Principal/Rental - 8K FTHB Tax CreditI'm currently single and do not qualify for the tax credit due to the 2008 income restrictions. However, my girlfriend does qualify for 100% of the credit based on her income. We're evaluating our options to take advantage of the tax credits prior to getting married and have a few questions. Option 1: Purchase home together in 2009 – she applies credit to 2008 tax returnIf we purchased a home together in 2009, assuming that I'm above the 2008 phased out income limit, would she be eligible for 100% of the $8K credit if her income is below $75K? Option 2: Girlfriend (only) purchases townhouse - takes deduction on 2008 tax return - I defer compensation in 2009 to ensure I qualify for the credit based on 2009 MAGI – I (only) purchase home @ end of 2009..-Can I qualify based on 2009 MAGI or is it only on 2008 MAGI?-She'll purchase as principal residence, however I may purchase a home @ the end of 2009 while we're still not married. It's my understanding that to avoid refunding the credit, the home cannot be "sold" within 3 years from the purchase date. Can we rent out the unit and still be in compliance?Leaning towards option 2 as this allows both of us to take advantage of the tax credit before getting married and would give us an opportunity to get into a rental property without having to put 20% down. I'm just not sure about the principal/rental portion... Any suggestions greatly appreciated! zebraceoMarch 21 2009 - Greenville00YesReport a ProblemProblemSelect oneOffensive contentIrrelevant contentSpam (pure self-promotion)OtherDetailsYour emailPlease enter a valid email address.Submit CancelContent flaggedWe will review this content. Thanks for helping make the site more useful to everyone. To learn more, read Zillow's Good Neighbor Policy.We're sorry. This service is temporarily unavailable. Please come back later and try again.