Profile picture for matsu

How will you get the 8000 first time homebuyer credit? in full amount?

  • August 05 2009 - Mira Mesa
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Answers (9)

Hello matsu,

Here's a link to some short video that may answer your questions about the $8,000 Federal Housing Tax Credit.

www.StraightForwardVideo.com
  • August 26 2009
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Profile picture for Blue Nile
It is useless for most first time buyers as the house value will likely be lower by more than the "gift" amount from the rest of us tax payers in less than one year throughout most of the nation.
  • August 07 2009
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Just fill out the IRS form 5405 and attach it to your 1040. You can locate the form on the IRS.GOV website and do a search for 5405 tax credit.

Very simple. but beware the Irs is looking for fraud. If you aren't really living in the house for 3 years you will need to pay it back.I think this is great for first time homebuyers because there is alway something you need in a new home. Home Depot and Lowes may even take over date night.
  • August 07 2009
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Profile picture for Blue Nile
By the way, there is no "hurry".  Prices in most of the nation will drop more than the $8k by a year from now, and there is a very high probability that congress will pass legislation for a similar credit for next year as well.  And if this year is any indication, next year's credit may be larger than this years.

  • August 07 2009
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Profile picture for Blue Nile
Best advise?  Call the IRS  (800)829-1040.

The call is FREE, and they answer promptly round the clock.

They are responsible for administering the Internal Revenue Code, they will assist you with getting the right forms, they will answer any questions you have about qualifying or spitting the credit, and can let you know conditions  that would prevent you from qualifying (such as buying from your parents...)
  • August 07 2009
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You can find answers to any questions here.

Remember though, that you must act quickly to take advantage of the credit. Your home must be purchased BY Dec 1, 2009. With closings taking 45 days or longer, you don't have much time left to take advantage of this credit.

Best of luck.
  • August 07 2009
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Tax credit against your 2009 Income :)
Once you file your Tax Returns
  • August 05 2009
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Profile picture for NoteHereAnymore
Here some info on the tax credit...

    *Available only to first-time home buyers

    *The tax credit is not a loan and does not require repayment

    *If the home is sold within 3-years, the $8,000 tax credit must be     re-paid

    *The tax credit reduces the home buyer's tax liability; if thebuyer's liability is less than $8,000, the remaining credit will beissued as a check

    *Home purchase must be for a primary residence

    *The credit is available on home purchases between January 1, 2009 and December 1, 2009

    *If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit

    *The credit is not eligible if the seller is a relative of the buyer

Hope this helps!

John Sweeney
Century 21 Award
  • August 05 2009
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Profile picture for NoteHereAnymore
Here's some basic info for you on the tax credit...

  • Available only to first-time home buyers
  • The tax credit is not a loan and does not require repayment*
  • *If the home is sold within 3-years, the $8,000 tax credit must be re-paid
  • The tax credit reduces the home buyer's tax liability; if the buyer's liability is less than $8,000, the remaining credit will be issued as a check
  • Home purchase must be for a primary residence
  • The credit is available on home purchases between January 1, 2009 and December 1, 2009
  • If you are single and make $75,000 or more, or are married and make $150,000 or more, you do not qualify for the tax credit
  • The credit is not eligible if the seller is a relative of the buyer.
Hope this helps!

John Sweeney
Century 21 Award
  • August 05 2009
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