First-time home buyer

[jamjnsn]

I've purchased a home 50/50 with my brother in 2016. He lived in the home through until January 2017. Can and should this tax credit be split evenly between both of us?

[TurboTaxTerry · Accepted solution]

Yes the credit can be split, each of you would claim $2500 (tax savings of $375). Provided that both of you qualify as first time home buyers.

Should the credit be split will be a determination I leave to you and your brother.