How can two unmarried buyers allocate the Worker, Homeownership and Business Assistance Act of 2009 if one qualifies for the $8,000 first time home buyer tax credit and the other qualifies for the $6500 repeat homebuyer credit? The buyers can allocate the tax credit in any reasonable manner, provided neither claims a tax credit higher than the one they qualify for and the home purchase does not yield a total of more than $8,000 in tax credits. For example, the repeat home buyer could claim $6,500 and the first-time home buyer could claim $1,500. Alternatively, both buyers could claim a $4,000 tax credit.
Untangling Finances: Dividing Debt in a Wisconsin Divorce
As you're reading this, there is more than likely a married couple in Milwaukee who just put down a large mortgage on their new family home. Another in Green Bay is in the throes of divorce with a...
