can co-buyer claim for the tax credit

[jammin012]

Why wont your sister claim the credit?

[Boo]

Originally Posted by Boo

FYI, my tax accountant says that either co-buyer (but not both) can claim the tax credit. But I still think you should check with your own tax accountant or the IRS.

Originally Posted by maychau

thanks, Boo.
You guys are awesome!!!

Again, make sure you check with your own tax accountant or the IRS.

Be aware that although you do not have to submit a Certificate of Title (or other documentation evidencing ownership), the name on the Certificate of Title is at least some, and perhaps dispositive evidence of ownership (except in states where the auto lender/lienor's name goes on the Certificate of Title). I don't know how the IRS would react to your situation. Let's say you claim the credit, and you get audited. You go to the audit and show the IRS the invoice showing your sister and you as the buyers. If I were the IRS the first question I would ask is if your sister and you are co-buyers and co-owners of the car, how come you only put your sister's name on the Certificate of Title? Be aware that laws in general, and tax laws in particular, frequently recognize form over substance.

Also, why isn't your sister claiming the credit?

Anyway, good luck.

[maychau]

Originally Posted by Boo

Again, make sure you check with your own tax accountant or the IRS.

Be aware that although you do not have to submit a Certificate of Title (or other documentation evidencing ownership), the name on the Certificate of Title is at least some, and perhaps dispositive evidence of ownership (except in states where the auto lender/lienor's name goes on the Certificate of Title). I don't know how the IRS would react to your situation. Let's say you claim the credit, and you get audited. You go to the audit and show the IRS the invoice showing your sister and you as the buyers. If I were the IRS the first question I would ask is if your sister and you are co-buyers and co-owners of the car, how come you only put your sister's name on the Certificate of Title? Be aware that laws in general, and tax laws in particular, frequently recognize form over substance.

Also, why isn't your sister claiming the credit?

Anyway, good luck.

Thanks for your advice, Boo.
my sister doesn't need to pay income tax as she earned very less.