First-Time Homebuyer Credit  Form 5405

Use Form 5405 to claim the first-time homebuyer credit.

 

 

Who Can Claim the Credit?

In general, you can claim the credit if you are a first-time homebuyer. You are considered a first-time homebuyer if you purchased your main home located in the United States after April 8, 2008, and before December 1, 2009.
 
If you rented or did not own a home during the 3-year period ending on the date of purchase, then you may also be eligible for the credit.
 
The credit may give you a refund even if you do not owe any tax. For homes purchased in 2008, the credit operates much like an interest-free loan.
You generally must repay it over a 15-year period.
 
For homes purchased in 2009, you must repay the credit only if the home ceases to be your main home within the 36-month period beginning on the purchase date.
 
Who Cannot Claim the Credit
1. Your modified adjusted gross income is $95,000 or
more ($170,000 or more if married filing jointly). See Form 5405 for other exceptions.

 Click here to read and download Tax Credit Form 5405 at www.irs.gov.com

Read Form 5405 carefully and talk to your accountant or local HR Block Tax Preparer to check out how you may be able to get an up to $8,000 tax credit in 2009.