Ive scoured the archives/google for an answer but cant quite find the same situation anywhere...
So i dont have the means to take full advantage of the 7500$ tax credit due to too many deductions. I was going to let the tax credit be used by the co-signer (father), so i told him person to ask his tax guy if thats going to be an issue to claim the credit. His tax guy said that only a spouse could "share a tax credit", and that "all others must be assigned to one owner". Ok....
So i dont plan on "sharing" or dividing the tax credit up, but allowing the co-signer to take it entirely.
And for the second part....Im really thrown off, wouldnt that invalidate all credits that were part of a financing?
Has anybody given a credit up to someone else, either a co-signer or someone entirely not on the title (i dont think this is possible but asking just in case)? Maybe i can make him the primary owner, and ill become the co-signer?
Any help would be greatly appreciated.
Thanks
So i dont have the means to take full advantage of the 7500$ tax credit due to too many deductions. I was going to let the tax credit be used by the co-signer (father), so i told him person to ask his tax guy if thats going to be an issue to claim the credit. His tax guy said that only a spouse could "share a tax credit", and that "all others must be assigned to one owner". Ok....
So i dont plan on "sharing" or dividing the tax credit up, but allowing the co-signer to take it entirely.
And for the second part....Im really thrown off, wouldnt that invalidate all credits that were part of a financing?
Has anybody given a credit up to someone else, either a co-signer or someone entirely not on the title (i dont think this is possible but asking just in case)? Maybe i can make him the primary owner, and ill become the co-signer?
Any help would be greatly appreciated.
Thanks