IRS $8000 First time home buyer tax credit extended to 2010 Use Form 5405 to file
Submitted by vinny on Thu, 10/29/2009 - 15:33.
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First-time homebuyers may be able to take advantage of a tax credit for homes purchased in 2008 or 2009 and now maybe in 2010.
- Applies to purchases that close after April 8, 2008, nd before Dec. 1, 2009.
- Applies only to homes used as a taxpayer's principal residence.
- Reduces a taxpayer's tax bill or increases his or her refund, dollar for dollar.
- Is fully refundable, meaning the credit will be paid out to eligible taxpayers, even if they owe no tax or the credit is more than the tax owed.
In 2009, you will quality for $8000 First Time HomeBuyer Tax Credit. Under the new agreement, homeowners who buy a new home qualify for a $6,500 credit if they have lived in their prior residence for five years. The credit would be available to individuals earning up to $125,000, or $250,000 for couples, up from $75,000 for individuals and $150,000 for couples under the current law. The First time home buyer tax credit extension could be given upto April 30 2010. You need to use IRS Form 5405 in order to claim first time homebuyer tax credit.
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