Would we each be able to receive a $ 4000 credit or would only one of us receive the $ 4000 credit and the other would receive nothing? Any information would be helpful! Thanks!
Best answer:
Answer by Judy
There is no such thing as married filing single. If you mean married filing separately, you could each get $ 4000 assuming that together you qualify for the full $ 8000.
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Filed under: First Time Home Buyer Tax Credit
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You file Married Filing JOINTLY or Married filing Separately. You are NOT single.
You don’t give enough information, but it is possible that you could each receive $ 4000 MFS, if you qualify.
There is as yet, NO extension to the first time home buyers credit, just a bill, but it is likely there will be one.
MFJ is generally a MORE favorable tax filing status for married couples. Particularly those who are together, or who have children. Many tax credits are NOT available for those filing MFS.
why are you filing separately?