COMMON QUESTIONS AND ANSWERS TO THE 2009 First Time Home Buyer Tax Credit
Once I have closed on my home and how do I file for the tax credit? Pick up tax form 5405 at your local CPA/Tax Preparer office or go online at www.irs.gov. You will need your date of closing and new address along with your other tax information. Once the form is completed, it can be filed with the IRS.
Do I really get $8,000 back from the IRS? Yes, it is an actual $8,000.
If I am already getting a tax refund back, do I get the $8,000 in addition to this? Yes, the tax credit is in addition to your normal refund.
If I have not paid $8,000 in taxes can I still get the tax credit? Yes, you are still entitled to the full tax credit.
Can I file for my tax credit before I close on my home so I can use the money for my down payment? No.
Are mobile homes eligible for the Home buyers Tax Credit? Yes. The guidelines state that the following types of properties are eligible: Houseboat, house trailer, cooperative apartment, condominium, or other type of residence. It has to be the one you occupy most of the time. No second home or vacation properties allowed.
Can I still file in 2008 for my tax credit and get my money this year? Yes, you can file the 5405 anytime up until December 1, 2009 and still get the money this tax year. If you have extended your taxes for 2008 and you have closed on your home you can just attached the 5405 form to the rest of your tax return.
Do both spouses have to be first time home buyers to receive the credit? Yes. However, if they are married filing separate they will split the return on the credit.
Can the tax credit be split amount those who are buying the home if they are not married? Yes, they can split it.
How much does it cost to file the amended return? It depends. You need to check with the person who filed your tax return for you.
If I have any other questions or would like more information on the tax credit where can I get it? You can go online to IRS.gov and search for form 5405. There it will tell you more information about the credit.
Source: American Home Mortgage, Tucson email newsletter, 7/2009.
Gabrielle (Kamahele) Rhind - 2009. If you want to reprint parts of this - just email me for my permission rhindohana@msn.com. Buying or selling Tucson Arizona Real Estate? Click info@gabriellerhind.com and let me know how I can help you! Or visit www.BuyMyTucsonHome.com.
If you'd like more info about Mt. Lemmon homes, Tucson bank owned homes, Tucson lease option to purchase homes, Tucson rental homes, buying or seling your Tucson home or the Tucson real estate market or real estate news, email or call me at (520) 245.0242.
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