Q. Can a dependent on someone else's tax return claim the first time homebuyer credit if they otherwise qualify?
A. Different rules apply depending upon whether a dependent buys a home after Nov. 6, 2009, or on or before that date. Dependents are not eligible to claim the credit on any purchase after Nov. 6, 2009. However, a dependent who buys a home on or before Nov. 6, 2009 may qualify for the credit. (11/19/09)
Q. Can a minor buy a home and claim the credit?
A. Usually, no. However, different rules apply to purchases after Nov. 6, 2009 and those on or before that date.
Minors are generally barred from claiming the credit on home purchases after Nov. 6, 2009. To qualify for the credit, a purchaser must be at least 18 years of age on the date of purchase. For a married couple, only one spouse must meet this age requirement. A dependent is not eligible for the credit, regardless of age.
For purchases on or before Nov. 6, 2009, the tax law does not bar a minor from buying a home and claiming the credit. However, taxpayers who do not otherwise qualify for the credit do not become eligible for the credit simply by using a minor child's name. In addition, under state law, children under the age of 18 generally are not bound by any contract they sign and cannot be required to comply with the terms of the contract. Thus, it is extremely unlikely that a seller of a home, or a lender if financing is required, would enter into a bona fide sale of a home to a child. Merely using the child's name to purchase a home does not qualify the child for the credit if, in substance, the child is not a bona fide purchaser of a home. (11/19/09)
Dependent on tax teturns
you will have to pay your own taxes not your parents.
Either they fail to read/ understand the form, OR- the person can be claimed as a dependent of another (teenager with part time job, but a dependent of his parents)
If you are being claimed as a dependent on your parents or anyone else's return then you will have to file a tax return. If not then no you don't have to file a return.
The child would have to have their tax return amended and repay any money that they should not have got. If the parents also filed incorrectly, theirs would have to be amended as well.
My Parents did.
Dependent on tax teturns
you will have to pay your own taxes not your parents.
Regarding the new 1.9 trillion dollar stimulus bill sign into law March 11 2021: if your parents don't claim you as a dependent and you file 2019 or 2020 taxes, you should be eligible to get a stimulus check.
No.
Either they fail to read/ understand the form, OR- the person can be claimed as a dependent of another (teenager with part time job, but a dependent of his parents)
If you are still living at home while in college your parents income will be counted, so you have to be totally independent and NOT claimed on your parents taxes as a dependent. So, it isn't dependent on age, but income.
Each qualified dependent on your tax return can reduce your tax by as much as $3900 per person. Dependents can include parents, boyfriends or girlfriends or anyone your are supporting, not just children.
If you are being claimed as a dependent on your parents or anyone else's return then you will have to file a tax return. If not then no you don't have to file a return.
The child would have to have their tax return amended and repay any money that they should not have got. If the parents also filed incorrectly, theirs would have to be amended as well.
No, because that makes the child a dependent for tax purposes.
In the United States, a person who earns over a certain amount has to file taxes, depending on filing status and age. Technically, anyone who can be claimed as a dependent should not have to file because the majority of their living expenses were paid by someone else. If a dependent earns more than the minimum allowable amount, they are no longer considered a dependent and must file taxes.