So, thanks to previous posts, we’re all familiar with the first time home buyers credit that is available. Well, I now have the form you can use in order to claim it with your taxes. Or the form that you can give to your accountant in case they don’t have it.
One of the great things about his credit is you can purchase in 2009 but use it in your 2008 tax return. If you have already filed your 2008 taxes then you can send in an amended return to take get the money this year. UPDATE ON FIRST TIME BUYER CREDIT HERE….LEARN HOW SOME CAN USE IT AT THE CLOSING TABLE.
A few things to keep in mind: 1. The $8,000 credit that you do not have to pay back is only good for homes purchased by first time buyers between January 1, 2009-December 1, 2009. If you purchased between April 1, 2008 & December 31, 2008 you will be eligible for the $7,500 interest free loan from last year. 2. Income for a single person can’t exceed $75,000 and $150,000 for a married couple filling jointly. There is a phaseout so click here to see what those are. 3. First time buyer is anyone who has not owned a home within 3 years of the new purchase. This is also only for your principal residence and NOT investment property.
Let me know if you have any questions as I’m more than willing to help out. Feel free to take advantage of my MLS Search which is listed above and I’d also invite you to subscribe to the blog to get updates. Enjoy!
Click here to download Tax Form 5405 - First Time Home Buyer Tax Credit Form!
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4 users responded in this post
I have a question about this tax credit. I was hoping that I could use the $8,000 towards my downpayment by putting this on my 2008 tax returns. I, however, am settling on the home in July and was told that I am unable to file for this tax credit until I settle. Is this true? Thanks for the help!
Great question Chris. Unfortunately you can’t claim the tax credit for purchasing the home until you actually purchase the home. They want to make sure the closing actually takes place. If you don’t want to wait to collect the $8,000 next year I believe you can file an amended return for this years taxes after you close and get the credit sooner.
So, you say you’re closing in July. File this years taxes as you normally would and come July you or your accountant can file an amended return thus not having to wait ’till next year to get see the money. Hope this helps! Let me know if you have any more questions?
THERE IS AN UPDATE…FOR FHA BORROWERS YOU CAN NOW USE THE TAX CREDIT AT THE CLOSING TABLE….visit http://www.mikelongrealty.com/blog for more details.
ok here is a good one for you,i was seperated form my wife for 5yrs not leagaly and we just got back togather,
I have owned a house for the last 10years but my name is the only one on the title,we have filed sererately for the 5yrs ,now we have bought a house togather can she qualify for the home buyer credit?
I have heard that the answer to the previous question has changed, and you can in fact use the tax credit towards the down payment and closing costs. There are many websites (including official ones) that say this, yet we are struggling to find out how to apply for it.
PLEASE HELP!
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