Hopefully by now, you already know everything there is to know about how to qualify for the Federal First Time Home Owner's Tax Credit.
But do you know HOW to apply for it?
The IRS has published Form 5405. The form was revised in February of 2009, and is usable for both the new $8000 tax credit, and the old $7500 tax credit.
This form is not only the application, but is also very specific as to what the eligibility requirements are.
Just click on the money bags for the form and all the details.
Some quick highlights of the program, in case this is the first time you've heard of it:
$7500 Tax Credit
- For homes purchased between April 8, 2008 and December 31, 2008
- Credit is a zero interest "loan" to be paid back over 15 years
- Income limit of $75,000 if filing single or $150,000 if married filing jointly
$8000 Tax Credit
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For homes purchased between January 1, 2009 and November 30, 2009
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Credit DOES NOT have to be repaid
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Income limit of $75,000 if filing single or $150,000 if married filing jointly
It is also important to note that the actual credit is limited to 10% of the purchase price of the home. For example, if you buy a $60,000 home, your credit is a maximum of $6,000.
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