Tax Credit not tied to loan?

[craaaazzy]

hi guys,
I don't believe the tax credit is tied to loan but can someone who understands the law better, make help me verify...

my wife and I combined are over the income limit so the plan is to have our taxes done separately. we will be taking out a loan with both our names on it but will only claim the credit on one of our tax returns next year. is that ok to do or is it required we file jointly since both our names are on the loan?

 

[djev]

I'm not an accountant and have no definitive guidance, but yes, either registered owner (names on loan itself doesn't matter at all) can claim the purchase individually.

Be aware that filing separately isn't just a matter of simply splitting your joint tax liability in half, though. There are other parts to the equation, so you may end up with a higher net liability/lower net refund; talk to an accountant or tax pro first to understand the big picture.

 

[240vPlug]

Tax credit has nothing to do with the loan. It has to do with the MVPA. If the MVPA has both your names then either of you should be able to claim the credit.

For a definitive answer and to check on filing status check with your accountant. It may cost you more than $7,500 to file separately as you lose a lot of tax benefits that come with filing a joint return.

I'm not an accountant so definitely check with yours.

 

[craaaazzy]

thanks guys...will have to discuss this with our cpa but at least know that I can put the loan in both our names. thx.