Post # 1
Here is the deal. In October of 2009 my fiance and I purchased a new car. I financed with him as my co-signer. We are both listed on the title, ect. He happend to file his taxes before me and claimed the car for the 2009 new car tax credit stating that since the title is in both of our names and on the loan, we should both be able to claim it. I am worried now, and bit frustrated now, that if I claim it on my taxes we chould possibly have to pay fines, ect. I would love to get credit for the car I paid for monthly, & I am trying not to get too upset. But ERRRR! Anybody have any insight into this? Can we both claim the car? It didn’t ask for a VIN or anything, just state and amount of taxes paid.
Post # 3
You both cannot claim the same amount on your taxes. Since he has already claimed it, you cannot claim it and I would not push the issue by claiming it. If they find out, you will have to pay penalties and interest for lying on your tax return. I would however ask him to split the amount of the refund he got for claiming the car since it is in both your names and is meant for both of you.
Post # 4
Both of you cannot claim one car. I think it really should be the borrower claiming the car and not the co-signer….but, since it’s done. I wouldn’t press my luck
maybe you can talk to him like missabs said and discuss splitting or putting it aside for something both of you can enjoy.