Notice 2009-12

Summary

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Notice 2009-12 explains how to allocate the first-time homebuyer credit under Section 36 between unmarried co-purchasers of a principal residence.

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Extract

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Notice 2009-12

PURPOSE

This notice provides guidance under § 36(b)( I)(C) of the Internal Revenue Code (Code) for allocating the first-time homebuyer credit between taxpayers who are not married.

LAW

Section 36 was added to the Code by section 3011 of the Housing and Economic Recovery Act of 2008, Pub. L. No. 110-289, 122 Stat. 2654, 2888 (2008). Section 36(a) provides that a taxpayer who is a first-time homebuyer of a principal residence (as defined in § 121) may claim a credit on the taxpayer's income tax re- t...

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