Here in Idaho, the First Time Home Buyer Tax Credit program has been a God send. It has stimulated Idaho home sales over last year and I'm sure its kept plenty of Idaho Real Estate Professionals in business.
Even though the First Time Home Buyer Tax Credit is not new, I still get many questions regarding the program. when it first started, we had few resources to call on. I recently found the official IRS site and form that I have been forwarding to all my Idaho First Time Home Buyers.
The links are http://www.irs.gov/pub/irs-pdf/f5405.pdf (the form)
and http://www.irs.gov/newsroom/article/0,,id=206291,00.html (the guidelines)
Remember, the home must be occupied by November 30th to be eligible for the First Time Home Buyer Tax Credit program. For those who are building a home in Idaho, it might be getting too late to take advantage of the program if you don't finish and occupy the property by then.
Hopefully, Congress will extend the tax credit when they get back in session.
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